The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-02-10
THE DRAIN OF GOLD.
Exports to Europe Depiete the
supply Of Treasury.
BANKS COME TO The RES CUE.
Omessis ciasn That There wni Re Ne
Dfssssroas Results Yinsnesai Circles
Agssat~d Over the easnatsss-

NEW Yoxx. Feb a--Ta~ continued e1-
ports Of gold from this city 10 Earope hsvs
~ last forced TIE treasury Department 20
view the situation with sorne une4slness.
Accordingly Secretary Poster In an IN
formal way conveyed desire 10 The 1850
GATED banks Of thss city for aid. Ia the
discussion Of tbs matter member Of the
Clearing House Association SAID:
A result OF tais suppressed desire sks clear.
Tag house. cosansstes met Ca Tuss3af. A.
tisortges ~ tie ehairfasn Of tna COMMITTEES,
fsassdsnt Williams, OF tbs Chemical National
bank. arranged with the various hanks carrying
iasrs sans OF gold " turn Sver sn0erh 80 tia
suk~sseGxury to offset the withdrawal cE the god
fev export last weak. The result that co.
Go in gssd WAS dspositee ard lsxsl orsers taken
~ tue bsnks sn exchange. This does nsg iEnis
the asssssanes that VIII DC gives, bot further
sums Of gold will - turned in Is desires ~
secretary Foster.
The clearing house committee will prob
ably meet tomorrow To tzks further steps
IN framing definite policy. and a confer
ence OF bankers may also be held 20 dis
euss the situation. Banks in this city
hold about ss.aO0.D0D. which woaid be
available If required 10 maintain reserve.
IL 10 reported that the banks assisting the
treasury could send $4,000 each to the
treasury. Today President Williams, of
the Caenicai National bank, szid the re-
port sas true. lie said:
The obseet. OF eourse. . to spare tbs treasury
tits ascsssstY OF cutting into the tiou.00 600
ssrve. II has DOS only ;las 90 o. bat tas
tian OF tina banks will ho4d IL mere "a 10 until
Feslst comes from elsewhere.
Snail yna ansst iarises Withdrawals Ia = Ike
manner7
Yes. She banks which have already acted will
continue To DO ~hat thsy caa 10 guard against
ths depletion Of thu treasury.
Jesse Selignsan said in regard TO the
plan:
There Il Ia this country fully t53i Gee. 1eo. OF
which sn0,oeo.t99 IL on the PaciGe coast. aad
the country Is producing ~ 1850 ia gold
uualiy. The present movement can continue
hat little longer. France and Aussris will
soon acquire All the gold required and ias de-
mAad from thsrs will probably cease.
Assistant Treasurer Roberts stated:
Tie ss.ssl.0uo ia gold paid into the sah-trsss-
nfy tossny, with tine ta.Duo.009 received previ-
ously, makes ts.s1o.010 received from tbs banks
In exshangs for legal tender notes Ia regard
to The reported conference. 10 can DO learned
from the pspers that secretary Foster will he
here on Saturday TO attend the Republican
meeting, but thore wilt be 20 conferences. The
present administration will continue oaly a
keep everything in good shape TO turn over 10
the now administration. and the only step that
viii be taken viii be 10 maintain . surplus ogxF
ths gold reserve
Following 10 the statement. appearing in
q New York paper today. referred TO:
The United States treasury is practically
empty of gold and that New York banks
will be obliged TO come TO the relief of
the government. and that a seri-
Gus situation confronts the secretary
OF the treasury and the finsnciers OF the
country. The drain of American gold
coin to Europe has At last exhausted the
resources Of the government, aud private
stores in the vaults of hanks have
been drawn upon 10 tide over the
emergency. The secret has been
welt kept, but OF $500 Coo in American
gold that was shipped to Europe last sat
tnrday. 5000. goo was loaned to the sub
treasury by tho banks OF this city.
Tie entire supply of gold in the vaults
OF the United States treasury today VA.
reduced TO sios. i56,o1s. or this only
sa.f.G ass Is free gold. the remainder
500 10000 must be by law
held IN tho treasury for the
redemption OF ike amount II legal
tender notes which have been issued
against IL. Nor ha. the drain Of gold
stopnsd An agreement VAS made ~
iofeiga bankers today for the shipment q
S3o9on sod ON nest TUESDAY.
olhsg shipments all probably he
lsa Il from tanorros ana f - sac
Impression ~ Wal street tasiav that tbis
sseks sKfsarts sdl rssea staaf o. So
eo Tnts weut lssvs enfF
iitts ever t0osso ~ free ae.4