Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-04-21
TO SAVE ITS CREDIT
Carlisle Says the Paymen. Of Gold
Viii Continue.
THERE IS s74o, 900, 900 IN GOLD
NoW In the Country. and Hanks Arc
Urged so Assist in kecping the
Heserve Intact.

W,sHiscroS. April 70. - Secretary
Carlisle tonight made the following
statement in regard 10 the financial situ
alton:
In the exercise Of the discretionary
power conferred upon the secretary of
the treasury by the act of July IA. 1880
he has been paying gold for tha coin
treasury notes issued for the purchase
81 silver bullion. and he will continue Ia
do 10 ~ long as he has gold lawfully
available for that purpose. Under this
process the government has been and Is
now paying gold for silver bullion and
storing silver in its vaults where IL Is AS
useless for any purpose of circulation or
redemption as lead or any other com
modify.
The government in the first place
issue~ coin treasury note in payment
Tor silver bullion. and then the coin
treasury note is presented mt a sub
treasury aud the gold is paid out for it,
10 that the effect is precisely the same
a. il the gold were paid directly for the
silver in the first instance. No order
has been made 10 stop the payment ~
gold upon these notes. nor has any one
been authorized Ia say that such an
order would Ice issued. The purpose 81
the government 10 preserve its own
credit unimpaired and maintain the
parity of the two metals 10y oil lawful
means will not be abandoned under any
circumstance.
The Stock Of Gold.
In view 81 the existing legislation the
only question for consideration il as 10
the measure that ought Ia I've adopted
10 insure the accomplishment OF these
purposes. and upon this question there
IL. II course. roam for wide differences
Of opinion. The total stock ~ gold coin
and gold bullion now in the country. in
cluding what is held 10y the treasury as
we'll az what is held by the banks and
individuals. amounts To about $4,000,
GOO. When ] came into the treasury
department. March Z. the amount of
free gold on hand had been reduced to
tse7 600. but by arrangements with
western banks il was increased until on
April il amounted To nearly SS.OOO.oOO.
Then heavy shipments began TO be
made. and two days ago we had only
about 10000. but now il amounts To
sSS5.00O after deducting what has been
withdrawn from the sub treasury today
for shipment. Arrangements are now
in progress by which more gold is To be
procured from the west. and l hope
that sufficient quantity will be secured
to keep the gold reserve intact.
There Is gold enough I'm the country
10 meet all the requirements OF the sit
uation. and il all who are really inter
ested in maintaining a sound and stable
currency would assist the secretary IL
the treasury To the extent Of their abil-
ity, the existing difficulties would soon
be reversed"
May Use Gold Certificates,
In addition to this statement Secretary
Carlisle said that Ss0O.0OO in gold had
been taken out of the sub tr easury in
New York today for export. The class
of money paid into the sub treasury for
this gold withdrawal included $4,000
in gold certificates. which 10 that amonnt
did not reduce the gold reserve. because
they themselves were practically gold.
so the actual gold reduction of the day
was only eimuSO leaving the balance as
stated above.
This is the first considerable amount
81 gold certificates paid into the sub
treasury for gold export for many years.
and encourages the treasury officials Ia
hope that the banks. seeing the situa
tion. will continue Ia present gold certi-
ficates In part payment al least Tor gold
withdrawn for axp,rt