The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-06
GOLD OR SILVER.
Where the Lines Will Be
Drawn.
TELLER is VERY HOPEFUL
Advocates of the White Metal Will
Be in Position to Force
a Compromise.
Special to THE MORNING CALL,

DENVER. Aug. 5.-A Washington special
to the Times from Senator Teller says: !:
1.-The unconditional repeal of the Sherman
law is impossible. All the claims made by
the Eastern men opposed to silver that
en- nough votes will be mustered in the Sen
ate TO repeal the act are not literally true.
Naturally the silver men will not be able.
perhaps. to secure the enactment of law
that will be entirely satisfactory, but they
are in position to force the opposition to
compromise. The situation is even bet
ter thar anticipated few days ago."
WASHINGTON. Aug. 8. = Congressman
Loud to-day expressed his views on the
money question. He does not believe that
the present furry is to be attributed alone
to the Sherman act but to variety of
causes. chief among which is the nervous
ness among manufacturers. importers and
business men generally. in view of the
proposed tariff tinkering BY the Democrats.
Overproduction, 'com bines" and corners
are also great source of mischief.
Although the Sherman act may be
partly responsible for the present cOndi-
ton Of affairs. ne does not believe its re-
peal alone would result in restoring con f.
dence. He says he will not vote for the
repeal of the Sherman act, neither is he in
favor of the free coinage of silver. He
will be in favor of a liberal coinage of
silver only when the nations in monetary
conference have established a ratio that
can be maintained. and he believes that
this may yet be accomplished. At any
rate the United States should persist in
the attempt He does not believe our del
egates to such a worlds conference should
be given any ironclad instructions to insist
upon a certain ratio. as this would be CIV
ing our hand away, but they should be
free to make the best terms thew can.
Then when a parity between gold and
tanned he will favor unlimited coinage OF
both gold and silver, but n OF otherwise.
Acting Secretary Curtiss has ordered the
force of the Bureau of Engraving and
Printing to work an extra hour each day
until further orders in printing national
bank notes, for which the demand just
now is very great. This demand Is occa-
stoned by the fact that the national banks
are expanding their circulation.
Officials OF the Treasury Department are
at loss To account for the scarcity Of cur
rency threngheut the country. AT Boston
and Philadelphia money brokers are SELL
ing small bills at a premium Of TO 2H per
cent. and In New York the condition of
affairs is even worse, the premium there
being per cent for 81 and so bills.
Assistant Treasurer Meline has stated
that the Government is powerless and ran
~ In hn
same condition of affairs never before
existed.
Possibly" he added. certain banks.
taking advantage of the present stringency.
have been boarding small bills for specu-
lative purposes.
The statement issued to-day shows an
unusually large amount of small bills In
circulation.
Inquiry at the treasury eicits the infOr-
nation that the Government has on hand
about 130. 100000 ounces of fine silver.
costing Sl1S.000.000 The coming value OF
tine bullion on hand is about SI67, 900, 600.
II This is coined the Government would
realize a profit of about S4S,0O0,000,
against which silver certificates could
be issued. 1t would take. however. it is
ties of the United States mints, about five
years to convert this bullion into silver
dollars. Silver certificates. by law. could
only be issued on the profits as coined
Comptroller Eckels has appointed Gold
S. Curtis receiver Of the First Nations al
Bank at Great Falls. Mont.
NEW YORK, Aug. 5.-Tbe demand for
small bills and coin was not lesSened to-
day and money brokers reported larger
business than ever. They continued to
buy gold and silver and currency at
premiums of u to q of per cent, and sent
the money so obtained to banks all over
the country. 1t was reported on good
authority that such of the gold now aflont
for this country as had not been secured
by the savings banks had been sold to out
of-town banks at premium OF ~ per
cent. The larger importing houses denied
that they had sold their gold. although
they admit that offers for it had been made
to them,