The morning call., 1893-08-11
PLENTY OF MONEY.
Carlisle Can Relieve the
Stringency.
HOARDED SILVER DOLLARS
Can Be Put Into Circulation by
the Million.
ONLY ONE MORE LAW NULLIFIED.
The Sherman Act Itself Provides for
the Relief of the Currency
Famine.
Special to THE MORNING CALL.

F. Tracy, ex-Secretary Of the Navy. to-day
| talked of the currency femme. He said: !:
1.-The administration has ample power to
relieve the currency famine in forty-eight
hours by exercising the authority with
| which it Is clothed by statute. 1t may be
done IN either of two ways. There are
more than 50O,OO0000 standard silver dol
| lars in the Treasury Department at Wash
ngton, and the Secretary has power to de-
posit such portion Of this $500. 900 as he
may choose in the national banks which
have been designated as national deposi-
tories, and being there deposited they
would at once enter into circulation. The
third section of the act known as the Sher-
man act provides that he shall coin of the
silver bullion purchased under the pro-
visions of this act as much as may be
necessary to provide for the redemption of
the treasury notes therein provided for.
and any gain or seignorage arising
from said coinage shall be accounted for
and paid into the treasury. There are in
the treasury about 14O. 900 ounces of
silver bullion, for which treasury notes
have been issued. and no standard silver
dollars have been coined with which to
redeem them. The Secretary of the Treas
ury Is therefore at liberty to direct that
these 140,000,000 ounces be coined into
standard silver dollars. The profits from
seigniOrage which would accrue to the
United States would at once be available
for use by the treasury. and that would
give the treasury profit Of upward of
S5O.OOO .O0O.'
The scarcity Of currency was very great
| again to-day and the money brokers
officers were thro nsed with customers SELL
ing bonds at big premium. 1t is matter
Of surprise to many that this scarcity in cur
rency does not show some signs Of abate-
ment in view of the great amount of gold
now on the way to this country, but. ac-
cording to reports. the premium paid for
any kind of currency and for gold is higher
| now than at any time since the currency
premium set in.
Money-br0kers were getting Az per cent
| for currency. and they were contracting to
deliver gold at 2@ per cent, and foreign
| exchange was proporti0nately strong in
consequence. The time for delivering
national bank totes after the receipt of
| applications for them has been reduced
from twenty to fourteen days. and orders
are coming in at the rate of S10,0OO,OOO a
day. The sub-treasury at San Francisco
has been ordered to send $4,000. 900 in gold
to the sub-treasury at New York.
An instance OF how country banks are
trying to get currency when they don't
really need it was noticed to-day by the
Seaboard National Bank. That bank re-
ceived a letter from a country bank asking
it to receive some currency they did not
need and sell it at the market rate on their
account. The vice. president of the bank
locke i up the New York correspondent of
this bank in question and found that the
tank. which wanted to sell some spare"
currency. had actually drawn that cur.
rency on loan out of its New York CORE.
spondent.
No Clearinghouse loan certificates were
issued to-day.
Judge O'Brien has appointed Miles M.
O'Brien. of the 81. r. Clafin Company,
and Peter F. Meyer. real estate dealer,
receivers of the Madison-square Bank
The bond is 100000.
WASHINGTON, Aug. 10. = OF 357.O
ounces of silver offered to-day the treas
ury bought 322. 900 ounces at .7515.
WEBSTER CITY. Iowa. Aug. 1O.-The
Hamilton County State Bank, one Of the
oldest and best banks in this section,
clOSpu lt6 uOOTS LO-Qay. Inc IlaDillCieS are
$132. 600 and the assets $3.50. 900.
PROVIDENCE, K. l., Aug. 10.-The q. B.
and r. Knight mills, whic h have been idle
the past week, will start up Monday. The
firm operates mills in Pontiac, Natick.
River Point. Arctic. Fishervile. Ark
wright. White Rock aud .his city in this
State. and Hebronville, Dodgville, Map
chang and Readville. Mass. employing
between 1000 and 5000 hands.
EBENsBURG. Pa, Aug. 1O.-Johnstop.
Buck & Co.. with banks here and at Car
rolltOn and Hastings, have suspended.
They claim the assets are in excess of the
liabilities.
LEROY. D. Y. Aug. 1O.-Lathrop's bank
has failed. 1t is claimed it will pay in full.
KINGSTON, Mo-. Aug. 1O.-The Caldwell
County Bank in this place and the Ex.
change Bank of Polo have failed. The
latter was the county depository, and all
the county revenue is tied up.
LAFAYETTE, Ind, Aug. 10. - rhe
OBrien Wagon Works have failed liabili-
ties, 100000.
NASHVILLE, Tenn. Aug. 10.-The run
on the Fourth National Bank ceased at
$50 O'Clock. The bank officials saw that
the deposits for the day almost equal the
Withdrawals.