The times. [volume] (Richmond, Va.) 1890-1903, 1893-04-25
THE FINANCIAL FURRY
MIR. CLEyFLAND's STATEMENT HAS
QUILTING EFFECT.
All Danger Of Crisis Passes-More Ohers
of Gold-Roanoke Offers Her Mite ana
"she Hath Done the Best She Could"

authoritative statement OF Mr.. CleVeiahu
Yesterday in which he announced the
future policy of the administration rela-
two to the use Of the gold reserve, has
taken the edge off OF TIM excitement that
followed the act OF Secretary OF the
Treasury Carlisle in dipping into the re-
serve fund. If there has been any danger
of a financial furry that danger appears
now to have passed Under the inter-
probation of President Clevelands state
ment the reserve is TO be treated simply
as so much cash in the Treasury, and
whether the aggregate rises or falls feW
millions a dS = becomes matter or 1T
tie concern. Consequently very little in
terest was manifested to-day at the de-
partment in regard TO the financial sltua-
tion. Some offers OF the yellow metal
were receiS ed from the West and ac-
cepted and Treasurer Jordan, at New
York, it was reported, had also received
considerable amount OF gold certifi-
Gates. Up 10 noon the Treasury was not
| advised as 10 the extent of the gold ship
ments for tomorrow.
Mr.. Leech, the Director Of the United
States Mint. the recognized authority on
finances said to-day:
81 look upon the statement by the Presi-
| Il
ment Of the determination OF the admin
istration to maintain gold payments at all
| hazards and If the supply of gold at the
disposal OF the Treasury should at any
time be insufficient for the purpose, that
] the credit Of the Government will be used
| to secure the necessary amount. As such
1t will go a long way towards restoring
confidence and averting any financial diff
fculty."
Mr.. CIeveland's Statement.
Following is the statement Of Mr. Cleve-
land referred 10 above, and given out
! Sunday night:
The inclination on the part Of the pub
lie 10 accept newspaper reports concern
| ing the intentions Of those charged with
| the management of our national finances
| seems to Justify my emphatic cOntradic-
| tion OF the statement that the redemp
tion Of any kind Of Treasury notes ex-
cept in gold has at any time been de-
termined upon or contemplated by the
Secretary of the Treasury or any MEM
| ber Of the present administration.
THE President and his Cabinet are alb
| solutey harmonious I'm the determna
tion to exercise every power conferred
upon them TO maintain the public credit,
to keep the public faith and to preserve
the parity between gold and silver and
between all financial obligations OF the
Government.
"While the law Of 1890. forcing the
purchase OF a fixed amount OF silver
every month. provides that the Secretary
Of the Treasury, i'm his discretion. may
redeem in either gold or silver the Treas
ury notes given I'm payment Of silver
purchases. yet the declaration OF the
policy Of the Government to maintain the
parity between the metals seems so
clearly 10 regulate this discretion as 10
| dictate their redemption In gold
"Of course perpleMties and difficulties
have grown out OF an unfortunate finan-
cial policy which we found in vogue. and
embarras ssments have arisen from ill
advised financial legislation confronting
US at every turn; but with cheerful CON
fdence among the people and n patriotic
disposition TO cooperate. threatened dan
gers will be averted pending a legislative
return to a better and sOunder financial
plan.
THE strong credit Of the country. still
unimpalred. and the good sense Of our
people. which has never failed in time OF
need. are at hand 10 save us from dis
aster."
Roanoke Offers Her Gold.
ROANOKE, VA, April 24-Special.-
The bankers. national, State and private
held a meeting here this afternoon, anC
unanimously adopted the following reso
luton:
Hon. J. G. Carlisle. Secretary Of thu
United States. Washington. u. c..
Appreciating your efforts to sustain th'
credit OF our country, the bankers o
this city, In meeting this morning re
solved TO tender you all the gold con
tained in their vaults for exchange il
United States Treasury notes. II accept
ed wire us instructions as TO shipment
(SigneD j. '. JAMl9ON'
The amount of gold in the Roanoke
hanks vaults to-day is about 100000
In the course Of half an hour the follow
ing reply was received: 49,.
"Washington. y. g., April 2i, 1893.
ITO j. V. Jamison. Chairman:
"Telegram offering gold received. stat
amount, and whether you wish paymen
in notes delivered at Roanoke. or mad
20 your New York correspondents.
(SigneO ~. G. CARLISLE.
Secretary"
New York Bankers Confer.
r,EW YORK. April 24-Conrad y. Jor
dan took charge Of the sub-Treasury thl'
mornlne as assistant treasurer. J. Ed
ward Simmons. president OF the Fourti
National Bank: Henry NJ. Cannon. presl
dent OF the Chase National Bank; Bray
ton Ives. president Of the western
National Bank. and Charles j. Canda
ex-assistant treasurer, were in Mr. Jor
dams private room In consultation VIII
Mr.. Jordan for some hours.
Ex-Secretary Fairchid and George ;
| Coe president of the American EXchang
! Bank. were present at the conference
part OF the time. The bankers VINO wer
present refuse TO give any information
TO proceedings. except that no oner o
gold was made to the Government am
. no gold was asked for. Mr.. jordan wa
2 equally silent. No definite Announcement
4 Of the policy was made by the bankers
, ! Repre- esentatives OF the leading prlVat
banking houses held a conference wit
Mr.. Jordan after the departure OF tn
, hank presidents Representatives o
, August Belmont & Co.. DreXel, Morgan
& Co. and Speyer & Co, were present.
Halifax Bankers Unnecessarily Alarmed
HALIFAX, y. S, April A-Amerlca
silver has for years been worth In trad
S I'm this province not more than " cent
3 on the dollar. The banks gave shad
| more. Silver certificates, on the othe
hand. passed current for their face
trade and in the banks they were dis
| counted at the same rate as America
, bank notes. IL Of per cent.
Holders of silver certificates were SUI
prised Saturday when the banks refuse
10 accept the certificates except at
discount OF about % per cent. or they r.
: fused TO credit deposltors with the note
brought In, except subject TO the custC
Z mers' receiving what returns were avail
able from them. commissions being d.
Quoted. Some OF the brokers offered
accept silver certificates at 90 cents an