The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-04-16
BONDS TO BE ISSUED.
Secretary Carlisle Forced to It
by Ebb Of Gold.
THE RESERVE FUND REACHED.
Legal Tender Notes Will Ne Paid 70
Depositors OF Geld In L1ou
O1 Corti6eotoo.

WARRINGTON CRY, April 15.-The con-
tinued export Of gold from this country
to meet the Austrian demand has reduced
the free gold in the United States treasury
to 81. $50 600. It 10 the belief that gold viii
continue to be exported for some time,
and in order to supply the demand for
gold and repienish the depleted stock in
the New York sub-treasury, it is stated
that the treasury department has been
shipping gold from the treasury to New
York for the past week. The amount thus
shipped. it is thought, 10 not less than
SO, 0O0. 600. and may be more. The state
ment of the condition Of tho treasury
made daily to the secretary shows that the
net balance is gradually crawling up be-
ing today So, 937, 139. Of this sum, ST.
100000 is in subsidiary coin. and
SO. 500. 600 in national bank repositories.
Secretary Carlisle today directed the sub
treasures throughout tho United States to
issue no more gold certificates at present.
In explaining this action Secretary Car
isle said this afternoon that the $lO0. OO0.-
600 gold reserve had not been touched, but
he was SO close to it that prudence dictated
that no more gold certificates should be
issued. The announcement that for the
first time since specie payments had been
resumed it became necessary to stop the
issue of gold certificates was followed by
a rumor that the president had decided to
issue Sc. COO, 900 4 per cent bonds to protect
the gold reserve in case it became neces-
sary. Secretary Carlisle relying to the
query regarding the rumor. said: 'Six
millions of bonds have not been issued"
The secretary did not state explicitly
the number OF bonds to be issued. 1t was
ascertained subsequently that the pre-
cautionary measures which commenced
under the Harrison administration of pre-
pairing to meet the emergency by the issue
OF bonds II necessary was carried step by
step further under the present adm;nistra-
ton. Recognizing the fact that the prep
aration OF bonds would be q matter of
some time. Secretary Foster directed the
bureau of engraving and printing to pre-
pare large number Of bonds bearing 4
per cent, as authorized by the redemption
act. 1t is learned that 5000, 600 OF these
bonds are now being advanced on further
stages toward completion, SO that if its
should be deemed necessary and proper to
issue them or any part of them rather
than to break in upon the gold reserve,
the emergency could be met with the least
possible delay.
New YORK, April 15.-An order was re-
ceived at the sub-treasury at New York
today for the suspension of the issue of
gold certificates, in accordance with the
provisions of the act of congress of July
II, 1852. which says that when the gold
coin or bullion held in the treasury for the
redemption of United States notes falls
below $100, 0O0. 900. the issue of certificates
shall Cease. The gold certificates in COM
mon use are those issued under the act of
July II, 1882. The acting assistant treas
urer in charge of the sub-treasury said:
This step on the part OF the secretary OF the
treasury simply means that he is carrying out
the provisions Of the law. 1t does not mean
that the government will receive deposits of
gold coin, and refuse to pay back in kind.
Any one who deposits coin here will receive
legal tender notes. Iu other words, instead OF
issuing for gold deposits . certificate which is
necessarily redsemsble in gold. the treasury
will issue legal tender notes, for which gold
will always be paid If demanded. The only diff
ference which the stopping OF these certificates
makes is that the treasury department will not
issue them for gold as it has been doing. The
secretary is merely anticipating the Withdrawal
OF gold which will probably be made for ship
ment for next Tuesdays German steamer.
There 10 no reason for uneasiness because of the
step taken by the department. II is the first
time that issues o. certificates have been sus.
pended, because 1t is the first time the reserve
has almost reached the $10O,0 600 point, with
immediate exports expected. Under the pre-
vious act the issue was suspended by Secretary
sherman in 1879