The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-16
Order Issued BY Mr. Carlisle to suspeua thu
Issue of Certificates, in Aecordancs with
the Act Of July ~, 1852.
Preparations Made at the Treasury De.
partment for Issuing New Bonds.
Several Million Four Psr-centa Engraved 70
Meet an Emergency-The coming Csunt Of
the Money in Uncle Sans Strong Boxes.
NO MORE GOLD CERTIFICATES.
Their Issuance Suspended By Secretary Car
Iisle-Yeiiow Metal Scarce.

Their Issuance Suspended By Secretsry Car
Iisle-YeIiow AIcral Scarce.
NEW YORK. April 16-An order was re-.
ceived at the subtressury at New York toe
day for the suspension of the issue Of gold
certificates. in accordance with the pro-
visions of the act of Congress of July. "a.
1882 which says that when the gold coin
or bullion held in the treasury for the re-
demption of United States notes falls bee
low s1O0, 600. 600 the issue of the certificates
shall case. The gold certifcstes In common
use are those issued under the act of July
L. 1882 being Chapter go. statutes Of lssa
This section is as follows:
Section H.. That the Secretary OF the Treas
ury is authorized and directed to receive deros,
it's of gold coin with the Treasurer or Assistant
Treasurer OF the United States. IN sums not lesa
than $20 and TO issue certificates therefor IN de-
nominations of not less than $40 each oorre-
aiding with the denominations OF the United
States notes. The coin representing the certins
Gates of deposits shall be retained In the trenss
uy for the payment OF the same on demapd
Said certificates shall be receivable for cus-
toms taxes and all public dues and when 90 res
ceived may be reissued; and such certificates, az
also silver certificates, when held By any
national banking association shall be counted
banking association shall be a member OF any
clearing house OF which such certificates sIau
not be receivable in the settlement OF clearing
the Treasury shall suspend the ''issue of such
gold certificates whenever the amount OF gold
coin and gold bullion n in the treasury reserve for
OOO,000 and the provisions OF eecticn 5207 OF the
Revised Statutes shall be applicable 10 the cers
tifcates herein authorized and directed TO be Isl
sued"
Section 5207, of the Revised statuteG
above referred to. forbids national bankg
to lend on United States notes. etc. Twd
forms of gold certificates are in use.
Speaking of the law q well-informed bsnh
president said: The Treasurer of, the
United States appears to be bound by the
provisions of the act OF ItSs2. authors
izing the issue of gold certificates. slwaye
to retain in the treasury. for the redemp.
tion of these certi6cstes, the speciha
gold coin deposited at the time of theId
issue. ANY failure to do this would be Q
violation OF the statute. and the Treasurer
has no right TO substitute gold bars oE
bullion for the gold bonds deposited and
ordered to be retained. 1t 10 true that thd
gold certificates issued under the act Of
March 3. 1868, could be issued on deposit OF
either gold or bullion. aud that certificates
under this net might be issued TO the extent
but there are probably mono of these cer<
tificates now In use."
Maurice L. Muhiman. the acsing assist
ant treasurer in charge OF the subtressuryl
said: ''Thie step on the part of the Secrel
tary OF the Treasury simply means that he
is carrying out the provisions of the law.
1t does not mean that the government viii
receive deposits of gold coin and refuse TO
gold coin here will receive legsl-tender
notes. For these legal tenders. il gold ia
demanded. gold will be paid out. In otber
words instead of issuing for gold depositg
q certificate which Is necessarily redeem&
able in gold the treasury will issue legsis
t.nder notes, for which gold will always be
paid if demanded. The only difference
which the stopping of these certificates
makes is that the Treasury Departments
will not issue them for gold, as it has veen
doing. The Secretary is merely snticipats
ing the Withdrawals OF gold coin. which
will probably be made for shipment by
next Tuesdays German steamer. What
these Withdrawals will amount 80. OF
course. we do not know, but they may re<
duce the treasury gold to the one hundred
million dollars reserve. According 20 to-
days report, the free gold in the treasury
amounts to about So. 109. 900. This report
does not show the withdrawal yesterday.
which amounted to 81. 250. 600. To-day'9
statement shows the gross amount OF gold
in the treasury TO be e2l3. 800. 900. The gold
certificates issued amount to SIG 4s0. 00Qs
g. 800 900 being in the treasury.
There is no reason for uneasiness bes
cause of the step taken by the departs
ment. It is the first time the issues Of cers
titicates have been suspended. because
reached the 500. .000. 900 point. with the im-
mediate exports expected. Under the pre-
vious act-that of 1s63-the Issue was sus-
pended by Secretary Sherman in 1874 The
treasury statement March 8. showed the
free gold. or the gold above the s1o0<
000,0O0 reserve, TO be 5000, ,OOq
which was practically the gold supply
left by the last administration. The lowest
point afterwards reached was March Y
when free gold was S9s2 000 From that time
the amount increased rntil the heavy ship
ments were made the past two weeks
The form of receipt for deposits Of gold
coin at the subtressury have heretofore
read:
Received from -. bag said 10 contain -
dollars gold coin subject 70 count the proceed(
OF which are payable in gold certificates on TO-
turn OF this receipt.
In receipts now issued the words "IH
gold certificates" is stricken out.
The imports of specie at the port OF New
York for the week were S110. 800. OF which
so. .0S5 was gold and $l9.2l5 silver. The ex.
ports of specie from the port Of New York
for the week were S. .307, ,769, of which 81
$50. 209 was gold and ss27. $50 silver. or thiq
amount 81. 751, 700 gold and s420. 800 silvel
went TO Europe and Sl2s. 500 gold and S7,25o
silver went to South America.