The Wadsworth dispatch. [volume] (Wadsworth, Nev.) 1892-1899, 1893-05-06
WASHINGTON LETTER.
PROM Our Regsl.r corre.penden..

"asiiilStuhS Way II looo.
Money is at all times an, interesting
subject to everybody, and, owing tc
circumstances with which the reading
world Is already familiar, some figures
which have been in possession Of the
Treasury department for several weeks
but which have just been made public
are doubly interesting. These figures
appear to show that financial supremacy
as well as empire, is moving westward,
notwithstanding the general belief that
New York City is the center Of finance
OF the American continent. According
to these figures, which give the holdings
of gold by the National banks, it is
Chicago, and not New York, which is
the real financial center. These figures
are Unofficial reports made to the Com
ptroiler Of Currency by every National
bank in the United States, showing how
much gold each of them has, and. Of
course, does not include the gold held by
individuals and private banks, which if
ascertainable might, change the face Of
the matter materially The figures
show that the National banks OF New
York have only $l2,43s, 652 in gold,
while thosesofC Chicago have $t4 1924, $50
and that those of the entire eastern
States have only a total, in round num-
bers, OF $50 ,00O, 900 against a total in the
western States OF $54, 00O, 600. There
can be no donbt that. the possession OF
these figures had great influence in
causing the administration. to ignore the
suggestions of New York bankers as TO
what should be done to increase the
gold in the Treasury; it did no regard
the New Workers as being in q position
to help largely, evenif so disposed, and
therefore did not consider their suggest
ions valuable.
. There is, however, another side Of
this question visible to those who are
carefully studying the situation. Ac-
cording to these figures all of the
National banks together have only $685.
900, 600 Of gold, while the Treasury now
has about $102, 900 900. Now where il
this remainder Of the $40 ,00O, 900 of gold
that financial experts estimate to be in
the United States3 That is the ques-
ton easier asked than answered. and 30
long as it remains answered neither
New York nor Chicago, the East nor the
West, can lay undisputed claim to
financial supremacy. The whereabouts
OF this enormous and at present unac.
counted for sum Of gold may play a very
important part in the future financial
policy of the administration. At present
the situation is comparatively easy, the
treasury having about $4,000, 900 in
''free gold" that is, over and above the
reserve fund, which it recently temper
arily impaired to the extent of about ST.
100000, and of which it will again use
whenever the necessity arises. with Of
fers of gold still freely coming in from.
National banks; bnt supposing it gets
all of the 500, 900 900 held by the Ma
tionai banks and that the demand for
gold still continues, and that the unac-
counted for gold remains boarded up
somewhere, what then?
1t Is the openly ayowed intention of
the administration to make use OF the
present financial condition to convince
Congress that the Sherman Silver Law
must be repealed if Senator Stewart,
of Nevada, be correct in his estimate
it will succeed. He says he has made
a careful m Of the present Senate
and that moi more than twenty Sena'
tors will under any circumstances vote
for the unconditional repeal of the
Sherman Silver Law. 1t is known,
however, that President Cleveland EN-
tertains a very different opinion.
Time will tell, as it does most things,
which of them is right,
The absence Of the President and
most Of the members of his, cabinet
during the last few days left five OF
the government departments in charge
OF hold-over Republican officials, and
that fact aroused u great deal OF bad
blood among the Democratic Office