St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-25
TOOK The EOGE OFF.
Cleveland's Statement Dis
pels the Danger OF a Flu
aneial FURRY.
The Reserve Simply to Be
Treated as So Much
Cash.
New York Bankers Consult
With Assistant Treasurer
Jordan.
Rumors That the Bankers
offered $2O,OO0,000
of Gold.

itative statement of Mr.. Cleveland yes
terday in which he announced the pres
eGt and future action of the adminiStra-
ton in relation to tie use of the gold
reserve has taken the edge off the eX-
element that followed the act of the
secretary of the treasury in dipping
into the reserve fund. If there has
been any danger of financial furry,
that danger appears now to have past.
Under the Interpretation of Mr.. Cleve-
lands statement, the reserve is to be
treated simply as so much cash in the
treasury, and whether the aggregate
rises or falls few million day, be-
comes matter of little concern. Con-
sequently very little interest was man
ifested today at the department in re-
gard to the financial situation. Some
offers of the yellow metal were received
from the West and accepted, and
Treasurer Jordan, at New \ 1ork, it was
reported, had also received a cOnsidera-
Bile amount of gold certificates.
If the present demand for gold abroad
is continued the point will probably be
reached where the banks will no longer
give up their gold unless they get bonds
in return for 1t. Before issuing bonds
Secretary Carlisle will probably make
quite a hole in the reserve. How low
he will let the amount of gold in the
treasury tall before he takes steps to
replenish it by the sale of bonds is not
known. but his reluctance to issue the
bonds is so we'll understood that It
would not be surprising if he allowed
Fully Half OF the Reserve.
or even more, to be exhausted before
resorting to the sale of bonds. The
president, Oh the other hand, is under
stood to favor an early issue of bonds,
and the matter will be one of the prin-
cipal topics of discussion at the cabinet
meeting on Tuesday.
1t is understood certain Democratic
senators have advised against the issue
of bonds for political reasons, thinking
the administration would lay itself open
to the accusation of unnecessarily In
creaSing the bonded debt of the country.
On the other hand. it is urged by others
that an early issue of bonds would be
good stroke of policy, politically, on the
argument that the condition of finance
which necesSitated the resort to the
sale of bonds was the result of Repub-
lican mismanagement,e especially during
the Reed congress, when they had both
houses of congress and the presidency,
and passed the Sherman silver purchase
bill, which, 1t is alleged, has caused all
the present difficulty. Shortly before
IL lnr tIn
treasury held. in round numbers, S177,-
100000, or S77,000,000 more than the
reserve fund. The Sherman law was
approved by President Harrison July
IA. 1890, and Immediately after the
amount of gold in the treasury began to
be reduced.
Secretary Carlisle left the treasury
department early this afternoon. He
could not be seen in regard to the re-
port from New York that at a con-
ference with New York bankers Sub
treasurer Jordan had received S20,000,-
900 in gold from the bankers in eX-
change for greenbackS. Among the
older treasury officials who served under
Mr.. Jordan while he was United States
treasurer, he is held in high esteem as
man of ideas and fruitful i'll resources,
and they believe he will be successful
in his undertaking to replenish the gold
in the treasury.
Cleared the Atmosphere.
New YORK, April 24.-The explicit
statement of President Cleveland that
the government would continue to pay
out gold for treasury notes as we'll as
for greenbackS; that it had never had
any other intention, succeeded in par
TALLY clearing the financial atmosphere
today. That the balance Of trade, how
ever, is still against this course, was
shown by the fact that S650,000 more
gold was taken from the SubtreaSury
this morning for export. Half of il was
paid in for treasury notes. This sum,
with what was taken last week. but not
sent, will. it is believed, be shipped to-
morrow or Wednesday, the total amount
to be forwarded being in the neighbOr-
hood of four millions of dollars.
ut is expected" said one bank preSi.
dent, that we shall continue to ship
S4.OOO,OOO or 50, 900, 900 of gold a week
until the demand is Over-that is, until
the balance of trade is reversed, or until
some of our unmarketed produces are
sent forward and can be drawn
against"
Conrad \. Jordan took charge of the
subtreasury this morning as assistant
treasurer. J. Edward Simmons, presi
dent of the Fourth National bank;
Henry w. Cannon, president of the
Chase National bank: BraytOn Ives,
president of the Western National bank:
Charles j. Canda, ,eX-assistant treasurer,
and eX-Secretary Fairchild were in Mr..
Jordan's private room.
They Were in Consultation
with Mr.. Jordan for some hours. During
that time George II. COe, president of
the American Exchange National bank,
called and saw Mr.. Jordan twice. Mr..
Coe defined to be quoted in relation to
Mr.. Cleveland'S statement on the Situa-
ton. Mr.. Jordan and the bank off cials
mentioned were in conference until 2
o'clock. 1t is rumOred that the New
York banks, as the result of the confer
ence, would turn SIS, 009, 900 or $50 000,-
600 of gold into the treasury. The con-
ferreeS uniformly decline in most en-
phatic manner to anticipate any action
of the government. Mr.. Jordan re.
ceived representatives of the press, but
declared that he had absolutely no in
formation to give as to the discussion
between himself and the representative
bankers. Mr.. Jordan said:
II can only say we have had discus
sion and we have had all manner of
propositions considered calculated to
relieve the situation both in regard to
the government and the banks. | can
not report anything more definitely than
that other similar conferences may be
held. No fixed date for such meetings
have been made. AS a result of today'S
conference, a communication will un-
i hn n1I Il fn ~ Ii