The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-04-21

WASHINGTON, D. O., April 2o,-secre-
tary Carlisle tonight made the follow
ing statement regarding the financial
situation;
In the exercise Of the discretionary
power conferred upon the secretary OF
the treasury by the act of July IA, 1890,
he has been paying gold for the coin
treasury notes issued for the purchase
Of silver bullion, and ne. will cOstinre
to do SO US long as he has gold lawfully
available for that purpole, Under this
process the government has been and
Is now paying gold for silver bullion
and storing the silver in its vaultwhere
1t is as useless for any purpose Of circu-
lation or redemption us iron, lead or
any other commodity.
"The government in tho first place
Issues coin treasury note in payment
for silver bullion, and then the coin
treasury note is presented at aBub-
treasury and the gold Is paid out for IL;
so that the effect Is precisely the same
as If tho gold were paid directly for the
silver. About SS00,000 OF the gold
which was Withdrawn from the sub
treasury last Tuesday for shipment
abroad was paid out on these coin treas
ury notes. No order has been made to
stop payment Of gold upon these notes,
nor has any one been authorized to say
that such an order would be issued.
The purpose OF the government is to
preserve It's own credit unimpaired and
maintain the parity OF the two metals
by all lawful means will not be aband-
oned under any circumstances. In
view OF tho existing legislation, the only
question for consideration is as TO the
measures that ought to be adopted to
insure the accomplishment OF those
purposes, aud upon this question there
Is, OF courae, room for wide differences
OF opinion. The total stock OF gold
coin and gold bullion now in this coun-
try, including what is held by the treas
ury, rs well as what is held by the banks
and individuals, amounts TO about S74o,-
100000.
"When l came into the treasury de-
partment on the 7th day Of March the
amount OF free gold on hand had been
reduced to S9s7, 900, but by arrange
menta with western banks 1t was IN
creased until, on the first day OF April, 1t
amounted to nearly $s,000,000. Then
heavy shipments began TO be made,
and two days ago we had only about
$40, 900, but now ii amounts to $SS5, 900,
after deducting what has been with
drawn from the sub.treasury to-day for
shipment. Arrangements are now in
progress by which more gold is to be
procured from the west and / hope
that q sufficient quantity will be secured
to keep the gold reserve intact.
"There Is gold enough in the country
to meet all the requirements Of the
situation, and II all who are really in
terested in maintaining sound and
stable currency would assist the secre.
tary OF the treasury to the extent OF
their abilities, the existing difficulties
would soon be removed"
I'm addition to this statement seore-
tary Carlisle said that SS00,000 had
been taken out OF the sub-treasury in
New York to-day for export. The class
OF money paid into the sub.treasury
for this gold withdrawal included $780,
900 in gold certificates, which to that
amount, did not reduce the gold re-
duce the gold reserve because they
themselves were practically gold. So
the actual gold reduction Of the day
was only 100000, leaving the balance
as above stated.
"This Is the frst considerable amount
Of gold certificates paid into tho sub
treasury for gold export for many years,
and encourages treasury officials to
hope that the banks, seeing the sltua-
tion, will continue to present gold GER
tihcates in part payment at least for
gold withdrawn for export"