New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-15
THE rEorBLEs or THE TREASURY.


There +, moro tllk Of bond issues. On"
q, mocratc journal states Is a fact positively
known tat banker, are prrp1Ilng Tor an Issue
+ United state, bones in London. II is NOT
oaSy T. believe that the Administration Will
hc.in hy Hing .curt.cs without giving bank
ors and the public any opportunity to bid Tor
them. and yet the pcrsi>tcncy OF reports clrcu-
!aod always through Democratic channels Of
int.lml;:on sCca.S 10 have Some meaning. In,
immediate Cause Of renewed attention - the
subject is the increase OF gold exports which
have already cut down the gold reserve to
SlO2S7O, 900. in uding the 100000
held for redemption Of United states notes.
n addition to the heavy outgo last Tuesday, il
is >l:Cd that $1,000. 600 more has been en-
gag,d for shipment to-day, and larger sums
for next tn, sday. which, i'll view OF the ln>lG-
niicant receipts # gold hy the Treasury Of
late will probably leave little gold in the
Treasury besides the buon fund.
II is generally supp. sod tha: tho AdminiStrI
i'm will Judge it the bet time - issue bonds
whenever impairment Of the bullion fund be
gins. But this idea does nj accord with state
mcntS attributed + President Cleveland 4
month ago. for he was then reported II saying
that the Administration would first try the
clfcc; OF free ne OF the bullion reserve, and
if that did not arrc,; gold exports it might be
necessary b. let the country have taste Of
silver payments for time in order to cdu-
cato pubic opinion. Whether these statements
were authorized or not. nearly all the objections
70 a sale Of bonds which existed prior 10 Mr.
C,cycland'S Inauguration and which prevented
a sal. by the lasi Administration, seem to have
uEdimini>hcd force a ihiS tine.
The failur, Of the English, Scottish and Aus
tralian Chartered Bank, with liabilities said t.
10 $4,000, 600, renders il not improbable tha'
an attcmrt 10 draw gold from Europe at thi
time will lie attended with difficulty. Bonds
can be sold on some terms, Of course but il
will not be within the power Of any purchaser,
TO prevent the return 10 this country Of other
securities equal in value or such change in
tho trade relations that The merchandise bal
an.cs against this country would b. incrC ascd
Sales or bonds to Americans would do no real
coed. Sales Of bonds to foreign purchasers
would hardly strengthen the financial position
of this country unless Withdrawals of an equal
amount of foreign capital hence could be pre-
vented.
The increase IN mp RS continues. The Oil
cial report shows that in March the imports ai
York alone were SOB .il7,795, or 50, 0S5,-
32l greater than in March, 1892, though in
that month the total imports were and have
STAGE been up TO this time the largest ever
Known. With some p:oba' lie increase at other
pot,, the aggregate for the month may ex-
cecd that of any previous month by $4,000
600 or more. In contrast We have the de-
or aSc Of S9.20G.157 in brcad>tunS. S3..9I o.
500 in provisions and S3,Gl i.2G2 in value #
cotton exported in March, and in all the pin
cipal products Il decrease of S17,S99.1St for
that month. Apparently the excess of import
over c.p 1T, fer that month may exceed $50
100000, ard in April thus far imports show
an increase Of nearly - per cent and experts
a decrease Of about 20 per cent.
Doubtless sound fnancicrs will advise the
President that a revival of speculative conf