The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-06-07

the L nlted states Doen so low as IL Is To-
day. The amount is $50. $780, l7. On
Jan. /, 1879, it was STA, l93.539. Secretary
Sherman, in a report made In 1879, states
that he had on Jan. coin 10 the amount
of Sal, SSS, 900 available for the resump-
ton OF specie payments. OF this amount
SiI4,OOO.OOO was in gold, the balance in
silver, and both were denOminated coin.
Since that period the net gold in the treas
ury has gradually increased until, in
March, 1888, itreached lS,SlS,000, which
was high water marx.
Since January, 1889. the net gold hold
ings of the treasury have been on the de-
clining scale, decreasing from Sl94,000,000
in January, 1889. TO Sl77.OOO.OOO in
1890; Sal 100000 in January, 1891;
S119,O00.OOO IN January, 1892.
and Sl0S,000.000 in January, 1898.
While no uneasiness is felt at the treas
ury department because OF the continued
loss of gold from the treasury, still Seere-
tary Carlisle is not unmindfui of the fact
that a limit may be reached where the
confidence reposed in the treasury by the
people NAV be shaken.
How tO kepiete the Gold supply.
How to replete the treasury with gold
has been problem seriously considered
BY the administration Tor some time. The
issue OF bonds Is the usual remedy sug-
gested. but it is known that the presi-
dent is not in favor OF this
alternative, except as the last
resource, and even if they are issued,
treasury officials are not by any means
confident that the treasury gold re-
pleted in this way, will long continue So
1t Is contended that to obtain gold in this
way with the present laws in force simply
means the government borrowing
gold at interest for the pur-
chase of silver, with no assurance
that the gold so obtained will remain III
the treasury longer than the time neces.
sarg 10 take IL out. Suggestion has been
made that the secretary of the treasury
has the power 10 issue greenbacks in ex-
change for gold, thus increasing the
amount OF gold and increasing the volume
of greenbacks outstanding TO the extent of
the gold thus exchanged. Secretary Car
Isle being ous Of the city today his views
on this subject could not be obtained.
IIamIiu ana No Greenbaeks.
Acting-Secretarv Hamiin said he had
heard the suggestion and hoped it was so.
but his manner Indicated that his hope
was very faint. Other treasury officials
were questioned on the sub
ject and they said that the
idea was not new one and had been adj
vanced at different periods in the past ten
years. No law on the statute books was
more stringent than that relating tOgreen-
backs. IL provided that S346, 100000 Of
greenbacks should be kept IN circulation.
When such notes are presented for re-
demption new notes TO a like amount had
to be issued. The secretary Of the treas
ury has no discretion either to iucrease
or diminish the volume Of greenbacks.
Section 81 OF the revised statutes
provides that the secretary Of the treasury
may exchange any class Of money for
coin, and out OF This provision of law
II Is presumed that the secretary OF
the treasury had discovered stat
ute which permitted him to issue green
backs IN exchange Tor gold. THIS statute
gives him the power which has never been
questioned, TO exchange greenbacks U. s.
treasury notes. l. ;. notes. silver certifi-
Gates. gold certificates. silver coin, silver
bullion and gold bullion for gold coin or
gold bullion IN his discretion. but there is
a decided difference between the Eek
change" Of one class of money for gold
and the issue OF C. ass of money TO ex-
change for gold.
The ''star's" view.
The Star in discussing the monetary
situation saws
1t is understood that the question which
will be discussed at the special meeting of
the cabinet to be held on Monday morn
ing will be that of the condition of the
treasury. The shipments of gold from
New York during the past week
have amounted to S6700,000. including
100000 which went TO Canada. Now that
the shipments have again begun to be
heavy, the subject comes before the adj
ministratiOn as one of no little concern,
fer should this rate of gold export con-
tinue 1t would not be long before the re-
serve would be reduced to a figure
that would be uncomfortably small
At the cabinet meeting it is
believed thatthe encouragement will rem
der an opinion on the question az 10 the
right OF the administration to issue bonds
without action by congress. SolicitOr-Gpn-
eral Aldrich drew up an opinion on this
question which Attorney-General Miller
adopted. deciding that such a course
could not be pursued. and it is intimatsd
that Mr.. Olney will also hold to this judg-
ment.
Decision Affecting Letter Carrier.
very important decision was rendered
in the circuit court today in the matter of
the petition for a mandamus by ex-Letter
Carrier Pulaski for reinstatement Pulaski
was appointed letter carrier by Postmaster
Sherwood without having gone through
the civil service examination. He gave
bond. which was accepted, and he was put
to work. Civil Service Commissioner
Lyman heard of it and had him dis
charged. He petitioned the court for a
writ of mandamus for reinstatement
directed against Postmaster Sherwood
and an amendment against Postma as ter
General Bissell. The rule showing cause
against the defendants was up for q hear
ing this morning. The government put
in q general demurrer to the petition.
claiming that under the law this court was
without jurisdiction in the premises.
Justice Bradley says that the petitioner
was entitled TO a fair hearing on the
merits. The government should not seek
20 evade the real issue. They should not
endeavOr to sneek behind a demurrer. lie
gave the defendants until Saturday next
10 file their answer. IL is stated that the
l.. l.