St. Paul daily globe., 1893-04-23
Offers Of Nearly $4,00O,OOO
Received and Accepted
by Carlisle.
Disposition Shown by West
ern Bankers to Help the
Treasury.
Denial Of Exaggerated Stories
of a Disagreement in
the Cabinet.


WASHINGTON, April 22.-The gold re-
serve depleted yesterday is intact today.
offers aggregating nearly S4.0O0,OOO hav-
ing been received and accepted by the
secretary this morning. Secretary Car
Isle said he did not think, in justice to
those who were disposed to supply the
government with gold. that their names
should be published, and for that rea-
son alone he did not think it wise to
state names and places from which the
offers came. He was feeling quite good
over the fact that offers aggregated
sufficient amount to make the gold re-
serve intact and leave little free gold
in the treasury. He expressed the hope
that it would continue to increase
so that he would be able to meet any
demand on the treasury for gold for eX-
port on next Tuesday. He stated that
the treasury would continue the policy
now being pursued of paying out gold
from the treasury coin notes, and that
the reserve would be intrenched upon.
He
Directed the SubtreaSurer
at New York to continue paying these
notes as heretofore. He was therefore
at a loss to understand how any uncer-
tainty prevailed in the public mind as
to the action of the treasury department
III the premises.
That the uncertainty still prevails,
however. is evident from the numerous
telegramS being received by the presi-
dent ana Secretaries Carlisle and La
mont, and from the further fact that
several prominent New York bankers
are here today for the purpose. if posi-
bic. OF getting better and clearer
knowledge of the financial situation
from personal interviews with cabinet
officers and treasury officials. 1t is in
teresting to note in connection with the
gold situation, how, during the past few
years the treasury has lost gold. On
Jan. 81, 1889. the net gold in the treas
ury was S194, 100000; on Jan. 81, 1890,
S1T7, ,OO0. .O00; Jan. 81, 1891, S141.000,000;
Jan. 81, 1892. $4,000, 600, and on Jan.
81, 1892, S10S, ,000,000
When the day closed the treasury de-
partment had to its credit slightly over
$1,000 in free gold. It's expected that
this
viii BE Increased Monday.
as there is disposition shown by West
ern bankers to help the treasury swell
its gold balance. Several banks in New
York, too, are stated 20 have turned in
gold for greenbacks. There is better
OF
fact that no bad result has occurred by
dipping into the greenback gold reserve
leads to the belief that none Will occur
If it is found necessary to repeat the
proceeding. 1t is anticipated here that
large shipments of gold will be made
next week. In case the shipments are
made there is nothing to indicate that
Secretary Carlisle will not do as he did
Yesterday, viz, invade the gold reserve
TO meet all demands. The expenditures
so far this month have been heavy, eX-
eeeding the receipts by over $1,000, 600.
This has had the effect of reducing the
net cash balance in the treasury, which
today is S24 905, 900, and of this amount
S1O.6O0O0O is in subsidiary coin, and
81, ,OOO. 900 in national bank depOSitaries.
The exaggerated stories which gained
circulation last night and were widely
published today to the effect that at the
cabinet meeting during the afternoon
President Cleveland and Secretary Car
Isle had had serious misunderStand-
ing which might lead to the resignation
of Mr.. Carlisle are
Officially Denied
by members of the cabinet and officials
of the treasury department. The rela-
tions which exist today between Secre-
tary Carlisle and the president are as
cordial as they have ever been. What the
future policy of the treasury may be
regarding finances is still matter of
conjecture, for q definite course has not
been decided upon. The department
will wait for developments. and as the
emergencies arise it is believed will
be fully able to meet them. The ad-
miniStration feels confident that the
present financial furry is temporary
one, based on aD eXaggeratIOn of cOndi-
tiOns, and it has no fear that there
will be panic, or that the national
credit will be impeached.
The most reliable information as to
the position of the president and Mr..
Carlisle, and what occurred at the cab
met meeting yesterday, is that there eX-
listed between them simply difference
of Judgment as to which policy was the
better one to be followed. Secretary
Carlisle believed that the law justified
him stopping the payment of gold for
the treasury notes Of 1890, and cOnsid-
cred it best to follow this course and
keep the gold reserve intact. As far as
his Interpretation of the law is con-
eerned, he was upheld in his opinion by
Secretary Gresham and Attorney Cen
eral Olney. AT the same time
President Cleveland Pointed Out
that there was nothing which compelled
the government to keep the gold re-
serve in its entirety except for the re-
demption of the legal tender notes. 1t
then became not question Of law and
discretion, but of policy, and it was
finally decided that the gold reserve
should be utilized to meet the demand
for gold shipment. The stories of
trouble in the cabinet are unfounded.
One result of the gold scare has been
to cause a good deal of quiet discussion
among the statesmen left at the
capital of the necessity for an extra
session of congress. 1t is undeniable
that some of them feel that such a ses-
sion is probable, and at an earlier date
even than that predicted by Vice Presi-
dent Stevenson, namely, Septem-
in contemplation of the necessl-
ties of tariff legislation, but in
the treatment of such great financial
Questions as are now before the
administration it is argued that the ele-
ment OF time becomes of superior i'm
portanee. There is a question as to the
authority Of the secretary of the treas
try to issue bonds under the present
circumstances, although the decided
weight OF opinion lies in favor Of the
proposition. 1t should also be borne in