The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1893-04-27
WILL STICK TO GOLD.
Pfs9ldent Cleveland Declares Himself 4
tho Financial Situation

Prssldent Cleveland Declares Himself on
tho Financial situation.
WAsHINaToN, April 24.-In an inter
view concerning the financial situation
President Cleveland said:
The inclination on the part OF the public to
accept newspaper reports concerning the inten-
tons OF those charged with the management
OF our national finances seems to jus.
thy my emphatic contradiction Of the
statement that the redemption Of any
kind OF treasury notes except In gold has at
any time been determined upon or contom-
plated by the secretary of the treasury or any
other member of the present administration.
The president and his cabinet are absolutely
harmonious In the determination to exercise
every power conferred upon them to maintain
the public credit, to keep the public faith and to
preserve the parity between gold and silver and
between all financial obligations Of the govern
ment w.. ,0,r
while tho law Of 1890 forcing the purchase
OF liked amount OF silver every month pro.
vides that the secretary of the treasury, In
his discretion, may redeem in either gold OF
silver the treasury notes given in pay
ment Of silver purchases, yet the declare
tion OF the policy OF the government to
maintain the parity between the two metals
seems SO clearly to regulate this discretion
as to dictate their redemption In gold OF
course, perplextties and difficulties have
NAV"A OOV VI ou UuAOEtuu0to uu8uC1A4
policy which We found in vogue and
embarrassments have arisen from ill-advised
financial legislation confronting us at every
turn. but with cheerful confidence among
the people and . patriotic disposition to CO.
operate, threatened danger will be averted
pending legislative return to better and
sQunder financial plan. The strong credit of
the country, still unimpaired. and the good
sense OF our people, which has never failed in
lime OF need, are at hand to save US from dis
aster.''
Comparative quiet reigned at the
treasury department Saturday, and Sec
rotary Carlisle was encouraged by Of
fers Of about s4,000,00O in gold from
western banks to replenish the re-
serve. This raises the reserve to over
800, 100000, but it is likely to be
pulled down again this week by adj
ditional shipments to Europe. The
amount of these shipments was stated
in dispatches received here as likely to
reach $1O,000,O 1000. This would reduce
the reserve, if no gold were received
during the week, to 500, O00, 900, and the
government could not stand many
weeks of such large exports.
The news that the shipments of Tues
day will probably be unusually heavy
does not give Mr.. Carlisle any uneasi-
ness as he feels sure that the western
banks will do as handsomely in
supplying him with gold for
emergencies as they did Satur-
day. Moreover it is understood
that Mr.. Carlisle's statement of last
Thursday has been supplemented since
by private correspondence with leading
western bankers who are known to
control large resources of gold with a
view to have them cooperate with the
treasury.
The administration has already de-
cided against the Wall street men, and
their demand for an issue of bonds has
been answered in the negative. So
long as it is possible for the govern
ment to get along without bond
issue, just so long will the present
policy of the treasury department be
adhered to. Should the demand for
gold during the coming week exceed
the amount of free gold in the treasury
there is nothing in the situation to sug-
gest any other policy than that which
was followed under similar circum-
stances on last Friday whenothe gold
reserve was unflinchingly entrenched
upon.
The expenditures so far this month
have been heavy, exceeding the receipts
by over 81, DOC, 900. The receipts have been
s22. zoe, 900 and expenditures $4,000, 900.
This has had the effect of reducing the
net cash balance in the treasury, which
to-day is $24, 905, 200, and of this amount
$4,000, 900 is in subsidiary coin and SILL
600, 900 is in national bank repositories.