The Providence news. (Providence [R.I.]) 1891-1906, 1893-04-21
THERE Is GOLD ENOUGH
b This Country to Eeet Every Require
ment for the Present.
SECRETARY CARLISLE SPEAKS.
And at Last Discusses the Financial
situation Precautions Against Choi-
era-Egsn and the Gillian Refugees
Other Capital Topics

WASHINGTON, April 2l.-Secretary Car
lisle has prepared statement defining the
policy of the treasury department in the
present financial situation. Mr.. Carlisle
calls attention to the various laws on the
subject and shows that when the free gold
is exhausted the reserve fund can only be
used for the redemption of greenbacks.
He shows that the law gives him dis
eretionary power to redeem treasury notes
of 1890 In either gold or silver.
With the supply of free gold exhausted,
be win redeem said notes in silver If neces-
sary.
The secretary says: In the exercise of
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 he will con-
tinue to do so rs long as he has gold law
fully available for the purpose.
Under this process the government has
been and Is now paying gold for silver
bullion and storing the silver in its
vaults, where II is as useless for any pur-
pose of circulation or redemption as iron,
lead or any other commodity.
The government, In the first place, is
sues coin treasury note in payment for
silver bullion, and then the coin treasury
note Is presented at a sub-treasury and the
Gold IL Paid Out For IL,
so that the effect is precisely the same as IL
the gold were paid directly for the silver in
the first instance. About 500, 900 of the
gold which was paid out by the sub
treasury last Tuesday for shipment abroad
was paid In these coin treasury notes.
No order had been made to stop tho pay
ment Of gold on these notes, nor has any
such order been ordered. The purpose of
the government to preserve its own credit
unimpaired and maintain the parity of
the two metals by all lawful means will
not be abandoned under any circum-
stances In view of the existing situation,
the only
Question For Consideration
Is ~ to the measures that ought to be
adopted to insure tho accomplishment of
these purchaser, and upon this question
there IL OF course room for wide differ
ences of opinion. The total stock OF gold
coin and gold bullion now in this country,
including what IL held by the.treasury, as
we as what u held by tho banks and In
div .luals, amounts to about $40, 900, 900.
When i came into the treasury depart
ment ON the 7th day of March the amount
Of free gold on hand had been reduced to
$o67, 900, but by arrangements with west
prn banks Il was increased until on the
first of April 1t amounted to nearly 81, ,000,-
600 Heavy shipments began to be made
and two days ago we had about 10000,
but now it amounts to $685., 900 after de-
Quoting what had been taken from the sub
treasury yesterday for shipment.
There II gold enough In the country to
meet all the requirements of the situation,
and II al who are really interested in
maintaining sound and stable currency
would assist the secretary of the treasury
70 the extent Of their abilities the existing
"A "A irvr Iffoa vuv<uld ~