The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-04-19
WILL PAY SILVER.
Carlisle Has Devised a
Scheme.
HOW TO MEET A CRISIS.
The Silver Purchase Law Gives the
Secretary of the Treasury Large
Discretionary Power.
HOW To MEET A CRISIS.
Special to THE MoRNINe CALL

WASHINGTON. April 1S.-The gold situa-
ton to-day was considered to be easier than
yesterday. The treasury officials are more
confident than they were twenty-fOur
hours ago, and in the minds Of all the i'm
preston has become stronger that it may not
be necessary for the Secretary TO take any
action which will change the present policy
of the department This feeling is said 10
due to the fact that the announcement has
been practically made that the Government
would only as last resource turn TO the
Issuance Of bonds. This firm and deter
mined position of Carlisle has, they say,
already had beneficial effect, and so soon
as it becomes known that the Secretary Of
the Treasury has seriously considered the
advisability of stopping the payment OF
gold coin for treasury notes Issued under
the silver act of July a. 1890. the situa-
tion Will present very different phase. and
the shipment of gold. which is looked upon
as a means for forcing the administration to
issue bonds. will come 10 an end.
The Cabinet meeting to-day was devoted
10 some extent to & consideration of the
financial situation. and it is believed that the
Secretary OF the Treasury will be upheld In
his advice TO stop for the present the pay
ment in gold Of treasury notes. Under the
silver act of 1890 there are at present out
standing s 130. COO in notes. and they are
being constantly redeemed in gold at the
New York Sub-Treasury. Their Tedemp-
iion in gold has been matter Of accommo-
dation on the part of the Treasury Depart
ment, as the law gives the Secretary of the
Treasury discretion MS TO whether they will
be redeemed in gold or silver. Now that
the gold balance has been reduced the Sec
rotary is considering the advisability of
using his discretion and paying these notes
| 10 silver.
II the Secretary of the Treasury deter
mines TO take advantage of the discretion
| given him by the silver purchase law, it will
be more difficult matter for New York
brokers to obtain gold certificates. and the
treasury notes would leave them with less
| collateral upon which gold could be OBJ
| tanned.
There is feeling among some men who
have been prominent in financial circles
! that should Secretary Carlisle issue an order
stopping this redemption it would create
! something OF a sensation, but those who
| are best posted claim that nothing of the
! kind would result, and still insist that if it
| became apparent that Secretary Carlisle
was to adopt this course, those New York
| ers who have been represented as trying to
| push the Government into an embarrassing
| position would see their efforts in vain, and
gold would again flow into the treasury. If
they are correct in their surmises it will be
unnecessary for Carlisle to take any further
action.
The confidence felt by the treasury officials
! is increased by the knowledge that Conrad
N. Jordan, the new Sub Treasurer at New
| York, will probably enter upon his duties
tomorrow morning. His ability is parteu-
] all / IL
assistance, it is believed that Secretary Car
J Isle will successfully meet the situation.
After the Cabinet meeting a reporter saw
Secretary Carlisle. but he positively de-
clined to discuss the financial situation.
| This is according to the policy he has held
for some time, preferrng not 10 forecast
any action until the necessity for it arrives.
Several small offers of gold were received
| from the West to-day. These offers aggre-
| gate less than 100000, and will not appear
on the treasury books for several days. At
Eastern points a slight increase in gold was
noted. the free gold having increased to-
day S25, goo, making total as shown by the
| books OF the treasury to-day Of S65, $50.
There is said to have been also a slight in
crease in New York, which will not be
shown until tomorrow.
| Information received at the Treasury
| department indicates mat gold shipments
for next Saturday will not be heavy and
there may be none at all
Internal Revenue Commissioner Mason
to-day submitted his last monthly report o
the operations of the internal Revenue
| Bureau. the new commissioner. Mr.. Miller,
| relieving him tomorrow. 1t shows for the
nine months OF the fiscal year ended March
81. 1898, that the aggregate receipts from
internal revenue sources were Sl20, O56,
a gain over the corresponding period of 1892
of s.. DOS. O7S.
NEW YORK. April 1S-A Washington
special to the Sun says: Secretary Carlisle
| has definitely decided TO redeem in silver
the outstanding treasury notes issued
under the act of 1890 and known as the
| Sherman act.
The Secretary will not permit himself to
be quoted on the point, but he has made his
arrangements to pay these notes in silver.
and he announced this fact in the Cabinet
meeting to-day.
New YORK, April 19.-The Posts Lon
don special says: American shares are
above PARTIES, the bears here believing the
suspension OF gold certificates will indefi-
nitely postpone a currency crisis in the
United States.