The record-union., 1893-07-04
Special to the REcoRp-UNIoN.


CHICAGO, July 3.-"There never has
been time since the law of 1890, known
as the Sherman Act, was passed that
would not have voted for its repeal" said
Senator Sherman to-day. 1.-The Sherman
Act was a compromise measure passed to
save the country from free coinage bill.
have told Mr.. Cleveland and Mr.. Carl
isle that 1 will stand with them for a
sound, safe, stable currency. l think the
Sherman law will be repealed, but the
danger is that Congress may go too far.
Should the clause providing for the pur-
chase of four and half million ounces of
silver monthly be stricken out, it would
be well; but if Congress should go on and
repeal the clause providing that the
United States will maintain the parity be-
tween gold and silver coins, it would
cause widespread distrust. There is in
the Treasury 350,0O0,0OO of coined silver
dollars, and 14,OOO,00O of uncoined
bullion. The legal tender of these coins
must be preserved, and their parity to
gold maintained. 1t is well enough to
stop the further mintage of silver, but
that in circulation must be sustained. To
stop making silver dollars would not i'm
pair the usefulness of those already made,
so long as a guaranty is back of them"
The Senator further expressed the be-
lief that the cessation of silver coinage
would not bring more gold into circula-
lion. Heattributed the present stringency
70 apprehension of the mercantile and
financial world that the Government will
not meet the obligations in gold, but will
pay in cheap money.
NEW YORK BANKS VERY BUSY.
New YORK, July 3.-The Fourth of
July holiday was evidently begun by
many business men on Saturday, and no
business was transacted downtown to-
day except which could not be avoided.
But although there was little doing on the
Stock Exchange and many business
offices were closed, the banks were all
very busy. The situation was reported
20 be very easy this morning. The de-
mands from the country, it is said, were
very light, and many of the large centers,
notably Chicago, are beginning to pay
back money they borrowed from New
York.
The Sub-Ireasury was quite active to-
day, and besides receiving 100000 in
gold for telegraphic transfer to San Fran
cisco it paid out S95O000 by midday in
small notes in exchange for gold and
greenbacks. The transfer of 100000 to
san Francisco is explained as being due
TO the action of savings banks there.
They demanded the required sixty days
notice from depositors, and then sent on
securities to Eugene Kelly d Co. for sale.
to be in readiness for demand upon
them if it should be made at the expira-
ton of the notice. To-day's transfer is
said to be on account of some securities
sold.
The Clearinghouse Loan Committee
this morning authorized an additional
issue of 3, $4,000 certificates, making the
total amount now outstanding S2l, ,6l5, 900.
From this increasing issue of certificates
1t is believed generally that it will be
some months before call money can be
obtainable as low rs per cent.
In connection with the large issue of
these certificates last week, it became
generally known to-day that but for the
prompt action Of some of the leading
members Of the Clearing House Com
mittee there would have been default in
interest by one well-known railway COM
pany on Saturday. One of the best rail-
road mlllionaires in the country was
caught in the squeeze for ready money at
the last moment. Knowing this condi-
ton, and being assured that unless there
was relief for it there might come an
actual panic, three of the strongest mem
bers of the Clearing House, associated
rrrh hn al - .
Vlded the necessary assistance.
The Sub-Ireasury was again creditor
at the Clearing House to-day, the balance
IN its favor being Sl46, ,I4O l6. 1t was also
creditor on Saturday, for the first time
since August II, 1891.
The total payments of interest due july
LIST on United States bonds amounted to-
day to S4,39l ,99S so. Payment is usually
continued month or more, but the
Strlngency OF the money mark ct made the
applications unusually prompt. Many
bondholders who had not taken up
amounts due on coupons for several pay
lnents back have drawn ali due them up
TO date. Some payments were as much
rs five years behind. One bondhoIder
presented coupons dated back for eleven
years and quarter.
HOUSE COINAGE COMMITTEE.
WASHINGToN. July Sowing to the
fact that the betterment OF the national
finances Will be the first and rravest
problem to be confronted, particular in
terest attaches to the House Committee
on Coinage of the next Congress. An
adverse committee would be in a position
to very considerably obstruct business
and worry the advocates for a repeal of
the Sherman law. Whether or not Bland
will be reappointed Chairman no one ap-
pears to know to a certainty. His record
as an earnest, answering friend of silver
is well known and his Democracy is un-
questioned. When a Speaker is re-
elected it generally has been his custom
10 reappoint the old Chairmen. Doubt in
the case of Bland arises from the fact that
Crisp is well known to be in thorough
sympathy with the Presidents ideas of
the legislative needs, and may hesitate to
appoint to so important a committee a
man so thoroughly committed to the op-
posite view. In case Crisp should decide
not to give Bland the Craftsmanship, the
next in direct line of succession Will be
Representative Tracy, who is a gold
standard man. Those who know both
men freely assert that the elevation of
Tracy to the Coinage Craftsmanship will
be especially gratifying to the Executive.
SILVER PURCHASES.
WASHINGTON. July 3.-Secretary Car
isle has decided not to resume the pur-
1l,1- 4 10 nI