Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1893-05-04
THE FINANcEs-GoLD GOING TO
EUROPE.

WASHINGTON, April 21.-At cabinet
meeting this morning, at which all the
members of the cabinet were present,
with the exception of Secretary H.r5ert,
of the navy department, the financial
situation, it is understood, was almost
the exclusive topic of discussion. The
meeting lasted for two hours and half
and was the longest session of the cabl-
net since the new administration came
into power.
When the treasury department closed
its doors this afternoon the gold reserve
of s1OO. 1000, 900 had been invaded to the
extent of from s2,50o,OoO to s3,000.0oo.
When the day opened there was in the
treasury s1S5,OOO of free gold. This
amount was increased by gold offers
from the West aggregatins about .23o,-
600. The large shipment of gold from
New York, amounting to more than
So, ,0OO, 900, cut this down to such an eX-
tent that when the cabinet met Secretary
Carlisle found that the orders from the
gold people up to that time (about
o'clock had wiped out the free gold and
invaded the gold reserve to the extent Of
s2,557, 900. As far as it can be officially
ascertained this is the amount taken out
of the gold reserve to-day for export to-
morrow, although it is unofficially stated
that 100000 in gold, exclusive of that
taken out at New York, had been with
drawn from the sub-treasury at Boston
for export to Canada. If so, this would !
make about S6,0OO000 in gold taken out
of the country for shipment tomorrow,
ard leave the gold reserve invaded to the
extent of S4,OOO,oO0 or the total gold in
the treasury at s96, 100000. 1t is believed
that this invasion is but temporary and
that within few days the depleted re-
serve will be restored to its original fig
ure, s1OO,OOO,Ooo.
WASHINGTON, April 23.-To represen-
tatives of the United Press the President
said tonight: 'The inclination on the
part ofethe public to accept newspaper
reports concerning the intentions of
those charged with the management OF
our national finances seems to justify my
emphatic contradiction of the statement
that the redemption Of any kind Of trea-
sury notes, except in gold, has at any
time been determined upon or contem-
plated by the secretary OF the treasury,
or any other member of the present ad-
ministration. 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 obi
cations of the government. While the
law of 1890 forcing the purchase OF a i
fixed amount of silver every month pro-
vides that the secretary OF the treasury,
in his discretion, may redeem in either
gold or silver the treasury notes given IN
payment of silver purchases. yet the dec
laration of the policy of the government
to maintain the parity between che two
metals seems so clearly to regulate this
discretion as to dictate their redemption
in gold OF course perplexitieS and dim
culties have grown out of an unfortunate
financial policy which we found in vogue.
and embarrassments have arisen from Ill
advised financial legislation confronting
us at every turn; but with cheerful con-
fidence among the people and patriotic
disposition to cooperate, threatened dan
gers will be averted pending a legislative
return to better and sounder financial
plan. The strong credit of the country,
still unimpaired, and the good sense OF
our people, which has never failed in
time of need, are at hand to save US from
disaster"
WASHINGTON, April 24.-The authori-
tatiye statement of Cleveland yesterday,
in which ne announced the present and
future policy of the administration reIa-
tive to the use of the gold reserve. has
taken the edge off the excitement that
followed the act of the Secretary of the
Treasury in dipping into the reserve fund
If there has been any danger of iinan-
cial furry that danger appears now to
have passed. Under the Interpretation
of Cleveland's statement the reserve is to
be treated simply as SO much cash in the
treasury and whether the aggregate rises
or falls few millions day becomes a
matter of little concern. Consequently
very little interest was manifested to-day
at the department in regard to the tinan-
cial situation. Home offers of gold were
received from the West and accepted,
and Treasurer Jordan at New York. it is
reported, had also received considera-
BILE amount of gold certificates. Up to
noon the treasury was not advised as to
the extent of the gold shipments to-mor-
row.
Lehre, director of the United States
mint, recognized authority on finances,
said to-day: Il look upon the statement
bv the President as plain and formal
announcement of the determination OF
the administration to maintain gold pay
ments at all hazards, and if the supply OF
gold at the disposal of the treasury should
at any time be insufficient for the pur-
pose. that the credit of the government
will be used to secure the necessary
amount. AS such, it viii go long way
toward restoring confidence and averting
any financial difficulty"
According to Bishop o. P. Fitzgerald,
of the Methodist Episcopal! Church,
South, Episcopal Methodism in America
&c ~ 4ba forks of the road. The one