The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-04-21
THE FINANCIAL SITUATION.
Secretary Carlisle Makes State
ment on the Question.
WHAT HE PROPOSES TO DO.
lie viii Preserve Our Credit and Main
tain Parity Between the Metals.
There Is Gold Enough in the Country to
Meet All Requirements of the
Situation if All VIII
Assist.

WASHINGTON, April 20. - Secretary
Carlisle tonight made the following state
ment regarding the financial situation:
In the exercise of discretionary power
conferred upon the secretary of the treas
ury by the act of July IA, 1890, he had
been paying gold for the purchase OF
silver bullion and he will continue to do
so as long as he has gold legally available
for this purpose. Under this process the
government has been, and is now, pay
ing gold for silver bullion and storing
silver in the vaults where it is as useless
for any purpose of circulation or redemp-
ton as iron, lead, or any other COM
modify. The government in the first
place issues coin for the treasury note in
paying for silver bullion and then the
coin treasury note is presented at the sub
treasury and gold paid out for it; SO the
effect is precisely the same as If the gold
was paid out directly for silver.
In the first instance, about 100000 of
gold which was withdrawn from the sub
treasury last Tuesday for shipment abroad
was paid out on these coin treasury notes.
No order was made to stop payment of
| gold upon these notes, nor was any one
authorized to say that such an order
would be issued. The purpose of the gov
eminent to preserve our credit unim-
paired and maintain the parity of the two
metals by all lawful means will not be
abandoned under any circumstances. In
view of existing legislation the only ques-
ton for consideration is as to the measure
| that ought to be adopted to insure the &C
complishment of these purposes, and
| upon this question there is, of course,
room for wide differences of opinion.
The total stock of gold coin and gold
bullion now in the country, including
what is held by the II olSury, as we'll as
what is held by the banks and individu-
ais, amounts to about $40. 900, 600. When
/ came into the treasury department on
the 9TH day of March the amount of free
gold on hand had been reduced to 1887 900.
but by arrangements with western banks
it was increa Q until on the 1st of April
it amounted to nearly 5000, ZOO. Then
heavy shipments began to be made and
two days ago we had only about $40. 900,
but now it amounts 70 1886, 600, after de-
Quoting what has bCel withdrawn from
the sub-trea g1ry for shipment.
Arrangements are now in progress by
which more gold is to be procured from
the west, and l hope a sufficient quantity
will be secured to keep the gold reserve
intact. There is gold enough in the
W nScO oil OI OIiG
situation, and if all who are really inter
ested in maintaining sound and stable
currency would assist the secretary of the
treasury to the extent of their abilities,
existing difficulties would soon be re-
moved.''
In addition to this statement Secretary
Carlisle said $500, 900 in gold was taken
out of the sub-treasury in New York to-
day for export. The class of money
paid into the sub-treasury for gold
withdrawal included $500, 900 in gold
certificates which to that amount
did not reduce the gold reserve because
they themselves were practically gold, SC
the actual gold reduction may be only
S400, 600, leaving the balance as stated
above. This is the first considerable
amount of gold certificates paid into the
sub-treasury for gold export for many
years, and encourages treasury officials
to hope that the banks, seeing the situa-
ton, will continue to present gold certi-
fcates in payment at least for gold with
drawal for export.