The record-union., 1893-07-06
Lack of Confidence and Scarcity of
Currency the Features.
THE LATTER BECOMING A VERY
SERIOUS MATTER
Meeting of the New York Chamber of
Commerce to be Held To-Day, at
Which Members Are to be Urged
to Take a Strong Stand in Bringing
Together Men Who Represent the
Sections at Interest.
Special to the RrcoRp-ux1oN.

Special to the RECoRD-UNIoN.
NEW YORK, July 5.-Much interest is
being manifested in the special meeting of
the Chamber of Commerce called for to-
morrow. Members who are most actively
urging the chamber to take strong stand
were busy to-day bringing together men
who represent the sections at interest in
various parts of the nation.
The chief features in the monetary situ-
alton to-day, according to several leading
bank Presidents, is unrest, lack of conf
dence and scarcity of currency. The lat
ter is apparently becoming a very serious
matter. and some banks are pretty hard
pushed to secure enough to meet the de-
mands upon them. Late Monday after
noon an order was received by telegraph
for large amounts of currency from Bos
ton, Baltimore, Philadelphia and Pitts
burg.
A dispatch from Philadelphia to-day
reported the refusal of bank there to
pay check on it for $4,000 in cash. The
holder of the check, it is said, would in
sist on the check being paid in cash.
One of the most influential members of
the clearinghouse said this afternoon:
'1t is nonsense, this talk about the actual
scarcity of currency, but if everybody
keeps on talking about it there will soon
be one. The banks have got plenty of
cash, but they are attempting to hoard
the gold"
Orders for currency by mail this morn
ing were reported light, but it is said in
view of Mondays experience it could not
be estimated. The President of one of
the large national banks, in speaking of
the scarcity of currency. said large
amount of currency was locked up in the
vaults of trust companies. He knew one
trust company that had $4,000, 900 of cur
rency locked up in that way.
At the Sub-Treasury it was said there
had been no telegraphic transfer of
money, but 100000 in small notes had
been exchanged for large ones. The
scarcity of currency in banks, it is said,
was known. and everything done by the
Treasury officials possible to relieve the
strain. The Sub-Treasury in this city
has at present only Sl3,OOO,0OO currency
on hand, but it can draw for two or three
million more from Washington if occa-
sion requires.
The clearinghouse Loan Committee
issued $500, 200 more certificates to-day,
thus making the total amount now issued
SO, ,l15,OOO.
Three hundred and thirty thousand
ounces of silver will go out by steamer
tomorrow.
SILVER OFFERED THE GOVERNMENT.
I'll
Treasury Department to-day as to
whether the amount of silver offered the
Government is as large now as formerly,
developed the fact for the first six months
of the current calendar year the offers ag-
gregated 52,30O,000 ounces, while for the
same period last year they were only As
$4,000, showing an excess for the CORE
spending period this year of $3.50, 900,
which would indicate that the production
OF silver is not falling off in the United
States. The amount of silver bullion inn
ported for the first six months of the cur
rent calendar year, including that in ores,
was SAL, 900 ounces, while there has been
exported II, ,96S, 900 ounces. OF the amount
OF silver offered to the Government dur
ing this period q, 200, 900 were purchased.
The proposition which is talked of
about resolution at the extra session
giving the President power to suspend.
until such time as he may see fit, the pur-
chase of silver bullion, is one that does not
meet with approval, and silver men say
they would fight such proposition with
as much vigor as they will the repeal of
the Sherman law, for they believe the
effect of such a resolution in the hands of
Cleveland, whose views on silver are
known, would be the same as its repeal.
HOW MEXICO is AFFECTED,
CITY OF MEXICo, July Sat present
there exists scarcity of the circulating
medium, due mainly to the heavy ex-
portation of Mexican silver dollars. This
drain upon the finances of the country
must be met by increased coinage. Mex
leo has, furthermore, certain and unfail-
ing market in Asia for all her dollars.
The increasing explorations OF coffee and
other products will enable Mexico to ex-
port more dollars than ever before. Sill
yer is produced in Mexico cheaper than
in the United States, and the fall in price
is less acutely felt here than in the neigh
boring republic.
INDIA'S FINANCIAL CONDITION.
SIMLA, July 5.-Replying to a question
in the Legislative Council. Sir David Mil
ler Barbour, financial member of the
Viceregal Council, said that under the
new order sovereigns would be accepted
to an unlimited extent by the Indian
mints. Bank of England notes would
not be so accepted. The silver now en-
route to India will be taken only to avert
q commercial panic There is no hope
that the civil servants would receive
retrospective compensation.
WILL SOON BE REMEDIED.
MADRID, July 5.-In the Cortes, in re-
sponse to question by Toca, one of the
Spanish delegates to the recent Interna-
tional Monetary Conference at Brussels.
Gamazo. the Minister of Finance, said
Spain did not need to adopt special meas
ures to meet the silver crisis. He be-
lieved the present depression in silver
would soon be remedied.
NO SILVER PURCHASED.