The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-02-10
GOLD FOR EUROPE.
How the Banks Helped the
Treasury.
RATHER CLOSELY PRESSED.
Secretary Foster Is Only Trying to
Hold the Reserve for the Cleve-
land Administration.
Special to THE MORNING CALL

NEW YORK, Feb 9-The continued ex-
ports OF gold from this city to Europe have
at last forced the Treasury Department to
view the situation with some uneasness,
and accordingly Secretary Foster. In an in
formal way. conveyed his desire to the
associated banks Of this city for aid. In the
discussion on the matter member of the
Clearinghouse Association said to-day:
LAS a result Of this expressed desire the
Clearinghouse committee met on Tuesday
and authorized the chairman of the COM
mttee, President Williams of the Chemical
National Bank. to arrange with the various
banks carrying large sums of gold to turn
over enough to the suo-treasury to Offset
the Withdrawals of gold for export last
week. The result was that s.. 100000 in gold
was deposited and legal orders taken by
the banks in exchange. This is not the
limit of the assistance that will be given,
but further sums of god will be turned in
as desired by Secretary Foster"
The Clearing house committee will prob
ably meet tomorrow TO take further steps
in framing definite policy. and confer
ence OF bankers may also be held to discuss
the situation. The banks in this city hold
about $50, 600, 600, which would be available
If required to maintain the reserve.
l. was reported that the banks that were
assisting The treasury would send $780,
600 each to the treasury to-day. and Prssi-
dent Williams Of the Chemical Bank said
the report was true. He said:
THE object. of course, is to spare the
treasury the necessity of cutting into its
Sl000O0.O00 reserve. They have Sos, 0OO.-
600. but this action of the banks will hold it
where it is until relief COMES from else
where"
'Shall you meet further Withdrawals in
like manner?" he was asked.
"Yes, the banks which have already acted
viii continue to DO what they can to guard
against the depletion Of the treasury"
Jesse Seligman said in regard to the plan:
There is in this country fully S525, 600, coo,
Of which SlO0oO0,000 is on the Pacific
Coast, and the country is producing $751;
coo, 900 in gold annually. The present drain
on the Government can continue buJ little
longer. as France and Australia VIII soon
acquire all the gold required to fill their
complement, and the demand from there
VIII probably cease"
Assistant Treasurer Roberts stated:
There was S3.OO5. $50 In gold paid into the
Sub Treasury to-day. which with the
S2OOO,OOO received previously makes S5,-
800. 600 received from the banks in exchange
for legal tender notes"
In regard to the reported conference, Mr..
Roberts said: 1T can be learned from the
papers that Secretary Foster will be here
on Saturday to attend Republican meet
Ing, bun there will be no conference The
present administration will continue in ex-
istence ony a little longer, and its purpose
now is solely to keep every thing in good
shape to turn over to the new administra-
tion. The only step that will be taken will
be 10 maintain surplus over the gold re-
serve"
The Wall-street Journal says: We hear
the action of the New York banks in offer-
ing gold to the Government in exchange for
legal tenders is partly, at least. in antlcipa-
ton of an offer TO the banks by the Govern
ment of a block OF bonds. 1t Is believed
this offer vii! be made either by the present
administration or Immediately after the in
coming administration takes charge of the
finances. The banks In Offering the gold
now are putting themselves in harmonious
relations with the Government and possibly
may be found 10 have been practically pay
ing for bonds in advance