New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-24
LITTLE GOLD FROM CUSTOMS
UNFAVORAELE WORKINGS OF NE"
TREASURY REGULATION.

OF rsTIONS or INTEREST on DEPOSITS FROM
TIE HTER1oR-soME REDUCTIONS An
NoUNCED-oTnER BANKS PREPARING
FOR THE FINANCING or THE
NEW GOVERNMENT LOAN.
The recent order OF the Treasury Department
forbdding the payment Of customs duties IN ceru-
fled checks has resulted in an almost total uisap-
pearance Of gold from the customs receipts at the
Sub-Trsasury. on Monday no gold was taken IN
from this source Yesterday the receipts were
little better The SuD-Treasury received total OF
SOL .929 30 in payment Of customs dues, with the
made up as follows: Gold coin, Sh2 30; SILVER
coin. $3O7: gold certificates. $500; silver cerui-
Gates. $3.50 go; United States notes. $lo2h" ana
Treasury notes. s93 200 The percentage OF gold
and gold certificates in the total payments was only
about = per cent whereas the proportion Tor a long
time past has been running up to % per cent. Ihe
importers refuse TO take the trouble to handIe bags
OF gold coin. and the situation affords the banks
opportunity to get rid OF silver certhcates
which are accepted under the rulings or the treas
ury Department The continuance Of this state OF
affairs will result in the cutting off Of large source
of gold receipts by the Treasury-n fact the only
practical source-and the consequence VIII be
further drain upon the shrinking gold balance at
the United States Treasury.
1t Is generally hoped that revision OF the or
der Of the Treasury Department VIII be made
Numbers OF importers visited tne ,uStoH 'io"S"
yesterday to consult with Collector Klbreth. as
the new regulation Is nconvenient TO the importers
az well as a check to the Treasurys gold receipts
Secretary Carsle's orders based upon decision
OF Judge Lacombe. but 1t Is contendsd py me III IN
Porters ta ,b Por IN no assuming liability for AN
improper diversion Of checks formerly useu III
specifically indorsed to the Collector in such way
as to render them negotiable. IL,
lated by renewed discussion of the purpose OF the
New-York banks to discourage the DEPOSIT 3 lhoiey
here by their country correspondents Inc pd I'M
porters and Traders and the National PARK bahk
have issued circulars announcing that uey neL h
poyiis bv out-of-toHn customers. The common RUE
among the banks has been to pay per cent ,h IN IN
terest The steady flow of currency from me ~,
terror has piled up the reserves 81 me eiy ma
such extent that hy can rrn na I nG ON cn
loans is only / per cent. with time loans hard to
ne cent The banks fcel thai further deposits Of
idle funds with them Will become purl'ilsoinr, nnu
To- New York by continuing the payment Of inter.:t
rates above the New-Nork money: nhrK't NJ
by the banks ana the example of the importers
and Traders and the Park VIII MT hc toloWTd IN
in individual cases. ana It IT, a. certain that az
Of them Will yet attempt t. cisc1ur'Gr the io" o'
None Of The banks Is DESTROYS or encouraging
continual accumulation OF NE c,pii al ms Crn''
f,Is ~ TeuY"rj NAV not be- unwelcome The
leans and Temporary d.sarrangem"nt Of the local
n,.iai -, cb}nrrv until the transfer Of the So
o., rD cold from the open market 10 the National
Treasury IS completed Under the terms 81 S'cre,
tarv C1risle's bond circular the execution OF Inc
loan may not be- accomplished with IN" same ab-
srnce OF friction that attended the GoV"rnm"it re-
funding operations under former aininistrationS
Al that lime certain banks and Institutions N"f'
designated public repositories. and the Treasury WAS
credited win larg- subscriptions FOR the new loans
which were not disturbed by any physical transfer
of money from bank vaults 20 the sub treasury
vaults 80 such arrangement appears - have been
na le for the conducting Of the new per cent oan
and lerc. the transfer ~ N0.phVp from bahk
vaults into Government hands may. oven though
The money VIII in due course TOW out az an M IN"
,;ovrrnnfni settles rs back Indebtedness. Involve
a large amount or temporary disturbance IN IN"
none markets. Money g. likely 10 become actiV"
Tor a time II - said bv bankers anl higher rates
would naturally follow II Won ." nWk""rI i'r ne
banks 20 re,luce interest 0n deposits on u" -. ~
rise IN money rates IN th. market There f're
man bank officers are seeking stll 10 add - ih'lr
reservcs and II after the operation ~ the Govern
mont loa, IL CONCLUDED. money should relapse into
It's present stagnaton. n would D." time enough 10
nrevent the accumulation of I'LL" capital hy reducing
Interest on deposits sent from the Interior.