Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1895-02-21

Washington, Feb. 19-The attention
Of the treasury officials has been
called to the statement made by SEN
ator Gray to the effect that just prior
to the signing Of the last bond con-
tract, United States Treasurer Jor-
dan had notified the secretary that he
could not continue longer than the
next day to pay gold on demand for
legal tenders. This statement, it IS
said, was substantially correct.
Wednesday evening, January Sd, Mr..
Jordan, In telephone message to
the department, said that he thought
that he could hold out until the fol-
lowing Saturday, but next day might
decide the situation. 1t is further
said at the department that the net
gold coin in the sub-treasuries and
assay offices February 2, less gold GER
titicates subject to order outstanding,
was $35,570,516 and that the gold
bullion amounted to $43, 1888, 1855, maxi
ing the total coin and bullion $79,-
509,3S1.
Inc uIoL luuNdtlOuc VI SeHeIdl
Withdrawals of gold for the purpose
OF boarding In this country, the treas
ury officials say, were noticed JAM
uary II, last. The Withdrawals in
creased rapidly until the 25th of that
month, and they amounted to $T,156,-
046 January %, when the first
message Of the president on urgency
Of the situation was presented to con
greSs and on that day over $4,000,000
was withdrawn. On the day follow
Ing the Withdrawals amounted to over
s30O0,0o0 and on the Both to nearly
100000. The announcement that
negotiations for another loan were in
progress was mclde ON the first of
February and on the following day
the Withdrawals had decreased to
SGT 1000. On the fifth it was reported
that hitch in the proceedings had oc-
Cured and Withdrawals that day
more than doubled From early in the
year, it is said, every effort has been
made to gather gold coin and collect
1t in New York and Boston, the two
principal points of withdrawal for
Shipment, and on the second of Feb
ruary, every dollar that could be
withdrawn with safety from other
points had been shipped to these
points. AS shown by the figures the
total amount of free gold in the sub
treasury in New York was SO, 100, 1874
and the only possible WAY Of adding
M ft.Ntl fho Al nfc hal
coinage was only about 100000 per
diem. February the total amount
Of gold coin owned by the government
was exceeded by demand certificates
outstanding against it and the govern
ment was practically borrowing gold
substituting gold bullion in it's place,
in order to carry on the specie pay
ments in gold. A further statement
was made that, between December 10,
and February 13, 1895, the total
amount of gold withdrawn was $780,
7SG,302. and that exported for the
same period was $36,S52,3S9, showing
over $4,000, 900 had been withdrawn
for boarding purposes during that
period I'm other words" say the
officials, "the people of the United
States had lost faith in the ability Of
the government to continue to pay
them gold for its notes and run on
the treasury had commenced"
That this gold has not gone into the
banks is shown, 1t is contended, by
the fact that December 1, 1894. the
total amount held by the banks at
New York was about $96,0OO,00O. and
IN thirty days thereafter $S3,000.000
or $l3,0oO.O00 less than December.
In considering the details of the
contract say the officials, ''it should
be remembered that the treasury was
dealing with a community more or
iess excited and panicky, and for
elgners for a long time had been dis
trustful of American securities, and
had sent large quantities of them to
hls country to be sold. November
ponds, purchased at III, which rose
Y ll9. have fallen to Ia, the latter
hg'lres showing that the net loss Is
Z per cent on the price paid by the
syndicate" The officials declare that
7 was extremely difficult to make any
bond dealings at all. After trying for
ta1r days to ret reduction Of inter-
ISL, even to three and five-eighths per
seil' 1t was found absolutely impos-
sle 10 obtain 1t. and the position was
5tSarded as too critical to admit of