The evening times., 1895-11-16
MONEY TO BUY BONDS
Continued from First Page.

| no assurance that the silver men might moi
| still he able to block financial legislation
Thomas b. Reed who. 1t is conceded. viii
he the Speaker of the House OF Representa-.
| tives. has had frequent conferences during
| the past two weeks with the leading bank-
| ers of New York city.
Mr.. Reed has been aStonislIed at the NUN.
ber Of bankers who oppose the Immediate
retirement of greenbacks. This proposition
which has been advanced as the quickest
remedy for the currency troubles, is that
all outstanding greeDbacks be replaced by
gigantic issue OF bonds.
While many bankers favor this scheme,
there are as many who oppose it on the
ground that the sudden contraction OF cur
rency would workfully asInuch, IL notusore,
injury than the present system, with all
its faults" tfFs 41-'7g~
MIR. REEDS OPINION.
The immediate retirement of greenbacks
has been urged on the ground that the
formulating or q new currency system will
be slow, and the country Will suffer mean
time.
Tie result OF Mr.. Reeds conferences with
bankers, 1t is understood, has prejudiced
him against the policy OF retiring the green
backs.
The attitude of the Speaker will have a
commanding influence in Congress, as he
VIII control the formation OF committees
which are TO consider the currency ques-
ton.
The greenbacks outstanding are S34G,
ooo,oGO, according to Treasury figures,
but 1t is understood that there are actually
In circulation about $500 ,G0O,0O0.
Whether the renewed export of gold is
due merely to Temporary sirinSency in
the exchange market OF tu causes which
are likely 10 continue Tor somc time, none
of the Wall street fina meters seem to have
very clear opinions.
They do think 1t probable that within
the next two or three weeks. perhaps as
much as $4,000, 900 of gold will be ex-
ported, and there seems to be an inl--
preston that thiss-niax Be the Deg giifnfng
OF such exports as will compel the Treas
ury Depa rtnIent again to take steps to pro-
tect its own supply.- - - - - -
The direct answer given7to the question.
What Goes this impending export mean?
is this: The price OF exchange makes
it cheaper to ship gold" But when in
quiry Is pressed so that it may be known
why this emergency happens at this time.
when in prosperous seasons gold is dis
posed To come this way, no satisfactory re-
sponse is To be obtained.
Yet Ii is undoubtedly true that the be-
lief exists in Wall Street that this gold
is going abroad, and other gold is being
tdhcu IFOfl tue 1IedSuFy, HOT fOf Ine
reason as was the case last winter. that
there is panicky feeling, and therefore a
disposition to hoard gold, but because the
goidis neededto pay exchanges, and because
the banks have had their own supplies so
heavily drawn upon this fan, that they
arecompeiled TO replenish them and arethere-
fore turning to the Treasury.
WILL BUY GOLD.
None OF our financt'rs has the anxiety
which was everywhere felt last winter
lest the government should be compelled
To stop the redemption in gold OF its obli-
cations. for 1t is the conviction that long
before the Treasury supply gets so low as
il did last February Mr.. Carlisle win buy
gold with bonds. Therefore there must be
some legitimate business reason for this
unusual demand for gold at a time when
usually il flows this way to pay for Ameri-
can exports, and no one is able to point TO
any other reason than that the United
States. under the influence OF the Wilson
tariff. is importing so much more tha n she
Is exporting that IT is necessary to pay the
balances in gold.
At the same time II seems to be a GER
tainty beyond peradventure that against
the 1st of next JuneSthe revenaes- de-
rived from the new tariff law will be suf-
ficient to meet the requirements Of the
Government. The actual excess Of ex-
penditurcs over receipts at the present
time is hut at the rate OF $50 ,00O,0Q0 per
year.
In other words, while the expenditures
amount to something like S30,0O0.0O0 a
month. the revenues derived from the VII
son bill are above S2s. 200. 600 per month.
These receipts are expected to steadily in
crease until against the end of the fiscal
year they are found to be self-supporting.
In consequence of this view and these |
ia cts it is believed that S25 900, 600 bond
issue would be ample to maintain the gold
reserve until such time os the operations /,
Of the new tariff "a w would bring in suffi- |
cient revenues to avert the necessity for |
further bond sales.