The Union times. [volume] (Union, S.C.) 1894-1918, 1895-02-01
A RAID ON THE TREASURY.
THE GOLD KESERVE CUT DOWN

n New Bond Issue Cert ain-The Pre-
s'aeh' MAY Send In Special Mes
| sage.
| WASHINGTON, January 25.-In rount
numbers five millions of gold wa.
Withdrawn from the treasury this
morning, making quite sixty million.
since the last bond issue. The goC
reserve by night will be not mucl
over fifty tive millions, and if this raid
| continues another week, bonds are
suro 10 be used. This time the issue
will he larger and it is feared SO low
rate OF interest as was received or
the last bonds will not be obtainable.
There seems to be no escape from
bonds. The present law tied the treas.
ury in Il hard kuot, which no living
man, OF set OF men can unite without
breaking them. These laws were all
placed upon the statute book by Re-
publicans, yet Democratic Congress
refuses to remove them, even with the
earnest and patriotic insistance of a
from the responsibility which attaches
to political parties the situation is
serious enough to excite the alarm of
men who are usually conservative.
Secretary Carlisle was closeted with
the President an hour before the
cabinet meeting this morning, and
nothing else is being discussed today
by the President and his advisers but
the alarming condition of the treasury
Many believe the impression is general
that Congress cannot be induced to
authorize the issue of bonds is causing
the attacks of the bankers which really
amounts to a raid on the treasury, in
their desire to force the Secretary to
issue bonds.
This sudden turn of affairs is causing
the President to again consider his
special message to Congress. 1t is
him, a question of whether harm or
good will result from it. The gold re-
serve is lower than it has been since
the fatal August 1th, last summer, and
something mist be done Immediately
by the administration or Congress. If
the President sends in his message it
will likely come tomorrow. If it
comes it will be found to contain some
spicy reading.
1t is learned today, from an authora-
tive source, that Senator Hill, who is
in entire accord with the administra-
tion on the financial question, will
SPEAK tomorrow night at banquet of
the Democratic Club in New York
city. He will devote his remarks en-
tirely to the financial question, and it
is expected to be sensational. 1t is a
question Of policy whether it will be
best for Senator Hill to strike the key
note in his speech Saturday night, or
for the President to sound the alarm
tomorrow morning. with Hill to follow
with sledge hammer blows in approval
tomorrow night.
The Secretary of the Treasury has
authorized the sale of gold bars for
export, on payment Of premium of
one-eighth OF one per cent, to cover
the cost OF manufacture and transpor-
tation, and this morning 81 900, 900 was
taken on these terms. There was also
withdrawn 81, 800, 900 in coin, and $780,
600 additional was engaged for export
tomorrow, making the total to noon
So, 100000. This leaves the gold re-
serve at $5S, ,024, ,42S, and the amount of
gold on hand above the amount of out
standing gold certificates SI0,9I2,2S0.
The treasury officials, however. do not
regard the amount of coin on hand
received on deposit for gold certificates
as sacred to their redemption, but will
continue to pay out gold coin on de-
mand for legal tenders. 1t is deemed
amply sufficient that there is enough
gold in other coin or bars to meet the
demand on gold certificates.
While the situation is regurded as q
very trying one, there is no thought Of
anything so serious as to involve the
credit of the government, which the
Secretary will fully maintain at ali
hazards.