The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-24
ANEW GOLD SCARE IN THE AIR.
TREASURY PLANS TO BRING IN THE
EAGLES.

/ New Instructions sent Out aS to the
Acceptance of Light weight Coin.
The Government Now willing to
Pay the Express Charges Both
Ways on Gold Deposited by Banks
/ in Exchange for Currency-WeeI,Iy
Statement of the New York FinHn-
I cfer.
( Washington, Nov. 25.-The administra-
ton to-day decided upon a plan to replen-
ish the gold reserve, which it Is confident
/ ly expected viii have the effect of keep
ing up the gold reserve for some time at
/ least. The following circular was sent
/ to sub-treasury officers:
Treasury Department, Washington
/ Nov. 23.-Sir: Department instructions of
! July ana Aug. %, 1856, requiring you to
/ reject and place a distinguishing mark
/ on all gold coins presented to your Of
/ flee for deposit, which are found TO be
/ below the least current weight, are here
/ by so modified to instruct you, when
/ asked, to accept all such coins at a valua-
/ ton in proportion to their actual weight
such valuation to be determined by de-
/ Quoting from the nominal value 4 cents
/ for each grain, Troy, found below the
standard weight on each piece. All light
weight pieces thus received by you are
/ to De held in the cash of your offices
/ separated from fun weight coins and each
bag of such coins is to be plainly marked
with the amount of the face and actual
1 values of the contents. If the depositor
i should prefer to have the pieces that are
/ found to be below the least current
|. weight returned to him, you will, before
] sta mill n
the distinguishing mark referred to in
/ the department letter,
Scott Wike, Acting Secretary.
/ United States Treasurer Morgan fol-
! lowed this circular with Instructions to
! the subtreasury officials to remove from
banks and other United States gold coin in
/ exchange for paper currency. Deposits
[ are required to be made in sums or null
! tiples of $500, and the express charges
/ on the gold coin and the paper currency
| returned therefore will be borne by the
| treasury department. Except in special
/ cases the treasury has never before paid
/ express charges both ways on gold de-
| posted in exchange for paper. The banks
/ have for years tried to induce the treas
/ ury to DO this, and the fact that it has a.
! last zone 50. IS evidence that Secretary
] Carlisle has determined, as the Presi-
| denU mas heretofore announced would he
] done, TO exhaust all the means in his
I power TO maintain the gold reserve. 1t
/ is not understood that this new depart
/ ure Will be permanent, 1t is looked upon
/ as temporary eXpedient to obtain gold
| The expense to banks and others has al
! ways been large in securing new currency
IN cases of redemption and in paying ex-
! press charges on the returned currency.
/ When gold was deposited for it. Under
/ this new temporary arrangement the
/ treasury pays the charges heretofore borne
/ by the bankers. The rate paid by the
/ government under its contract with the
/ express companies, however, is less than
/ the rate charged individual shippers The
/ government rate in all territory east OF
/ the Pacific slope is 30 cent a $1,000 for gold
ana 20 cents $1,000 for paper.
! 1t VIII be the aim of the treaSu to
/ keep the sub-treasuries supplied with all
/ denominations of currency, so that depos-
! ltors may receive what they desire prompt
! ly. They wont have to wait until the
! certificate of the gold deposit is transferr-
| ed to Washington
Treasury officials explain that confning
/ shipments TO $500 or multiples thereof, is
! to keep within the terms of the contract
/ with the express companies.
| This restriction does not apply to local
! deposits OF gold in a sub-treasury city
/ where any sum may be deposited and cur
/ rency received for the same.
! New York, Nov. 23.-The New York FL
] nancler says this week; AS usually the
! case when heavy gold exports are being
! made, the statement of New York clear
/ ing banks does not reflect many changed
/ conditions. For the week ending Nov 49,
| the total decrease in cash was reported to
| be only M007, CO., the loss of 81 $50 300 in le-
] DaTLlallX a
! gain of S5l6,7O0 in specie. AS the shipments
! of gold during the six days covered by the
/ report aggregated over $1,000 600, the banks
! despite the fact that they received more
! currency from the interior than they
/ shipped, must have lost largely in legal
/ tenders, which We're withdrawn for the
exchange of gold at the sub-treasury. Fri
/ days Withdrawals however are not re-
/ hected in the last statement. and the ef-
| feet Of this drain will not be shown until
! next week.
/ For six weeks past the specie
/ item in the statement has been showing
! a steady gain. one clearing house bank
4 exchanged 100000 gold for legal tenders
| at the subtreasury during the past week.
/ but the gain reported by the combined
banks for the week was $4,000, bringing
| the total specie item 70 $6b,2S460 or an
/ increase of nearly $5,5O000) since Oct. l2
last This regular increase has given
rise to a rumOr that the New York banks
We're preparing for another bond issue
but as the banks have been losing gold
since June until recently, and now hold
| less than was reported Immediately after
they had absorbed bond issue, the small
I increase does not seem to possess much
Importance. 1t is doubtful, too, whether
the recent expansion OF the specie item
means that the banks possess that much
more gold, since silver certificates are
also counted as specie.
THE loan column for the past week
shows a further contraction of 1921 800,
a much smaller amount than the weekly
liquidation which has been noted since
Sept. "a. when loans stood al S522, $50. 800,
or 100000 in excess of the present
uSure.
THE net deposits for the week de-
creased S1,058, 600, according to the state
ment, but in reality the contraction was
much heavier. and the reserve figures
based ON the actual condition Of the banks
Saturday would probably differ from
those made up from the weekly average
statement. The circulation of the baNls
shows a decrease of $20SO and of this
amount the Hanover National appears to
have Withdrawn $l50,00O of it's own notes
The average shows the following, com
pared with the last two years:
Nov. %. % Nov. q, '94 Nov 25 '93
Loans .. 1892, II 900 $495 O03 400 S405 2O1 ZOO
Specie .... Sc, 6,284600 96059,500 100, 1893, 500
/ Legal ten
its .i.... 525, 10000 59281.2 475.3l1, 700
Circula-
ton ..... l3,J1b,3D n,lJl,4OO 13, ,83l 800
[ Total re-
serve ... l5O, ,SSl 500 pa l3O. 400 189 663. 100
Reserve
required 18l292,65o 14SOo2So 1882, ,925
Excess of
reserve 19.59i95o 66O2z6oO 7o.Ss5,175
EDITORS IN \ COURTS GRIP.