Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-02-19
CLOSE TO A SILVER BASIS
Treasury officials Confirm the Statement
Made by Senator Gray.
Assistant Treasurer Jordan's Message
ms TO How Long He Could Hold
Out With Gold.

The treasury officials confirm the state
ment made in the Senate yesterday by Sem
ator Gray that at the time of the recent
bond issue the United States was On the
verge Of going upon a silver basis. so close,
in fact, that twenty-four hours might have
decided the situation.
On Wednesday evening, January 30,
Mr.. Jordan in a telephone message to the
department said that he thought he could
hold out until the following Saturday, but
that the next day might decide the situa-
tion 1t was further said at the depart
ment that the net gold coin in the SUBJ
treasures and assay offices On February
2, less gold certificates to order outstand-
ing, was s3o570516, and that the gold bull
lion amounted to s43 1913 sos making the
total coin and bullion $79,5oa,3s1
Beginning of Hoarding Gold.
The first Indications of general with
drawais OF gold for the purpose Of hoard
ing in this country, the treasury officials
say, were noticed on January il last. With
drawals increased rapidly until on the
18th Of that month they amounted to
s7.156.0I6. On January IS the first
message of the President on the
urgency of the situation was presented
to Congress, and on that day over 100000
were withdrawn. On the day following,
the WITHDRAWALS amounted 10 over S0,uU,-
coo. and on the S0th to nearly Si.GoO,000
The al announcement that negotiations for
another loan were in progress was made
on the 1st of February, and on the fol-
creased to $4,000 On the 9TH it was re-
ported that hitch in the proceedings had
occurred and the Withdrawals on that day
more than doubled
From early in the year, 1t is said, every
effort had been made to gather gold coin
and collect 1t in New York and Boston, the
two principal points Of Withdrawals, for
shipment, and on the I'd of February every
dollar that could be withdrawn with safety
from other points had been shipped to these
points. AS shown by the figures given above,
the total amount of free gold in the sub
treasury in New York was 50, 1OO,334, and
the only possible way of adding to it was
from the mints whose total coinage was
only about $4,000 per diem. On February
2 the total amount of gold coin owned by
the government was exceeded by the de-
mand certificates outstanding against ii,
and the government was practically bor-
rowing gold coin from the owners of them
and substituting gold bullion in its place
In order to carry on specie payments in
gold.
The Contract Defended.
I'm considering the details of the con-
tract" say the officials, lit should be re-
membered that the treasury was dealing
with community more or less excited and
panicky, and that foreigners for a long
time had been distrustful of American Sc
| curities and had sent large quantities Of
them to this country to be sold. The No
vember bonds, purchased at liz, which rose
to 119, had fallen to ia, the latter figure
showing q net loss Of over per cent on
the price paid by the syndicate" The Off
Gals declare that it was extremely difficult
to make any bond dealings at ALL After
trying for four days to get a reduction in
interest, even to 3 5-S per cent, 1T was
found absolutely impossible to obtain 1t,
and the position was regarded as too criti-
cal to admit of longer delay.