Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-06-26
GOLD RESERVE INTACT.
Payments Of Bond Syndicate-Issue
al Gold Certificates.

WASHINGTON, June 1.-The Treasury
gold res rye. as the result Of the Belmont
Morgan syndicate paying in 100000 OF
gold. became to-day intact again, for the
first time since December II. 1894 1t
stands now at 500. 81 ,355. There il stu
owing from the syndicate 100000 in gold.
Under the agreement entered INTO FeD-
ruary 5. lSsj, the syndicate paid so.vp'wD
in gold for ;62 iC0cD iu United States I
per cent bonds The price paid averaged
Sloi. 1916 per 500. The bonds were yester-
day quoted AZ l13 l-h~bif. ~ edition 10
the bond purchase. the syndicate agreed 10
protect the gold reserve. and IN doints %
have. IL Is said, supplied -OreiSn eAchdnse
al q loss materially cutting down their
apparent margin of profit from the entire
bond transaction.
Now that the gold reserve IS intact, Il
question that com = W 10 VeN the Urea
slrv is the issue OF gold certificates
against the gold deposited. Under the law,
while the gold H. under the SiwD1.rD
limit. gold certificates cannot be- issued
aeairs; gold deposited. but when II eX-
cecds that limit the law directs the sec
retarv of the Treasury 10 issue such CIR
tincajes on the deposit oi goid. The 1rta-
eirv il is understood. j. not n iaNo or OF
issuing such certificates. iut will not, OF
course. refus- 10 30 so Il demanGed
Tn. cause Of the disincnnati)n tQ issue
gold certificates at this time IS tina; the
margin of free gold" is. and necessarily
will be. small FOR some tme 10 come
and any such action now looking az Inc
issue of gold certificates night have 10 d
revoked within "a f,w days, and Wruld
have 10 bc resclrded ihould :he sClu re-
serve again fall below 800 "0o@.
IJPORTATION OF GOLD.
NEW YORK. June 25.-1t is understood
that the government bond syndicate yes
te~day paid over 10 IN. Treasury the bal
anc, Of the gold remaining to be paid on
foreign account. and the Secretary OF the
Treasury certified for the lastof the bonds
10 be issued. The syndicate has now
completod its payment for the whole issue
Of bonds.
II is evident from this that the Secretary
of the Treasury mas modified the contract
with the syndicate requiring the importa-
lion OF one half of the gold TO be- paid for
the bonds. In accepting the payment Of
about one half Of the foreign subscription
i'm domestic gold and directing the Urea
surv officials 10 receive this and certify
for bonds as against b., II l. obvious mat
the syndicate is released from its obli-
CATION 10 import gold against these
bonds. The surplus gold reserve OF III
Treasury will Re S.0l 5000 within TWEEN
ty-fOur hours.
This will settle the operations Of tn
syndicate so FAR as payment for its bonds
is concerned but il may b. that the syn
dicate will import more gold later. Urea
sury officials win not. discuss this, nor
can any information be obtained from
the members OF the syndicate.
40 MODIFICATION OF CONTRACT.
WASHINGTON. June g5.-There was
considerable inquiry al the Treasury D.
part,nent to-day as 10 whether the Bel
mont Morgan syndicate had secured a
modification Of the contract 10 the extent
that the syndicate would not be compelled
TO import 3100).VJ of foreign gold. As
misunderstanding Hamin. in this connec-
ton. made the following statement:
There has been no modification Of the
contract The provision that one halt
Of the gold for the total amount OF the
loan shall be brought from abroad is 70
be carried ont. Some Of the impOrtation'
Of foreign gold were made in advance OF
the time stipulated In the contract. bul
this did not involve any mobilization OF
the contract"