Birmingham age-herald., 1895-06-26
ANOTHER POINT TO SOLVE
4RIoUS NAVAL MOVEMENTS

washington, June 25.-Admiral RAM
say will leave the navy department to-
morrow fer nearly months vacation
in the Blue Ridge mountains, returning
in time to take charge of the department
when Secretary Herbert goes away for
a long cruise ON the Dolphin. 1t is the
secretary's present intention to board the
dispatch boat at Washington July 10,
and visit in turn the important naval
stations of the Atlantic coast from Vir-
ginia to Maine, spending most of his six
weeks absence from the capital at the
war college at Coasters Island, New
port The Dolphin will also visit Blz-
yards Bay early in August.
The treasury gold reserve, as the result
of the Belmont-Morgan syndicate pay
ing in S1,000000 of gold, became today
intact again for the first time since De-
cember IA, 1894. 1t stands now al $io),-
$50, 1855. There is still owing from the
syndicate S6,000,000 in gold. Under the
agreement entered into February s, 1895,
the syndicate paid $65000000 in gold for
$62, ,400,0 in per cent United States
bonds. The price paid averaged S104.494
per 100 The bonds We're yesterday
quoted at $1231s bid. In addition to the
bond purchase the syndicate agreed to
protect the gold reserve and in doing 50
have, it is said, supplied foreign exchange
at a loss. materially cutting down their
apparent margin of profit from the en-
tire bond transaction.
Now that the gold reserve is intact
question that comes up to vex the treas
ury is the issue of gold certificates
against gold deposits. Under the law
while the gold is under the 500 900, 900
limit gold certificates cannot be issued
against gold deposited, but when it ex-
ceeds that limit the law directs the sec
retary of the treasury to issue such GER
tificates on the deposit of gold. The
treasury, 1T is understood, will discour-
age the issue of such certificates, but
will not, of course, refuse to do so II
demanded. The cause of the disinclina-
tion to issue gold certificates at this Tins
is that the margin of free gold'' is, and
necessarily will be, small for some time
to come and any such action now look
ing to the issue of gold certificates migha
have to be revoked within a few days
and would have to be rescinded should
the gold reserve again fall below $780,
coo 900.
The cruiser Alert left Panama for Cal
lao last Saturday, the announcement
having been delayed until today through
oversight" is 1t is explained at the naV,A
department. 1t Is also said that the
Alert's mission is to relieve the armored
coast defense vessel, Monterey, which
has been at Callao since May 20, and IN
order to permit that vessel to work her
way north Naval officers generally,
however, are mystifed as to the appar-
ent emergency indicated by the Alerts
sudden departure when it is remembered
that her commander Captain Ide, was
detached by cablegram last week on ac-
count of Admiral Meades charges
against him, and the ship is now in
charge of Lieut.. John II. c. Coffin, her
executive officer.
Commander Franklin Hanford is un-
der orders to leave New York by mer-
chant steamer of July l and assume COM
mand of the Alert. If the vessel had
waited at Panama for him few days
until he joined her the government
would have saved his mileage of 1900
miles, and there would have been no de-
lay in his assuming his duty.
1t is generally believed that American
interests in Peru (that c,rlntry having
recently passed through revolution) are
injuriously affected. Some time ago
Minister Mckenzie reported to the state
department that one Of the greatest min
ing establishments in the country. owned
by Americans, had been forced to sus-
nend operations because the government
failed to protect their property, and this,
with similar reports, was the immediate
cause OF the Montgomery cruise so far
from our own coast which she was In
tending never to leave.
The cruiser Ranger has been at Guay-
aquil, $50 miles from Callao, and could
join the other ships If it is necessary to
make display of force.