The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-26
THE RESERVE INTACT.
Tn BELMONT-MORGAN SYNDICATE
MAKES 4 PAYMENT.
And the Hundred Milton Mark Is again
passed-1be Issuance Of Uola
Ctrt hcates.

WASHINGTON. June 3.--The Treasury
,o,d reserve as the result OF the Bel
mont Morgan syndicate paying In >lVV'-
ooo OF gold. became to-day intact again.
for the first time since December H.
1885, 1t now stands at $loo.S@'Soo Ihere
is stiu owing from the syndicate S0'OV'-
90 in gold.
Under the agreement entered into feo-
ruary 3. 1856, the syndicate paid So''oo'"V
I'm gold Tor $50 10000 In United states
per cent. bonds The price paid averaged
si04. 1916 per 500. The bonds were yes
terday quoted at l23 IL bid. In addition
TO the bond purchases, the syndicate
agreed TO protect the gold reserve, and In
doing so have, it is said, supplied foreign
exchange al a loss, materially cutting
down their apparent margin or prOh'
from the entire bond TRANSACTION
Now. that the gold reserve is intact,
question that comes up to yex the treas
ury is the issue Of the gold certiicates
against gold deposited. Under the law,
while the gold is under the $v."vV'o
limit. gold certificates cannot be lsSuen
against gold deposited, but when II eN-
tntlS lIdI llHllAs AiA' AtAN
Secretary 10 issue such certificates upon
the deposit of gold.
The Treasury. il is understood, IS not
In favor Of issuing such certificates, put
will not. Of course. refuse TO do so IL
demanded. The cause OF the disincina-
ton 10 issue gold certificates az this time
is that the margin Of free gold Is ana
necessarily will be small for some time 10
come. and any such action now looking
10 the issue Of gold certificates nlish'
have 20 be revoked within few days
and would have to be rescinded should
the gold reserve again fall below SiVV'-
10000.
II is evident that the Secretary Of the
Treasury has modified the contract with
the syndicate requiring the importation
OF one-han OF the gold 10 be paln ioI
the bonds. In accepting the payment OF
about one-half OF the foreign sunsc, ip-
ton In domestic gold and directing the
Treasury officials to receive THIS ana GER
tifv for bonds az against II, II ~ obvious
that the syndicate Is released from its
obligation TO import sold against ines.
bonds The surplus gold reserve or the
Treasury will be sl01 $4,000 wltnin twenty
This will settle the operation OF the
syndicate, so far as payment Tor us
bonds is concerned. but IL m3y be that
the syndicate will import more gold later.
Treasury officials will not discuss TINS
nor can sny Information be obtained
from the members of the syndicate.
There was considerable inquiry at the
Treasury Department to-day as 10
whether the RelmOnt-Mogan syndicate
had secured a modification OF the con-
tract 10 the extent that they would not
be compelled 70 import S39,0p9,vD0 OF Tor
cign gold. Assistant Secretary Hamlin.
i'm this connection. made the following
statement.
contract. the provision that one-haf OF
the gold for the total amount or the
loan shall be brought from abroad Is "a
be carried out. Some OF the importatons
OF foreign gold were made in advance OF
the time stipulated IN the contract, bul
this did not involve any modification oil
the contract
NEW YORK. June 25.-It Is understood
that the Government bond syndicate yes
terday paid over 70 the Treasury ne
balance OF the gold remaining TO De pald
on foreign account. and the Secretary OF
the Treasury certified for she last oi
the bonds to be issued. The syndicate
has now completed It's payment for the
whole issue Of the bonds.