The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-10

Salt Lakes bankers are apparently
not worrying themselves on account OF
the threatened advance in the price OF
gold, but make full payments in the
yellow coin upon the demand OF Gus
toners as readily as before. The men
of finance do not seem to take much
stock in the stories that are almost
daily coming from the east relative TO
the strained conditions which are said
to surround the gold market Of the
country. At any rate, the holders OF
checks or bills OF exchange can always
secure gold coin for their paper at the
counters of Salt Lakes financial insti-
tutions, just now at any rate. what
the future may bring forth is a differ
ent thing and it is possible that gold
will yet 70 to premium right here
in this city, although the conservative
banking men hold to the opinion that
Utah will never know any change IN
the gold coin situation.
AS is already very generally known,
the statement has been made in the
dispatches sent out from Washington
that the Belmont-Morgan syndicate,
the purchaser of the recent big issue
Of governm ent gold bonds, is now pay
ing a premium for gold, purchases be-
ing made direct of the western smelt-
ers and refirWries. Bullion is preferred
by the syndicate, for the reason that
it can more easily be shipped than
coin and the loss by abrasion is SO
much less. If the premium becomes
of any moment the Mercur and other
Utah fine gold producers will reap
abundantly of the harvest. 1t is said
that the purchases being made by the
syndicate are creating great loss in
h. i,,f niTlfS
Another feature of this affair lies in
the fact that the production of gold
in the United States has increased 20
such an extent as to make 1t an OBJ
ject for this foreign syndicate to cor
ner or control the gold market, and
inasmuch as the Belmont-Morgan
syndicate obtained not only the privi-
lege of purchasing these bonds at d
very low figure, but monopoly Of all
bonds to be issued between now and
next October at the same rate, it is
clear that from the high price they OBJ
tain on the sale of the gold bonds
abroad they can afford to pay a pre-
MUM for gold bullion over and above
the rate fixed at the mints. In this
way the syndicate obtains practically
a monopoly Of the gold product of the
United States, and especially the pro-
duct in Colorado, where the increase
in gold production has been so large
within the last year or two. The
treasury seems to be entirely in the
hands of the syndicate. 1t must have
gold to maintain its reserve, even if 1t
practically cripples the purchasing
operations of the minis.
Silver men insist that so long as the
single gold standard is maintained just
SO long will the treasury department
remain exactly in the power of the gold
operators, and this will undoubtedly be
used as a very potent argument in
Congress as a reason why the United
States in self-protection will be com
PEELED to adopt the bimetallic standard
through the reconciliation of silver,
independently Of the action of other
nations, by monetary conference or
otherwise.
Several OF the most conservative
bankers of the city were yesterday
asked to approximate the total amount
of gold coin held by the banks of this
city. With the aid of the last pub
lished reports of the national and state
banks and comparisons with previous
statements, they were ena bled to arrive
pretty closely at the total held by the
classes of banks named. but of course
the holdings of the private financial
institutions were in a measure I'M
known. Careful inquiry, however, was
coin total of the banking houses of
the city of Salt Lake was fixed by the
majority of the men of finance at e
sum ranging between 100000 and $780,
900. Two or three of the gentlemen
placed the total as high as 5000, 900.
while another held that the coin, in the
vaults of the banks and tied up In
safety deposit boxes would not total
less than round million dollars.