The record-union., 1896-07-21
TO PROTECT THE GOLD RESERVE.
NEW YORK BANKERS WILL AS
SIST THE GOVERNMENT.
Willing to Deposit Twenty Millions
of Gold in the Treasury in Ex-
change for Legal Tenders.

NEW YORK July 20.-Steps were
taken to-day to unite the principal ma
tional banks of this city in a movement
to protect the Government gold reserve.
Recently large Withdrawals of gold
from the sub treasury for shipment to
Europe, the disposition manifested in
certain financial quarters to hoard the
yellow metal and the panicky condition
Of the stock market have caused some
serious discussions. Although no for
NAL conferences were held, some Of the
leading bank Presidents exchanged
views and the conclusion was reached
that the situation warranted action on
the part Of the banks such as would al
lay public fears and revive confidence
in the stability of values Therefore an
earnest effort was made to get the New
York banks to put S1o, 100000 or So
000, 600 Of gold into the sub-treasury in
exchange for legal tenders.
f. D. Tappan, President of the Gala
tin National Bank, called at several of
the banks down town this morning and
proposed that as many of the banks as
possible enter into an agreement to sup
ply gold enough to the sub treasury TO
carry the reserve above the 500 000,0 900
mark Mr.. Tappan's mission was emf
nently successful He found nearly all
of his fellow bank Presidents heartily
in accord with the proposition sub
mitted and at noon he was able to say:
Il am surprised and gratified at the
readiness with which the requests for
gold contributions have been complied
with"
For the reason that all of the banks
called on have not yet acted, Mr.. Tap
pan and the bank Presidents who were
most active in their cooperation were
disinclined this evening to say how
much gold had been pledged to the sub
treasury.
You may say" said one of the Presi-
dents. that there will be no trouble
about raising $4,000 900 or $4,000. 600,
and perhaps $4,000 900, to aid in main
tanning the treasury gold reserve.
Pledges were secured for at least S15,-
00.000"
Henry w. Cannon, President of the
Chase National Bank, and formerly
Comptroller of the Currency in an inter-
view tonight regarding the large with
drawals of gold from the sub-Treasury,
said: Il regret to see gold shipments
at this time. but there is no need of peo-
pie getting nervous or sacrificing their
securities. With ninety millions in the
Treasury gold reserve, / see nc cause
for worrying Mr. Cleveland will be
President until March 4th next. and I
am satisfied that so long as he is Presi-
dent he will not permit this country to
suspend gold payments We have low
range of prices at this time, but we
have an easy money market"
RESERVE GETTING LOW.
WASHINGTON. July 20.-The gold
reserve to-day declined to $50 761 1886,
With Withdrawals of SS, 706, 800. of which
So. .030 900 was for export. The large
amount of S6T6, 000 taken presumably
for boarding" purposes, was regarded
ur favorably by the Treasury officials.
A reassuring run0r which reached
here to. the effect that the New York
National Banks have formed pool and
will turn into the Treasury large
amount for legal tenders was we'll re-
ceived at the Treasury. 1t was pointed
QUIT that they were amply able to do so.
In view of the fact that the Treasury
has lost since June 1st $4,000 600 in
gold. and present indications Ioint to-
ward further Withdrawals this week, it
is said that ii viii be much easier and
more advantageous to the Government
If a bond issue has to be made to do it
before the gold reserve reaches the limit
of $50 .000.O 900 If the National Banks
come to the relief of the Treasury bond
issue may be averted, at least for the
next few months