The evening times., 1896-08-25
BANKS AND THE TREASURY
Officials Are no Longer Fear
full About the Gold Reserve.
LOSSES WEREsMALLoF LATE
Only sI5,GOO,OOO of the Popular
Loan" Rt.'uaiil--Present'P Protection
Is RrgaI- "a Us More Efficient Than
= "a Bond Issue Would AffOrd-Pronr
pective Government Revenues.

gold reserve once more quiets the usually
apprehensive Treasury officials. 1t IL
due to the knowledge tnat the banks OF tlie
country will, from time to time, advance
gold to the government.
The gold reserve is getting down again
close to 500 900 900, but the losses have
been comparatively small OF late. and 1t Is
believed that they will be still smaller, now
that gold imports have set in.
The action OF the banks and the foreign
exchange houses in protecting the gold re-
serve is regarded by some OF the officials
much more efficient than the mere plac-
ing OF a popular loan.
This view is based upon the fact that the
losses OF gold to the Treasury have reached
a net amount OF $95, ,594 ,46O, since ,he
advertisement OF bids for the first loani
The gold reserve at that time stood at
$Si ,531 ,626, and the proceeds OF the bond
sale were Sl1 .I66. .232. making Il total Of
Sl72,6sT ,s5s. The contribution OF $2T,-
900. 900 by the banks raised the gold holo.-
ings aud receipts OF the Treasury since the
advertisement for the last bond bid To
81 99, 900 900.
ONLY GOVERNMENT RESOURCES.
Tue present reserve being oniy $1U3,-
900 900. the losses during the past eight
months have reached about S6,0CO.-
600 The Treasury has substantially no
goll receipts OF any use for strengthen
ing the reserve during the entire peri-d.
except the proceeds OF the lend sale and
the contributions OF the banks.
Coli is received for public dues on the
Pacific coast. Lut has TO be paid out
n Ia = rn sIilH : "a utln
gain to the Treasury The loss of SsG.-
0G0 600 in geld. therefore, indicates that
only about S15.OCO.GGO Of the big pro-
cec;ls Of the popular lean still remain in
the Treasury in gold Gold was steadily
drawn during the term allowed for pay
meDt for TIE Bonds. SO that the reserve
never rose much above S12s 100000.
1t was hope that goI1 10 jSes would cease
after the payment for the bonds was COLI
pletel, but the furry raised 10y the decla-
Tatiuns at Chicago 70. the free coinage OF
silver caused a new class OF withdrawals.
due to boarding These have been reduced
20 minimum during the past week ur
TWO. and the Treasury officials oongratu-
ate themselves that the danger from this
source is at an end, unless he danger
nf silver victory shoIld become acute
To MEET PAYMENTS ABROAD
The importation of gold at New York
may prove only IN isolated event. but the
state OF the foreign trade OF the c2uDtry
during the past year iustifics The hope that
gul. will come TO this country in consid-
erabic amnunts unless there Is strong
! disposition To withdraw foreign capital
The excess or exports OF American r,er-
cliandise for the seven months ending with
July was $50. O.T43. 500; the excess OF gold
exports for the same period was S26 SIS. :
SAG. and the excess of silver exports was
SIS ,625. 1872. THIS balance in favor of the
United States. amounting to ST sc COO COO
in seven months. is more than enough 10
settle our usual interest payments abroad
and leave margin in our favor
The history OF the past three years has
been very SIMILAR and IL is believed that
in the absence OF political disasters the Sc
| r:ous process of liquidation which the coun- l.
try has been going through will som
| be at an end. The readiness Of the
banks 10 furnish gold If needed to main
| tain the Treasury reserve, is counted
upon toprevent any ne W break of confidence
| and To keep the foreign exchanges in a
| normal condition.
Even the opponents of the legal tender
| system arc hopeful that renewed activity
| in business VIII make place for the mas
| 1f paper money now in circulation, and re-
| move the greenbacks as a disturbing factor
| from the market.
PROSPECTIVE REVENUE.
The problem OF government revenue de-
| pends 10 some extent upon the state of
business, and it is still hoped that revenue
| Will materially increase when business con
| fidence returns. The receipts of the gov
| erninent during July were better than for
many months, aud thoR for August have
been better than the receipts during the
| spring, but will not equal the receipts for
| August 1898.
There will lie a considerable deficit for
| August. but 1t will be due to special
causes, rather than the excess of ordinary
| expenditures. The expenditures have al
ready exceeded $40 900 900. but they ir-
clude So $50 900 for interest, which viii
not require much additional expenditure
| this month: over $10.5OO, 900 for pen
sions. with only 81 100000 to be added;
1 and $4,000. 900 for .he sugar bounty,
| which has been practically all paid.
The increase In the receipts for July
| and August over the spring months has
| been mainly in internal revenue The
| customs receipts have shown tendency
| to fall off. owing to diminished importa :
| tions. The Internal revenue receipts are
| not likely again to fall backward, while
| there IL no prospect OF change in the
| law. and the customs receipts are ex-
pected to feel the touch of impro wing
business as soon as the existing political
| uncertainty 10 at an end.
EXTRA SESSION OF CONGRESS-.
| II Is still expected that Congress will
be summoned In extra session. either to
| provide revenue or 10 consider Il general
| revision of the tariff. This necessity for
| revenue may be felt. without regard to the
| party which triumphs at the Polls in No.
| venbsr.
| The prospect of general tariff revision
| even with au extra session, Is less bright
than 1t appeared in the spring. when the
| Republicans believed that they had every
| thing their own way.
| They are likely 10 find &c difficult to PASS
general revenue bill, even IL they elect
| the President and a ra iority of the Hous..
| OF Representatives, in view OF the States in
which the legislatures are likely to slip
| from their hands into those Of the silver
fusionists.
| The several lsources ofrcvenue which have
been suggested, without raising the pro ,ect
Of general tariff revision. are sugar, tea
| coffee, wool and beer. The proposition In
regard to sugar would probably be 10
change the present ad valorem duty to a
| specific one, based upon cents per pound
for refined sugar, which would afford an
I; Increase of about S3O 600 900
| Issue of Gold Bonds Postponed.
! Trenton, n. j.. Aug. 26 The Mercer
! counfy beard of .freeholders yesterday took
| action nm the nh 'ectious orferetl avaipst tbo