People's Pilot, Volume 2, Number 38, Rensselaer, Jasper County, 10 March 1893 — LITTLE FREE GOLD. [ARTICLE]

LITTLE FREE GOLD.

J£x-S*cretarr Fo»t«r Tblnka Thai Hla Succaaaor WIU June Honda to Aloot tho Atcmllln of tho Troaaury. W Asm noton, March B.—Mr. Cleveland’s administration will give a sign shortly whether it proposes to issue bonds or not. The gold reserve in the treasury is now about $102,000,000. During his former administration Mr. Cleveland held that the hundred million was a sacred reserve—not to be touched under any circumstancea If he stands by this position, and it is intimated that he will, there is nothing ahead except to issue bonds or to demand payment pf customs duties in gold. The utterances of his inaugural address were taken to mean that ha would issue bonds. When Mr. Foster turned over his office to Mr. Carlisle Tuesday there was in the treasury of free gold—that is, of gold above the legal reserve of SIOO,000,000 —only $1,250,000, As this narrow margin is likely to be wiped out almost immediately by the exportation of gold already engaged or about to be engaged for shipment, it is possible that Secretary Carlisle will be compelled, perhaps within a day or two, to make an issue of bonds. He will have the less difficulty in doing this because it is an open secret that ex-Secretsry Foster, anticipating the situation which now confronts his successor, weeks ago had the bonds printed ready for issuance, and $50,000,000 of tho prospective bonds had been practically engaged by London bankers. Mr. Foster, after he had ceased to be secretary of the treasury, expressed the utmost confidence in Mr. Carlisle’s ability to put himself in a position to meet all demands for gold. Without saying it in so many words, he intimated that Mr. Carlisle would have to trench upon the $100,000,000 gold reserve or else issue bonds. When asked if he did not think bonds would have to be issued he replied that Mr. Carlisle might instead of that use some of the reserve. He did not want to make any predictions as to yvhat his successor would do, but he was confident that he would be able by some means to preserve the gold basis by meeting all demands for gold made upon the department. He said that Mr. Carlisle undoubtedly had a right to use a part of the gold reserve if he needed to do so. Besides the gold reserve, Mr. Fostor said, ho would turn over to the new secretary about $29,000,000, consisting of national bank reserve and subsidiary coins and disbursing officers’ balances. Against this nre all the outstanding drafts, covering most of it, but not liable to be presented for payment at once. New York, March B. —The shipments of gold by Tuesday’s Bteamer aggregate $2.!100,000. In spite of the tight money arrangements are in progress to export $2,000,000 more by Saturday’s steamer and $1,000,000 next Tuesday.