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Show (Uy W. U.Tolograph.) POLICY OF SE UKTAtiY H It'll - Chicago, 1. A Washington special contains tho following report of tho policy of the new scoretary of treasury. The new secretary of treasury, judge Richardson, gave tho first intimation of what his policy, in regard to the Bale of gold and purchase of bonds, is to bo, when ho issues his programme for the month of April. His predecessor, prede-cessor, seuator Boutwcll, was in the habit of making his purchase of bonds without sales of gold. It is understood, under-stood, however, that a necessity exists for this policy, unknown under Bout-well's Bout-well's administration, or at least it had no existonoe until last fall. At that timo a certain amount of $440,000,000 of currency reserve was put in circulation circula-tion It has never been entirely replaced. re-placed. The action of congress at its last session, though not mandatory on this question, was sufficiently explicit to indicate that further drafts upon the reserve would provoke positive legislation. According to the latt publio debt statement, there was about $2,570,000 of this reserve still out. It is understood that the purpose of seoretary Richardson is to replace this sum at the earliest time possible to do so. He will of course be compelled to soli as much gold as he can spare to help meet the current expenses ex-penses of government and purchase a less amount of bonds. That appears to bo tho policy of the administration for the present at loast. Some persons, per-sons, perhaps, will be surprised to learn that during the last year contraction has been carried on by tho treasury department to tbo extent of $3,000,-000. $3,000,-000. This has been done mainly by the redemption of 3 per cent, certificates certifi-cates and through tbo operation of the law redistributing the .National bank currency. It is the popular impression that tho action of the secretary of the treasury has a marked effect upou tho monetary interests of tho oountry, Secretary Richardson is of the opinion that it is not his orders, to buy bonds or boII gold, that convulse Wall Btrcet, but tho condition oi the money market in Europe and tho amount of imports. |