The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1876-09-28
OUR NATIONAL Credit.
Triumph for the Democratic Houss-TTas
1-2 Per Cent. Bonds Ia ActIUe De.
SBsagsd abroad.

a Triumph for the Democratic HosEse-TEas
1-2 Per Cent. Bonds Ia ActIUe De-
nsamd abroad.
1t will be remembered that the house
committee on ways and means refused to
report any bill amending the funding
act of 1901. 1t was earnestly urged
in the senate, and a bill was passed to
that effect, allowing the secretary of the
treasury to issue three hundred millions
of Observation-Disclosures cent bonds, to have
thirty years to run. The ways and
means committee heard a number of
bankers in behalf of the proposed change
but as they did not represent the inter-
ests of government, nor the increase of
the funds of the treasury, chairman Nor
rison, of the ways and means committee.
obstinately opposed every proposition
that was made to give to the money
lenders terms more favorable than had
the republican congress. The result has
been that no sooner was it known In New
York and the money Centers of Europe
that there would be no further change
in the law, than propositions were sent
to the secretary of the treasury by the
leading bankers of the world to take the
four-and-a-half per cent. bonds at par, in
gold, with the allowance made for the
expenses of forwarding and placing the
same.
The principal offer has been made by
the ROthchilds and Saligmans, represent
ing the syndicate that so rapidly placed
three hundred millions of the five per
cent. bonds. Secretary Morrill,, in con-
versation on this subject, said that he
had net invited these proposals, nor did
he intend to advertise, as his predecessors
had done that. The United States had
the best securities in the world for
the investment of home and foreign
capital. He knew very well what the
condition of the money market of New
York was, and as the credit of our gov
eminent was probably better to-day than
it had ever been, it seemed proper that
who dictate the power of empires and
kingdoms should solicit from our repub-
lican government the favor of selling our
bonds. In fact, the recent sale of five
per cent. bonds for gold with which to
pay the Alabama claimants, would, at
the rate paid for them, place our four
and-a-half per cent. bonds above par.
He had not concluded any arrangement,
nor had he indicated upon exactly what
terms the bonds should be sold but of
this fact he was certain, that the idle
capital in this country and Europe
would readily seek investment in our Sc
curities bearing low rate of interest
wherever they were placed upon the
market 1t would be a matter of some
days before he could finally decide.
The impression among those acquainted
with the fact that the propositions al
ready received are of the most favorable
character, even more favorable than any
received by secretaries Richardson
and Bristow, who advertised for propo-
sails, leads to the conclusion that there is
ready market for at least one hundred
millions, with the option of taking the
balance, whenever the secretary of the
treasury is ready to make a contract
based on the terms as proposed by the
Seligmans and the Rothschilds. Secretary
Morrill, said he was not at liberty at
present to give the names of the bankers
nor the proposition made, but he would
say that the pleasure which the letters
received had given him was a satisfaction
which all the routine duties of this office
could not obscure.