Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-11-06
FINANCIAL LEGISLATION.

N0ue Publicly Demanded by Secretary
Carlisle, But 1t Is on the Ways and
Means Commuters Docket.
WASHINGTON. d. c., November s.
Secretary Carlisle did not send any inti-
nation of a public nature to Congress
indicating that be wanted any legis-
lation to relieve the treasury, but it
is known that the Ways and Means
Committee has taken into considena-
tion the state OF the finances Of the
treasury and that possibly it would
have been able TO act if request
had been made. Various methods
have been discussed by the majority
members of the committee, as it
is shown BY conversation with
them that they had in mind different
projects which they were willing to
present should opportunity offer II is
possible that the first thing the commit
tee will be called upon TO do when Con-
gress re-asSembles will be to put
through some urgency measures for the
Treasury.
This may be done by increasing the
internal revenue taxes for the time be-
ing by the issuing of bonds, or by an
other method which seems TO meet with
considerable favor in some quarters.
Between twenty and thirty mil
lion dollars of United States bonds
are falling due or will soon
be due. IL is suggested that these
bonds be paid by issuing treasury war
rants. These warrants would have
10 be authorized by Congress, and
although called warrants would simply
be another name for greenbackS. The
owner Of the bonds could demand Day
mept in coin but this could be Supplied by
silver or even gold as the treasury war;
and would be redeemable In gold the
same as the greenbacs... As long as the
Government mainta.ns the parity Of all
its currency it would not make any
difference 10 the bondholder whether
be received his greenbac6s in silver
which would be discretionary with
the Secretary of the Treas
urv. The edvisability has been
discussed Of authorizing the payment
of bonds in these warrants, thus put
ting more money in circulation ard at
INH EAMlG AlAl ANAANHAAAk AAAS SlNA0NANA III
the Treasury to a considerable extent.
If we can exchange our nOn-interest
obligation for an interest bearing
obligation" said one OF the commit
tee. "it would be q much better
thing for the government. 1t will not
make any difference whether we issue
these warrants or issue bonds, so far
as redemption is concerned, as both
would have 20 be redeemed in gold,
except that the warrants would bear
no interest and the bonds would. The
circulation would be increased by the
government direct instead Of through
the national banks" Continuing, he
said that either the Ways and Means
/ Committee or the Committee on Bank
ing aud Currency could take action
I looking to the carrying out
of this proposition, though il was
D~abable that the matter being ia rela
ton 10 raising revenue, it would come
before the Ways aud Means Committee.
Another subject which has been dis
cussed by some members Of the latter
committee is the proposition to author
ize the issue OF 4 certain amount Of
greenbacks 10 supply the deficiency in
revenues which the tariff reductions will
make, this at least until is is ascer-
tanned Just what amount OF revenue
/ is needed and what the actual increases
will be. This is suggested 10 view of
the fact that as the currency will not be
| further increased by the purchase Of
silver and the issue Of Treasury notes,
thereon an increase by the Issue OF
warrants or greenbacks would meet the
present deficit in the Treasury or any
daicit that might occur by reason Of
tariff reductions.
Another member Of the majority OF
the Wavs and Means Committee said
that Mere would be 20 difficulty over
the Treasury shortage and that there
were many ways the goveknment could
supply the defciencA without
increasing the burdens Of y e people.
II have no doubt that all tne seignor-
Age viii be coined thus giving tfe
4 5easury about SJ4,O00OOO aditiOnai
'ney."