St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-06
PAYBOhDS WITH WARRANTS
NOVEL SUGGESTION FoR THE RELIEF
OF THE TREASURY
BONDS ARE NOW COMING DUE.

DONDS AXE NOW COA19NG Due.
And the Suggestion Is Made That
They Can Be Taken Up With
a New Form of Greenbacks,
to Be Known as Treasury
Warrants-They Bear No In.
tereSt.
2 WASHINGTON, Nov. 5.-Secretary
Carlisle did not send any intimation of
public nature to congress Indicating
that he wanted any legislation to relieve
the treasury, but it is known that the
ways and means committee has taken
into consideration the state of the
finances of the treasury and that pos
sibiy it-would have been able to act if a
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 pre-
sent should opportunity offer. 1t
is possible that the first thing the COM
mittee will be called upon to do when
congress reassembles will be to put
through some urgency measure for the
treasury. This may be done by increas-
ing the internal revenue taxes for the
time being, by the issuing OF bonds, or
by another method which seems to
meet with considerable favor in some
quarters. Between $40, 600, 900 and 800
OOO.00O of United States bonds are fall
ing due or will soon be due. 1t has
been suggested that these bonds be paid
by Issuing
TREASURY WARRANTS.
These warrants would have to be
authorized by congress, and, although
called warrants, would simply be an
other name for greeHbacks. The owner
of the bonds could demand payment in
coin, but this could be supplied by sill
yer or even gold, as the treasury war
rants would be redeemable in gold the
same as the greenback. AS long as the
government maintains tue parity of all
It's currency it would not make any diff
ference to the bondholder whether he
received MS money in greenbacks or
silver, which would be discretionary
with the secretary of the treasury. The
advisabillty has been discussed of
authorizing the payment of bonds in
these warrants. thus putting more
money in circulation and at tine same
time relieving the situation in the treas
ury to considerable extent.
IF we can exchange Understanding
obligations for non Understanding obli-
gatlons," said one-of the committee, sit
would be much better thing for the
government. 1t will not make any diff
ference whether we issue these war
rants or issue bonds, so far as redemp-
ton is concerned, as both would have to
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, IN
stead OF through the national banks"
HOW TO CARRY 1T OUT.
Continuing further on the same SUBJ
ject, this member of the committee SAID
that either the ways and committee or
the committee on banking and currency
could take action looking to the carry
ing out of this proposition, though it
was probable that the matter being in
relation to raising revenue, it would
come before the ways and means COM
been discussed by members of the
latter committee is the proposition to
authorize the issue of certain amount
of greenbackS to supply the defic-
iency in revenues which the tariff
reductions will make, this, at least, I'M
til it is ascertained just what amount of
revenue is needed and what the actual
increases and decreases will be. This
is suggested in view of the fact that as
the currency Will not be further in
creased 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 de-
felt i'll the treasury or any deficit that
might occur by reason of tariff reduc-
tiOnS.
Another member of the majority of
the ways and means committee said
that there would be no difficulty over
the treasury shortage, and that there
were many ways the government could
supply the deficiency without increas-
ing the burdens of the people. Il have
no doubt" said he, that all the seign-
orage will be coined, thus giving the
treasury about s54,000,000 additional
money"