New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-02
1pY TELEGRAPH TO TIE TRIBrNr.l

1pY TELEGRAPH TO TIE rRIBrNr.l
Washington March 1.-Tfc sherman bond amend.
mont 10 the Sundry Civil Appropriation bil changing
existing law 10 give the s~ rotary # the Treas
urv authority 10 Issue In his discretion for the ~
dcmn,on of United states notes five year per cent
bonds instead OF long term or per cent ones, VS.
owen I'D to-day by the Senate which had become
convinced that the hope Of lis acceptance By tie
Itouse AT this stage OF the session impossible q
reoizatjon With the bond amendment ont u tho
vay there will be no further difficulty IN gettn,
rho sund-v civil bill through both branches. In
.yplainng tn" conference report on n" iii. Nr,
Allison said this afternoon that he saw NJ chance To-
tho bond amendment which III" House refused 70
concur in and at his suggestion motion to rccede
wos adopted. after some debate. without division.
The conferncs have also stricken cut Of the uu
the scnatc's appropriation Ct E'0ooW fer the CON.
pIeton Of the purchase Of III" site ior the Newiork
Custom House
Mr.. sherman addressed the Senate on the subject
NJ the lont amendment lie reminded the senats
that no vot, upon 1t had been taken in the House,
that the opinion Of that body had NJ, been made
known r Iai been recently feared. he said. ,hou:a
no did not see tina, there cccsion for the ieAs,
tha, the Secretary coIld not malnt,in the Necessary
resumption fund and that lie would hive y resort
to III. ifsue and ,alc OF bonds. When he lMr.
Sherman came t. examine the question. and % ~
UL.hor the Resumption act Of 1919 was applicable
TO the condition of affair, In -?3. II was plain 10 him
That III. secretary Of Oh" Treasury would not 10
justified in issuing bond, bear!ng j. IL GO per
cent interest There was IN fact some f,lN
whether per cent or IL per cent bond, could b
tssued-,he terms for which they We're originally 70
b, i.sucd having expired. II had been therefore
manifest 10 lin. " IL must BE- manifest 10 any one
who looked into tho question. that Il II" Governments
can borrow money on p: cen, bond iunnine
five yearS It world a vast sum 10 the people 70
hav, such issue rather than an Issue Of per cent
bonds having now fourteen years 10 run First II
would save one fourth IN interest. am then "ouA
save Sill more from the right TO redeem bonds aNes
five vars.
TIesfor. II had teen that be Mr.. sherman unaef'
standing all these difficulties. had f"h to b
public duy incrnh,n, upon him 10 pr 2ose IN amend
mon, Giving tie Necessary authority 20 the secretary
u the Treasury That legislation Mr. sherman knc"'
could not TAX. effect until about TIE Tine mat w
new secretary would come into Office Tie ahena
ment had been Submitted TO the Incoming secretary
Of III. Treasury. who had eon" before the flhan''
G mmit,.e and Lad there s'aod the reasons WHY
Il. indignant. il mi,h, become important Tor him
Lave the pover 10 issue bonds cheaper thah pa
emf lona,. Mr. Carlisle Lad th"n expressed mos
ard h.ue, In which he lMg. sherman was inehnS
10 concur that II might not be- necessary 10 ISSUE
any bonds .-,,.,.
Mr.. sherman digrcss,d In order 10 pay eomphmen'
Il, Mr. Carlisle saying that he Knew no man W wv
United states better fitted 10 hold tDe ON" q. Wv
tary OF the Treasury. lie went on 10 LAY mat "heh ~
offered the bond amendment be had - eApec'a"'a
that there would be any opposition 70 H. lh' Nv
tension that II repealed aly other PROVISION Of ''e
.ur,plon law wa, absolutely un,ound"d. Inc o''e"
~ In. Finance Committee had been simply 10 eha0s
n. secretary of the Treasury 70 o'' bonds AT ''
rate Of interest and With only short priVu 70 TUE
and In that Gay save To the people oi 'us '"'''
state, "A large sum OF money. - b.. 4. ran.
Mr.. sherman then gave history 81 VIA ,s.,,irr
monty called me sherman act OF JWy. 1870 ss'luIs
that nis action IN regard 10 inai l:.N vas IT, bs.rs
prevent the wor~" l.@sirt,on whi,s vas G,n rre.s
n,,, denied to . secretary the power 10 sN $3.50
il would cripple The ''ovrfm NJ au u o, Thsrs
fault Il wa, would b" rs>pon.ih. Ia 'hr Fp pa, m,ss
was nov In the vaults -. tie Ir"1>nr, a -, NJ.
~ silver bullion II Il Wcr" coined II VII liz
dobtrdy disturb parity and hr.rs a'ut PAM ,-,,.
Ind heard Il good deal about anh"r> ana ~. 'sn he
there are no greater gold bug In tue NV'id n Ann
cwncr, or silver mines, In proof of that ne i1 "A
recent issue OF - Nevada piF'r ns, nS immdi.
assessment ~ - cents per >harr. P'!'"'
atcly IN United states gold coin. 49, ,,,s.rs .,.r.
Mr. She: nan, slcee3 replied to b' 49, bslif
woIcot aud Teller Mf Tsi!e' .N or 2 per cent,
world BE- issued b! the Incoming Ne'r''"''
Sir t;orman said thu, he had fnll anth" sapor.
sayinc thst the bond amcndm nj lad "tn ns,t
afcr consultation with the present and WIZ ,h1s
SECRETARY ~ the Treasury. but u W., -, .S,,siei
tie sndry rivil Appropriation M wolf A., Tor ths,
II the amendment insisted upon an. s,nae
| reason and that alone. lie suggested ihat '''' WV
! should rrcede from II. . ,ctthMt Q
The vote wa taken and IN" -'ha'' nt ne
division, recorded from the Size i; N am am ta,,hr rn.
con florence report was agreed Ia All 'm ,ah "a
| ference ort'rcl Oh s"erd! am Hin''''
| not been finally di-p)-d o.