New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-18
IN BOND ISSUE EXPECTED.
.-cprrARY FOSTER GREATLY ENCOURAGED
RY THE OUTLOOK.
.,sposgTIoN TO WAIT FOR CONGRESS TO RE
nrcE THE INTEREST RATE-THE PEND
,yG LEGISLATION IN THE
SENATE DELAYED
,py TELEGRAPH TO THE 1RIBrSE.l


.,or,op Feb lT-secretary Foster did not find
..,ary today 10 avail himself of the Discretionary
cven him by the Pr siGent to issue bonds In order
, intact tho 500. OOC 900 gold reserve fund OF
" rrcasurv No further drains We're made upon
'"' ,ns and the condition Of the Treasury
.a 70 he pcrceptibly improved at the close OF the
P, brsiness as compared with days in the earlier
~ ~ The week Nr. Foster was greatly encouraged
- the outlook. and does not now expect 10 be
",d 10 order an issue OF bonds 10 prevent his gold
w., falling below sl00,oO0,o0O.
n view of the fact that legislation IS now pending
rongress reducing the rate Of interest 10 he offered
VI lands which may be Issued under The Resumption
v. ~ 1873 the Administration would feel reluctant
~ undertake a new sale under the provisions To
.,e.t and the period of maturity fixed by Congress
Jv twenty years ago But as the amendment
w. sundry Civil Appropriation bill, drawn by Mr.
ssr,an which makes 3 per cent the maximum rate
,,serest 10 be paid oil bonds Issued under the Re
.,.,on act and reduces 10 five years their term
:, ne can scarcely be- Incorporated into the
IN and accepted by both h0nses be-
' The end OF the month. any Issue OF bonds before
~, will lie attended by serious embarrassments.
coperess is pretty sure to accept the sherman
anament cutting down the rate Of interest from
4 nor cent TO 5 , IL and reducing the term OF
,,a honds to be Issued TO five years. so that only
,asr circumstances OF imperative necessity Will the
Trs,,,ry be- disposed float Issue OF the higher
,o.. and longer term BOMBS without waiting lOf ton
sss 70 change the law and give the Government
M advantage OF the cheaper rates OF interest which
have come In since lo'3
vr Foster continues however 10 assert his de-
examination to keep the gold at the fixed sum
a, 400 OOOOOo whatever action may be necessary to
secure this result
The gold reserve will be kept intact" he remarked
this afternoon "cOme what may"
II ,s scarcely TO the credit OF serious legislative
,dv like the senate that 1t should have spent all this
=. ,,,o,n IN futile debate Mr.. Sherman's very
80. and sensible amendment 10 the Sundry CIVIL
,r As no one denies that the Secretary OF the
Treasury has power under existing law 10 issue twenty
year bonds at per cent interest. II Is difficult to see
,r anr one should object any public grounds 10
a. s.uinr fveyear bonds at 3 or IL per cent In
,.,est There are senators. however, who are
.ous to disputins the multiplication table or the rule
a, ,srse So the sherman amendment found oppo-
sr,on on the part OF Messrs. Stewart, Peher ana
o,ssrs who tried TO discover In 1t some subtle con-
,rracv against the free coinage of silver or the
warmers Alliance Sub-Treasury scheme. Though the
ru,nor, Of TIE amendment made plain as day bv
", sherman MIR Iilscock Mr.. voorhees,. Mr.. NC
ptsrscn and Others, discussion on II could not De
stonned and the amendment went over untu 10
beiny perhaps that long as the present ahehomei.
is psndin- In Congress. the Treasury Will De HReN 70
hesitate seriously about venturlng per cent ooho
issue ,, s,.uron.n, ,ho+
unisss he could get vote the amendment and the
mi ,o.morrow he would ask for night sessions next
rsel as the ONLY means of hurryng through the al
ready DELAYED list Of annual appropriations.