New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-25
PRICE THREE CENTS.
FIFTY MILLIONS OF BONDS.
PRESIDENT CLEVELAND DETERMINED TO
OBTAIN A SUPPLY OF GOLD.
HE SUGGESTS A s'PER CENT BOND. REDEENs
ABLE At THE OPTION OF THE GOVERN.
MENT-BANKERS SAY THIS WILL
NOT BE SALABLE AND ASK


direction Of the President, communicated 10 the
bankers OF New-York yesterday proposition IN
writing for gold loan to tie Government OF
S50,O00,O00. Conrad y. Jordan, the Assistant
Treasurer, who spent Saturday and Sunday m
Washington, brought back the proposition with
him on Sunday night. He had called on small
company Of bankers to meet him at private
house uptown so soon as he arrived, ana 10
man they on hand. The proposition then
for the first time male known. IL was dis
cussed informally by all the gentlemen present,
among whom wrie Brayton Ives, Henry W. Cam
non j. Edward Simmons and James T. Wood
ward. The only decision t.cn reached was that
the offer should 10 made known to all the leading
bankers at q meeting TO be held Monday morning
at the Sub-Ireasury The sum proposed to be
raised l. S50.OOO0o0. and the Governments
scheme is in the nature Of collateral three per
cent loan That is il offers to issue form OF
bond running for twelve yeats, but rcdeemable
AT the option of the Government within one year,
raying three per cent interest and redeemaDle IN
gold This sort of bond, Of course, would not Do
saabe or indeed, in any way sefVlceaple "
the banks as q form OF investment. IL wouio 10
nothing better than security for the money
advanced.
In this form the Governments offer was not ac-
ceptablc to the bankers They were practica'y
agreed in requiring that the loan shouid pe maoo
on bond which could be put on the Market ana
they recommended that at least half the sum ue-
.;red or 50. 900. 900, be obtained from Europe,
thus recovering some of the gold tiat nus pe'n
60 freely shipped out during the last few weeks.
A. the conferences between Mr. Jordan and the
bankers Yesterday, many suggestions were made,
many notifications of the Presidents plan pro.
nosed and most of them reduced to writing. Ines"
,yaro forwarded last night by Mr. Jordan 10 'e0-
rotary Carlisle, and will be made the pasis VI
conference tomorrow at which the secretary In.
solf will be present Nothing, therefore, a' 'n"
time has been agreed 10, and the huopuo Vi se'.
terdav is chiefly valuable and Significant III 'hao
il shows the Governments purpose 10 oo'aih az
onca the full amount of gold required to do tiio
business of the country.
Tba question as to what the Administrator
thinks of its power to issue bonds uhder ensuing
laws ia solved 1t stands ready to issue, ana .io
onv thing now in controversy is the terms anu
conditions. The financial men OF New-1ork arc
naturally much gratified at the sltuatioh' i"ey
feel that IL is reasonably sure TO develop ih'o a
regular bond issue, such as Will De easily us
If and effective in silencing all doubts as TO tho
Governments ability and intention 10 "ee' ia
ALLEGATIONS in the best money there is
Secretary Carlisle has been placed by the action
q
statement to the press of his purpose to pay all
notes in gold and, second, in declaring for ooho
issue in a position of great delicacy Inc oecro-
torv has been wobbling around during the lasu
week at Q rate and in a way that has convince"
practical fnanciers that. however great ne may
h. as O theorist. he Is anything but an emcienu
executive.
The Presidents statement that the Cabineo
is unanimous and that nobody has ever
,houcht of paying the Treasury notes Of tie ISSUE
# 1890 in ANYTHING but gold is utterly meApic~
able 10 New.YorlS bankers The best they ca
do TO make il tally with the true lac's ~ W 80
SHINE that Mr. Carlisle has been one sor. oi
Gnancicr 10 the President and another 70 'hein'
Certain it is that he has repeatedly said "'''
,,b.n the reserve of 81 OOO, 900 was reached he
would redeem the Treasury notes Only III sii'rr
Certain. too. il is that he has declared he wouid
,,.or consent 70 a bond isslle and that In MS
id,nont such an issuc would be unlawful Now
however. he proposes to pay only eold lor 'i'
Troosur,. notes and he comes forward with an
ogcr 70 sell bonds The meaning Of 1t all Is .n""
Nr Cleveland has taken the whole ma'Ver iI'"
his own hands and has unceremoniously SET asio
his Secretary OF the Treasury. his Is not uo
first time he has done that sort Oh t""is' AZ
Getting TO be customary. When the r'esi''t.'.
said that the Administration was utu'' hc g.
IDENTIFY meant that he was himself uuit' anu '''''
the rest Of them cipher lie Has feuuo'u
-crrctary Carlisle 10 just that POSITION anu u
becins TO excite curiosity how long the Secfo-
torv will accept rebuas and rcveisalS at the hahs
of hls chief. ~;
Reassuring as was the statement OF 'ne fres'-
dent published Yesterday morning. tha' unuer
no circumstances would the GoNerhiheho uiscii,i
nate against any kind of money lssueu u .,ie
neoplc. il did not succeed IN aiiayihs ,e ui'
nuietu,le of the business community Vi -'o"-
York One great trouble WIN IL was '''a' '''
many ncoplc were aware of the fact that it was
pot strictly accurate wholly candid' iho
pre.;d,nt hogan by charging upon the newspapers
,h ,bt that has resulted from the report tIiab
h, Treasury notes were hereafter to be rodeemei
nl,. /, siIver He spoke il the newspapers
had manufactured the report, as If they were All
,n.,oood in a gigantic conspiracy 10 create "
financial panic. He knew very vel that tnI'
was not truthful fair And all the great
financial men of New York knew it, too They
.,, narrower that when he said that II had
,oyor boon even contemplated by the Secretary
Of the Treasury or any other member OF the preu-
ont Administration to redeem these notes eNcei'o
in cold he said what he would have the greateSo
difficulty 10 prove. 1t can he stated positively
,ho, ,vhen Mr. Carlisle last Thursday afternoon
o,,riod OYER 10 the White House the statement he
had promised 10 give out TO the press, IL was u
ctatcmcnt declaring his intention to redeem the
Treasury notes in silver as as the reserve Of
OOOcO, 900 was touched, and giving his reasons
why that was necessary under the law lhas
st,,cment did not 20 to the press in the form in
which Mr. Carlisle wrote il by any means Iher3
wore, several hours of delay after the time he had
Gxed for giving it into circulation, and when at
last he did hand it out il was q very different
document from the one he lad submitted TO Mr.
Cleveland.
But even in the form in which the President
allowed il to appear it contains a conclusive
answer TO his charge that the newspapers are
responsible for what has been already serious
affair. involving large and widespread loss TO the
business community, and what came within an
ace of being great National disaster. IT, as Mr..
Cleveland SAYS no member OF his Administration