St. Paul daily globe., 1893-11-24
RELIEF FOR The TREASURY
WHAT WILL SECRETARY CARLISLE
SUGGEST TO cORGRESSs
WILL WE SELL BONDS ABRoADg=
Our Gold Reserve So Reduced
That 1t Is Frail Support for
the Paper Money of the Gov
ernment = Treasury Recefpts
Growing Less-Probable Year
ly Deficit of Fifty Millions. ~

| VIC dpOE H4OnCJ va tl0 UOV-
ernment = Treasury Receipts
Growing Less-Probable Year.
ly Deficit of Fifty Millions.
WASHINGTON. Nov. 23.-When asked
to indicate his idea of what subject
would attract the first and most serious
attention at the hands of congress dur
ing the approaching session, Demo
cratic senator who is regarded by many
as the leader on that side of the cham
Der, answered laconically:
"The condition of the treasury" p
Other senators and members corrobo-
rated the opinion of this senator that
the condition of the national finances
is of paramount Importance. and agree
that the subject will have to be taken
up and met IN some practicable way at
as early date as possible, and many go
further and say that the legislation is
still necessary to improve the general
financial condition of the country so as
to restore the confidence of the
masses of the people before there
can be a general revival of business.
such as will stimulate trade into its
wonted activity and give employment
to the idle laborers of the land. There
is vast diversity of opinion as to what
will be done, but there is a general
agreement that much Will depend upon
the recommendation of the secretary of
the treasury. 1t had been hoped Secre-
tary Carlisle would give some linking
in his speech delivered in New York
Tuesday night of his plans in this re-
spect, but those who read the speech
fail to find that it throws any light upon
the subject. They are now looking to
his annual report with the hope that he
will in that indicate clearly the course
he would like to have congress pursue
for the relief of the treasury and for the
country at large. 1t is the prevailing
opinion that he will, among other
things,
ASK FOR AUTHORITY
to go into the European markets with
United States bonds at low rate of
reserve. A gentleman we'll versed in
financial affairs has called attention to
the fact that the last statement of the
treasury showed that the net gold IN the
treasury on Monday of the present week
was only sS4, SIG, ,514, and that there had
been a loss of almost S20.000.000, or
almost one-fourth of the present re.
serve since Aug. 10. .
This" he said, ''is a rather frail sup
port for the paper morey the govern
ment has in circulation"
He asserted also that there has been
very little improvement in the treasury
receipts since the 1st of October, when
Mr.. Carlisle estimated, at the present
rate of receipts and expenditures the
deficit for the year would amount to
$4,000, 600.
There is also doubt in the minds of
some as to whether Mr. Carlisle would
favor the issuance of bonds. There was
a time when he was not certain as to
the expediency of such course. But
it is now believed that he has reached
the conclusion that under all the cir
eumstances surrounding the situation
this is the wisest course to pursue, and
some place this construction upon his
New York speech. For the present,
and until our exports can be increased,
it would seem that the only means there
is of increasing our gold supply would
be the sale of our securities TO gold
standard nations. The advocates of
the policy hold. however, that there is
large amount of
GOLD HOARDED IN EUROPE,
which is now as ever seeking safe IN
vestment, and that if country like the
United States asks for loan it would
be granted on easy terms. Another cir
cumstance which has caused Mr.. Car
Isle to hesitate before asking for bond
issue is the antipathy of his party to
such a course. When the extra session
was called for last August, there was
certainly very general opposition upon
the part of Democratic senators and
members to any increase of the national
debt. and the feeling was prevalent that
if the party should assume the reSpon-
sibility of such a course its overthrow
would be the result. It is impossible to
say how great a change in sentiment
upon this subject there mas been IN con-
gress, but there has been some there
can be no doubt. Considerable effort
was made during the extra session to
make the opponents of the bond policy
see the wisdom of it. The reasoning
used had more appreciab!e effect in
the senate than in the house, and the
bond advocates in that body were of
the opinion at the close Of the ses-
sion that a bond bill, carefully
prepared, so to protect the Interests of
the country and appeal to the masses of
the Democratic party could have passed.
They were not, however. so confidentof of
the house of representatives, where the
feeling of doubt is still very strong.
There are, indeed, those who assert
that if the house had not shown such
opposition, the compromise on the bill
repeating the purchasing clause of
THE SHERMAN ACT
10 ad
authority for a bond issue; that with
this addition it would have secured the
sanction of the administration and
would have become law instead of un-
conditional repeal; the senators op-
posed to bonds who showed an inclina-
ton to change their minds upon the
subject were only willing to do so to the
extent of consenting to modification of
the present law reducing the interest
from AZ and per cent to or 80.
This proposition found considerable
favor, because it could be made to
appear step in the direction of
economy, and it is believed that If it
should become evident that the admin
istration would issue bonds under this
law, if no direct authority should be
given, congress might be persuaded to
declare for their issuance under this
statute with the modification as TO the
amount of interest and the fixing of a
briefer time for the bonds to run.
1t is also believed that Mr.. Carlisle
will ask for authority to coin the seignor-
age of the
SILVER BULLION
now In the treasury, which would
amount to $4,000, or probably enough
to make good the threatened treasury
deficit, but with the present coinage
capacities of the government it is doubt
full whether this silver could be coined
into money IN time to be immediately
available. The same difficulty Of delay
will rest with any tariff or internal
revenue legislation. What is needed,
say those who dwell upon the condition
of the treasury, is immediate relief.
The proposition to coin the seignor-
age. if it should be taken into congress,
would meet with very Stubborn opposi-
ton, probably from both the extreme
gold men and extreme silver men as
-Irs,