Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-12-21
WOULD ISSUE BONDS
WITHOUT AID or the Banks


Wsszrxerox. Dec oo--sscssfsr< a
the Treasury Carlisle made hss 31na.l
report t1d4y. Dnfiag he lat i've
months ef tie hsczl yoas. oomparc.i
sath last year. rsoelpt1 hsss d.uinl.Ae1
~ foiio~s Czstons revenoe. 80 -,
Sd. internal tAxes 81 s.s51-oI5s. ni,osll~o.
eonk ga la1 kxp<nd1turrs o. tnn
tracts have increased ~ folioss Mar.
tdls1iS1; navy. fI.eieeSe. lnaians
to3doss: inf<resf. e6o.4H Kc3uctions
Ia other departments amount 10 1.,11.
DC The deficit Cor the i've p.onths u
EaNs0k The net haiAncr u TIE
treasury. exclusive q the gold reserve
and some either funds. uas only sll .0lk..
sfs. snd q the total cash On hard El3.-
3i1.alz was IN Subsidiary silver and
minor coins In view q the sllSht im.
prosement In the finzncsE. si7u4<scu.
the deficit Tor ths year u placed ~ e..
ooC0o
Carlisle woaid Issue noad<
To cover fhis AID any dedcits In ls>l
and lss5. Secretary Carlisle recctauen<is
that the las of ISIS te amended - ~ 10
authofize him "a cell at Dot icr< than
Far In coin tonds q an amounf not rx.
cseding sNo0oooo. bearing q ,oacr
rate of interest and having = shoflef
time 70 run than those Dos pfosidsl fof.
In flss present condsfloa q fhs pub.
.lir credit the secretary says sahsian.
italy. nothing less than the ekietsncc
of . great aud pressing flnaneiL ensef-
eency would. 10 my opiEiou. lustfy the
Issue and sale ~ any ot The tLrns CLASSES
OF bonds which the las ~ lnl5 permits
me 20 issue On the lirsf class the intcr
eat would amount, at tie in3;nrily q
the bonds. 10 one-haif the principal. on
the second class IL would amount 10
more than tso- thirds ~ the principle.
and on the third class il would sxooed
the principal by 20 PER cent Whatever
may have been their merits nssriy
quarter of . century ago. shen the
credit of the goyernlntnt WAS impairrd.
our financial standing is DOW 80 high
that such bonds would have 10 bc cold
at a premium % great ss 20 prevent peo.
pie of ordinary means from buyinE
them. And IL 10 evident that b,rud.
bearing interest at the rate al : r<r
cent payable quarterly. and resiesnsble
at the option of the Rovernnent after
i've years' could be readily sold At par
In our own country.
His Power 60 lsssc Thcnl
IF I am authorised 20 issue the bonds
in determinations o. 80 and lfs muifi.
pless, they could be readily disposed a.
through the sub treasures and post
oficcs without the agency or int<-rcn.
tion OF banks OF other financial insfltn-
tons and without the psymert of con.
missions Such bonds would afford %
the people az large an opportunity 20
convert their surplus earnings into q
valuable and convenienf form of security.
In case congress should not accept
my suggestion / recommend that tho
secretary be empowered 30 executs from
time 20 time. az may be Drosssary. the
obligations 81 the government not ex-
ceeding ia the aggregate f00.oooooo.
bearing rate of interest not greater
than per cent and payable after one
year from date. and that be be permit.
ted 10 sell or use them az not les than
par In the payment q public expenses
to such creditors ss may be wiling 90
receive them"
lie would Issue Them Omen.
The secretary then goes into an elab-
orste argument showing that the si00.-
100000 gold reserve has become made.
ouate for the redemption of the largely
increased volume Of currency. and that
while the law provides that gold and
silver must be kept Oh party. The
treasury has no longer TIRE power ncces-
sary 10 do 90. -Uader thess circau.
atancrs" the secretary SAYS sut<ian.
italy. 1t IL necessary net oniy that the
secretary should he clothed with full
authority 20 procure aud maintain a.
an, t.ia r,-crrye IA cain hut that ff.n xns