Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1894-01-26
CARLISLE And BONDS.
SECRETARY OF THE TREASURY
ASKS CONGRESS TO ACT.
But without waiting for Action Proceeds
to Offer for sale $50, 200, 900 in To-
year 5's Under the Law of 1875.

Washington special Secretary Car
Isle has written letter to Chairman
Voorhees,, of the senate finance COM
mittee, demanding that means be given
for the relief of the treasury, which has
of late fallen into an especially deplor-
able condition. The estimated deficit
of $2S, 900, 900 in the secretary's recent
report has proved entirely too low.
The deficit for the first six months of
the year was S37, 65S,2 300, and if a
marked increase in revenue does not
occur the deficit, by June 80
next, will amount to SIS, 167, 542.
The gold reserve has been reduced
already to S74, los, 149, and it will be
necessary to use part OF that sum for
meeting the ordinary expenses of the
government, so that by Feb. l the re-
serve will be down to SOS, 6O1, s64.
Mr.. Carlisle presents a bill to the
senate committee providing for the
issue of per cent bonds in denomina-
tions of $50 and its multiples, redeem
able at the pleasure of the United
States. These bonds are to be sold at
or above par, whenever the secretary
thinks proper, and the proceeds may
be used to supply deficiencies in the
revenue. The secretary notifies Mr..
Voorhees, that the house is too busy
with tariff legislation TO attend to the
bond matter, and he urges the senate
committee TO make quick work of it.
In case the bill is not soon passed he
will make use of existing laws and
issue longterm bonds.
Senator voorhees,, as chairman of
the senate finance committee, has
min tat lao,.i,fr
Secretary Carlisle's letter and bond
bill. He says that the committee have
had this subject under almost constant
consideration for several weeks and
after careful examination of the secre-
tary's bill has decided to authorize its
introduction. Mr.. Voorhees, says: '"The
embarrassed condition of the treasury
and the necessity for prompt action
for its relief are fully realized. There
is not the slightest ground, however,
for apprehension that the public credit
will suffer or be endangered for the
reason that ample authority already
exists by law for the secretary of treas
ury to strengthen his coin reserve To
any extent required and to meet every
demand that can be legitimate. The
power of the secretary for the issue OF
bonds needs nothing beyond what is
given by the act of Jan. IA, 1877. The
only desirable object To be attained by
new legislation at this time on that
subject is to make a shorter time bond
with lower rate of interest. x -
Whatever deficiency in the revenues
may exist during the current fiscal
year will be promptly provided for by
appropriation and efficient legislation
at the earliest practicable moment"
Secretary of Treasury Carlisle has
decided to issue bonds under the pres
ent laws without waiting for action by
congress and has invited proposals in
circular which contains the following,
signed by Secretary Carlisle:
BY virtue of the authority contained
in the act entitled IAN act TO provide
for the resumption of specie pay
ments," approved Jan. il, 1875, the
secretary of the treasury hereby offers
for public subscription an issue OF
bonds of the United States to the
amount of $50, COO, 0O0in denominations
of $50 and upward, redeemable in coin
at the pleasure Of the government
after 10 years for the date of their issue
and bearing interest, payable quarterly
in coin, at the rate of per cent per
annum.
proposals 1Or the WnOle or any part
of these bonds will be received until 12
o'clock noon on the first day Of Feb
ruary, 1894. Proposals should state
the amount of bonds desired, whether
registered or coupon, and the premium
which the subscriber proposes to pay,
but no proposal will be considered at a
lower price than 1928, witch is the
equivalent of 3 per cent bond at par.
Tho bonds will ha dafa1 Eah 1904
All proposals should be addressed to the
secretary of the treasury, Washington,
ID. c., and should be distinctly marked,
Proposals for subscriptions to 5 per
cent bonds.'