The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-28
FINANCIAL MATTERS.
Why Meyers Seignfornge Bill Was
SheIved-The Gold Reserve.

Special 10 the Indianapolis Journal.
WASHINGTON, April 27.-The action OF
Mr.. Bland's committee in tabling the
Meyer bill for the coming OF the selgnior-
age and the issuance Of bonds is no sur
prise TO any one who has discussed the sub
ject with Dir. Bland. Secretary Carlisle
promptly repudiated the bill, though Mr.
Meyer himself always created the i'm
sion that he was acting by the advice IL
not actually in the name OF the adminis-
tration when ne introduced the measure
and when he advocated it before the COM
mittee coinage, weights and measures.
The real history of Secretary Carlisle's loss
of interest in the bill bears witness to his
discretion. Mr.. Carlisle went over the bill
with Mr.. Meyer very carefully before IL
was presented TO the House. Indeed 10
was his expert knowledge OF parliamentary
law that enabled him to make such
changes in the provisions OF the bill as
would. in his opinion. compel its reference
to the committee on ways and means.
which is. OF course in entire accord with
the administration. and which would
promptly act favorably on any admins
tration measure for issuing bonds. But
Speaker Crisp's action in referring the bin
TO Mr.. Bland's committee sealed its doom.
and Secretary Carlisle was unwilling to
admit any responsibility for a measure
which he knew TO be certain OF defeat in
committee This is the sole reason for Mr..
Carlisle's Reputation Of the Meyer bill.
The tabling OF the Meyer bill means that
no authority will be given Mr.. Carlisle 20
replenish the gold reserve by an issue of
low-rate bonds. Another issue OF five-per-
cents. is not regarded as practicable. Mr..
Carlisle therefore sees himself confronted
with the condition OF a rapidly diminishing
gold reserve. but with no means OF replen-
fishing IL. The S1O0.OO0OOO mark has again
been reached. and il is now only a question
of day or a week when Mr.. Carlisle must
again invade It. Indeed. the Secretary OF
the Treasury announces in advance that he
will not hesitate 20 DO so. he calmly ig-
nCres the express provisions OF the law
under which he sold the last issue OF bonds,
and contends that the money thus derived
any other source OF revenue. becomes sim
ply part OF the assets OF the treasury and
can surely be used for any expenditure
Mr.. Carlisle maintains thar the SSb011VO
derived from the sale OF bonds b. Secretary
sherman was long ago used for the re-
dempti0n OF legal tenders, and that In addi-
tiOn &9OO0.00O more had been used for the
same purpose. He argues, therefore, mat
because none OF the gold originally placed
in the treasury vaults at that time re-
mains there. having been paid out Tor re-
demption OF legal tenders. he can now use
any gold obtained from the sale OF bonds
for current expenses. Those who diner
with Secretary Carlisle point out that while
none or the gold actually paid into tne
treasury from the first sale OF bonds under
the act OF 1875 may now be I'm the vaults. IL
IS because the gold used for the only
purpose stipulated In the law under Wnicn
IL was obtained, namely. the redemption or
legal tenders. and that II was already te-
placed under Republican Secretarles ny
other gold, so that the original tuno Vas
always kept intact. The gold reserve was
never before invaded 20 meet current ex-
penditures.
Congress some time ago that ne would
make this second inroad on the sold re-
serve IL that body insisted on maAins -