The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-19


Washington, Jan 1S.-Now that Sec
rotary Carlisle has taken action on the
bond question. there is a feeling of re-
lief among the treasury officials who
have been viewing with uneasiness
the invading of the gold reserve. The
printing will be pushed rapidly. The
bonds can hardly be ready for delivery
before February l. They will bear
interest from that time.
Among the large crowd of callers on
Carlisle today was New Yorker, who
had come to announce, personally, that
he was willing to take the whole $780,
100000 in bonds. A request for his
name was refused. The aggregate
amount of offers received before the
circular was issued was $4,000, 1000. All
offers so far made have come from
persons and firms in New York city.
One offer to take 100000 at 118 has
been received. 1t was announced to-
night that Secretary Carlisle would not
make public the names of persons offer
ing to take the bonds, the amount sub
scribed for, or the figure offered for
them. To make public the figures,
would give late bidders an opportunity
to offer better terms than those offered
by the earlier bidders. 1t is said, IN
officially, that the $50,000,000 offer was
a minimum premium of 1923. There
is said to be no likelihood of the ac-
ceptance of this or any similar offer,
as it is the secretary,s desire to make
the loan popular one, to which the
NH hn On
this theory it is proposed to encourage
offers for small lots from all sections
of the country rather than to have the
entire loan taken by a few dealers, in
large blocks. The idea naturally in
cludes the hope that small denomina-
lions will be taken in preference to the
larger ones. This would involve the
issue of a great many more bonds. 1t
is believed, from orders already re-
ceived, that the total offerings will ag-
gregate nearly 5000, 900, 900, and that the
price will reach 120, making the bonds
practically bear but .215 per cent. The
Issue for the present viii be confined
to denominations of $50. S100 and 81, coo
coupon bonds and $50, 500, 81 900 and $10,-
600 registered bonds In case it is
deemed advisable, arrangements can
be made for $500 coupons and $4,000
registered bonds. Plans for the new
bureau Of engraving and printing this
spring, by order of ex-Secretary Eos
ter in anticipation Of the issue of
bonds during his administration, but
the plan for the issue was finally dis
approved by President Harrison. The
new issue of bonds will be redeemable
in gold.
Estimates made by national
banks show the national banks of New
York city alone hold more gold than
the treasury of the United States, or
rather that they contain more free
gold. In the figures given, the gold
certificates are included in the gold.
Returns from the principal cities show:
New York, $S3,00O,00O; Baltimore, So
$4,000; Brooklyn, $3.50, 900; Washington.
5000, 900: Cincinnati 81, 200, 900: New Or,
leans, $45O0O0; st. Louis, $2,4OO, 900;
Kansas City, $1,015, OOe; Boston, SO, 300
900; Chicago, $19,7OO,OOo; Philadelphia,
81, 600; Louisville, 1890. 900; San Fran
cisco, 81, 1886, 900; Milwaukee, 81. 800. 900.
The treasury officials who have
taken the trouble to search the rec
ords call attention to the fact that
during the pendence of the Walker
tariff of 1857 the revenues declined
and a number of loan and bond issues
were made to keep up the current ex
penses and pay the maturing bonds.
Leading members Of the House Judi
cIary committee are disposed to criti-
else the secretary's action, in view of
the fact that the Senate has before it
a resolution designed to prevent tba
issue of bonds. This opinion is largely
however, to men Identified
with the silver movement. Such we1I-
known anti-silver men as Traev and
Raynor and Harter heartily approve
OF the secretary's course.
Holman takes a decided position
against the bond issue. EFT Is abso-
lutely certain" said he. chat tbis
can get along without .
dollar increase of the bonded. Indebted
ness. It can be done by reducing the
expenditures and by additional revenue
derived from the pending tariff bill.
In my opinion, no party, in time IF
peace, can successfully urge before tba
people the increase of the national
debt and the bonded Indebtedness.
Dingley, of Maine. said: st have ~
doubt the act of 1875 gives AUTHORITY
to the secretary to issue and sail
bonds for the purpose of maintaining
gold redemption fund. l doubt, how
ever, whether the act, properly con-
strued, gives the secretary power to
ssue ana sell bonds to pay the cur
oAS % SSAioSS VI LIE government. Tt
seems to accomplish the latter obiect
It will be necessary to obtain addi-
Lional legislation
Oates, of Alabama, opposed the issne
Of bonds He said: IT think the neonIe
Of the country, generally, are opposed
to an Increase of the public debt nm
less there is great necessity for #
and l do not believe, in this instance
such a necessity exists"
Catchings, of Mississippi: ~rThere
appears to be a necessity which we
avoid"
Jerry Simpson: "An internal outra ge
and inexcusable."
Johnson, of Ohio. did not like the
dea of a bond issue, but there was a
necessity for money, and he believed
t better to borrow it to meet the tenn
oorary deficit than to fix tax which
would be practically permanent. and
would pile up a surplus after the fem
oorary strain had passed.
Chairman Wilson, of the ways and
means committee, said he had been So
with the tariff bill that he
had not been able to give thought
% the bond question, but added: "The
sale of bonds is necessary and the
secretary has done the right thing
Bourl1e Cochran said it was the only
hing to do. The constantly increasing
ieficit meant the speedy insolvency Of
he treasury, and it would be followed
1y universal Bankruptcy in the end.
The Tariff Is in the Lead.