The Frankfort roundabout. [volume] (Frankfort, Ky.) 1882-1908, 1894-01-27
General Comment.

The announcement the latter part
of last week that Secretary Carlisle
had decided to issue bonds to the
amount of $5O,OOO,0OO, to relieve the
condition of the Treasury, met with
such a ready response from Wall
Street that it is a ridiculous comment
on the calamity-howlers who have
been prophesying that the country
was going to the dogs. The bonds
bear 8 per cent. interest, but Secre-
tary Carlisle states in his circular
that no bid of less than a fraction
over $117 will be accepted, which
will make the net rate of interest
that the bonds will bring to investors
about per cent. per annum for the
ten years they will run. The bids up
to date warrant the statement that
5000, OOO, 900 of the bonds can be sold
at prices ranging from $1175O to
$4,000, and the money made availa-
BILE at once.
Mr.. Frank G.. Carpenter, the "Syn-
dictate Correspondent" is the
authority for statement that the
late Commodore Vanderbilt, at one
time during his life, held $45, OOO, 900
par value of U. s. bonds, bearing in
terest at per cent. He states that
his knowledge of this fact was more
potent cause to make him break the
tenth commandment with regard to
the Commodore than would have
been the knowledge that he had
twice that sum invested in private
securities which were subject to de-
probation. 1t was the absolute safe
ty Of the $45, OOO, 900 and the certain
ty of the $450,OOO quarterly income
thereon which aroused covetousness.
And there are not many of us who
would not feel the same way. We
can survey with complacency the
luxury of millionaire when we
know of the cares and troubles which
come to him with his millions; but
when all he has to do is to pocket his
check for $3.50, 900 quarterly it alters
the state of the case and of our feel
ings.
A correspondent of the Louisville
Post, Shadow" draws contrast be-
tween the state of things in this
country with respect to "old stock
ing capitalists" and the same in
Europe, particularly in France. In
commenting upon the proposition
that small investors be given the
preference over "Wall Street" in the
proposed issue of bonds, he declares
that not one tenth of the $50, 100000
could be disposed of except through
the New York brokers; which fact, al
though so much bewailed by the
Democratic press, he does not con-
slider in the nature of calamity,
but rather the reverse, as it affords so
much the quicker means of realizing
upon National securities in time of
need. It is rather mournful truth,
however, and one which arises from
the mania for speculation so pre-
valent in this country, that the bonds,
with their low rate of interest, but
absolute security of principal, nearly
always find their way into the hands
of the great capitalists whose for
tunes have been made, rather than
into the possession of the moderate.
ly well-to-do. who prefer to take
greater risks with the prospect Of
greater income. Hence it is that
such spectacles are seen as that of
Commodore Vanderbilt and his $45,-
600, 900 Of bonds.
The tariff debate in Congress the
past week has been quite animated
but the results have varied very
much According to the politics Of the