New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-22
MR.. QUAY ON THE BOND ISSUE.
HE THINKS SECRETARY CARLISLE
STRAINS HIS AUTHORITY.
FINANCIAL LEGISLATION BY CONGRESS RE-
CALLED-TUE SENATOR OPPOSES THE
sCIEME-REsULTs OF TARIFF
AiEDDLING.

sCHEME-REsULTs OF TARIFF
MEDDLING
Pittsburg Jan. H.-A representative Of THE
Pittsburg Times called upon Senator Quay at
his home in Beaver. to-day. and found that gentle
man with very positive Views on Secretary Car
isles proposed issue of SOOCOOOO OF new bonds and
with no hesitation about expressing them.
Il do not favor legislation for the issue Of bonds
to relieve the Treasury" said the Senator. "and
believe any that may be issued without absolute
authority of law should be repudated There
should be curative legislation Takers OF the
loan offered the list of February know that the
securities go out under cloud and that their re-
demption will be important political issue in
the future. To recruit the revenues and re-estab-
fish the gold reserve (Which IL an idea not pro-
vided for by law) 1t is only necessary that the
Administration whistle OF Its dogs and announce
TO the country that the tariff IS to be let alone.
Had the Treasury Department withheld the VIII
son bill ard asked Congress for authority to issue
bonds, 1t would pretty certainly have been granted.
But. subordinating every other public measure TO
immediate action for the commercial interests of
Its British friends. the Wilson legislation was set
first, and Is being pushed through by the exercise
OF Federal power and influence upon many mem
bers OF Congress whose convictions and constitu-
encies against 1t. The Administration has pro-
duced a condition OF affairs which has destroyed
trade foreign and domestic and greatly dmin-
ished the revenue. internal and from customs Gus
toms receipts have fallen of because jobbers In
foreign goods cannot safely buy and import at pres
ent prices. when tremendous reduction Is certain
to follow the passage OF the revenue measure.
The falling off In domestic revenue is due to the
recently enforced penury OF the people
Having by It's own action produced this financial
status. the Administration announces existing
deficiency OF s7s.NO.0oo urges the passage OF rev
enue measure which will enlarge the deficiency by
s700OO0o at least. and goes TO the country for a
per cent loan the frs, OF a series. to relieve II
of the consequences OF its financial treason The
Republican party Is not caied upon by any theory
OF policy or duty TO come to It's relief. The line
should be drawn at the repeal OF the Sherman
bill 1t Is though a bury highwayman over
powered you and while rifllng your pockets got
one OF his hands into a steel trap Il would be
Christianity to relieve him. but you would try
to get the other hand out OF your pocket first.
The Administration has but 10 loosen the death.
grip 1t has taken upon the throa,s OF American
labor and capital and confidence will be restored.
the gold reserve Will re-establlsh itself and the
revenue will be all-sufiicent for needs. Until
1t does so. II should be scourged every egisla-
tive whpping-post by every Republican vote in
Congress.
1.-The act OF January H. 1875 for the resumption Of
specie payments. consisted OF but three sections
The first provided for the coinage OF subsidiary
silver 10 redeem fractional paper currency. the
second repealed the segniorage upon the coinage OF
gold: the third section wiped ont the then existing
limit upon National banks circulation. and provided
for the gradual redemption OF the legaltender notes,
az bank circulation increased TO take their place
until the volume OF iegaltenders should be reduced
TO $500 10000 This 100000 OF greenbacks II un-
dertook dispose OF by enacting that on ard
after the first day January. 1879. the secretar:
OF the Treasury should redeem. in coin. the legal
tender notes then outstanding their presentation
al the Office OF the Assistant Treasurer In the city
OF New-York In sums not lcss than 80. and That 20
able the Secretary Of the Treasury 10 prepare ard
provide for the redemption In this act authorized or
required. he ~ authorized TO use any surplus rev
enues from time to time in the Treasury not other
wise appropriated. and 10 issue. sell and dispose
OF at not less than par In COIN either OF tho de-
scriptions OF bonds described In the act OF Con-
gress approved July Il. 1876. entitled An Act "a
Authorize the Refunding or the National Debt
with like qualities. privileges and exemptions, to
the extent necessary TO carry this act into ful
effect. and the proceeds thereof Tor the pur-
poses aforesaid
1.-THE redemption provided for In the &c, Of Jan
uary H. 1875. meant retirement and cancellation
The cancellation and retirement OF tie fractional
currency and greenbacks proceeded rapidly. tins
spirit OF the law being that all paper money or th'
Government should be cancelled. that the United
States should issue only metallic currency ana tha'
the entire paper currency OF the country should be
furnished by the National banks This policy wa:
altered In 1878. when by the act or may 81 OF thh
year IL was enacted that It should not BE- lawful
for The Secretary OF the Treasury or other officer
under him retire or cancel any NOR" isSai-lehuci
notes and that when they were received from any
source whatever or redeemed. they should not be
retired. cancelled or destroyed. but Shouh pr i 81
i h.ta1 The destruction Of greenbacks at the
volume Of about $Ii5.rJ.VD (where u mas sih'. ~
i,v in the secretary OF the Treasury 20 redeem
them at the sub-Treasury In New-fork ana ''
ssTS oC %cesson and purpose OF the proposed ISSUE
bonds have thus faiie s 9or nm, lner reemptor
Of greenbacks, for that currency being issai
tender for all debts p"SI IN ana sdd P ON demand "
better than gold FOR all PURPOSES 9her Inn ,bs ab
ustmen Of foreign sai1nc rSne,ea and abandone
to issue bonds Tor the purpose Of resernE eSI h
lenders the NswYOTk yasg Sis Proposal s o
the loan OF February lss' the pfocs ., IN
he proposes 70 , use b mf really to deay thu ordinary
expenses OF the Government; e , cpeatsd by IN,
ana gr1We 81 his tafif reform enterprise In th'
Iresenoe Of great National distress -, or,x
ca a,e secure MS 100000 to reestab!ish his god
reserve he then again VS.. ms e". Of recruit
,be roI reserve by fresh issues Of bonds ana re-
dncng II by the ordinary expemre has any author
En Y 40 10 issue bonds /, Is limited only by ms
science and he can rum 1nf until the Almighty
'ns nr caiamcs in way now unforeseen OF
the Administration eha ing CONDITION IN which Priest
Gsnt Cleveland found them. The discretion OF
the Secretary was ,s sapp %ss passed by the
' WIN OF Ereenback circulation az the VI,
most but the repeaing Act OF unrsar,cted AND
u, uni 'I r. IL left any authority at all l.,
1T plain. upon the face o. ,b n HdmInIsration Is
Eg,sbonest use of the act OF 1875. never cohteh
Mated by those who framed ana passeu !"
THEY SEEK TO ENJOIN CARhiShE
KNIGHTS OF LABOR WILL OPPOSE HIS ro'"''
IN TIE coURTs-LEoAL OPINIONS fHo"
WASHINGTON
no. No,ros Iowa. Jan. 2l-After discussion OF