The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-02-01
A HUNT FOR THE CAUSE
Senatorial Pinanclers Wonder What
Causes The Depression
SEVENTY MILLION TAKEN UP
Carllsle's Bond Issue Now Meeting
Bankers In New York, Bos-
ton and Chicago.
MILLION TAKEN UP

WASHINGTON. Jau. 3l.-The entire time
OF the senate to-day was consumed in tho
discussion Of the resolution declaring that
the secretary of The treasury has no power
to issue bonds for which bids have been
invited. Allen, Nebraska, took the floor
to reply to Shcrman's arguments of yes-
terday. lie declared the AUTHORITY 10 issue
bonds under the resumption act was not a
continuing power, and ceased with it's first
exercise.
'Does not the duty of retiring three
millions continue the same as before !'
inquired Platt. lis not the secretary OF
the treasury just as much bound 10 re-
deem the treasury notes presented now as
before the Limitation of the redemption OF
those notes.
NO, sir" replied Allen.
"Does the senator holl If trca' .,rv
note is now presented the treasur .r is moi
bound to redeem H.
81 do replied Allen. lie is not under
any act oil congress .iow in existence"
stewart conf. .fmed Aliens statement
and said the only intention of the act of
ls'5 Is to .edeem S775, 10000 of greenbacks
and thAt was the extent OF the powers
giyen by law. Allen of Nebraska. in reply
to question from Allison, said the only
power conferred upon the secretary OF the
treasury was to redeem legal tender notes
down TO Sl,3o0,000.0o0, and when they
reached that point his power to redeem
stopped. Allison replied that reserve of
$4,000 ,00 is living there now for the pur-
pose of redeeming greenbacks and for no
other purpose. Allen maintained the re-
serve fund was mere caprice of the Sec
retary OF the treasury and rested upon no
authority derived from congress. The
secretary has power 10 destroy the reserve
and to use II for ordinary purposes OF the
government.
Hoar then said: II feel bound by q sense
of public duty 10 declare that in my opin-
ion the bonls issued and sold by tue treas
ury department under the existing cir
cums'ances will be illegal and will carry
no constitutional or lawful obligation on
|, this government for their payment"
Gorman argued that the republicans are
responsible for the present condition OF
! the treasury, but admitted that silver leg
islation IS In part responsible for the situ-
atioai. Sherman said the principal cause
Mas because the democratic party had
come into power. Voorhees, contended
that there is no question OF the secre-
tary's power to issue bonds, and any
! question OF the expenditure OF money was
a subject for later consideration after the
money is secured by the sale of bonds.
lie maintained that the secretary could
use the money both to redeem the green.
backs and carry on the government. Haw.
ley said the success OF the democratic
party is responsible for the falling of OF
the revenue and the depletion of the
treasury.
The bond question went over until to.
morrow, and at 5;..5 the senate adjourned
NEW YORK, jan. 3l.-At 5 o'clock, Presi.
dent Stewart wired Secretary Carlisle tina,
the total subscriptions for bonds were
something in excess of Si5,G0.000. This
included the bids of three Boston houses,
hidder, Peabody & Co., L. II. Morse d Co.
and b. L. Day & Co. The first named
ilrn taking 81 10000, the second S50l,00)
"a an even 81 900 900 for the last. The
largest subscription received this after
noon was from Lazard, Freeres & Co., 81.
100000. j. ID. Probst & Co. came next
100000; Angus Smithers q Co., s501,OO0
Hobgarten & Go. bid for $4,000. The
rest were taken up in small bids ranging
from s2j0000 TO 100000.
WASHINGTON, Jan. 3i.-The success OF
Secretary Carisle's proposed bond loan
was fully assured when the department
closed this afternoon, as offers to take the
bonds received to-day, added TO those
heretofore received, make the aggregate
between S65. 600 coo and S70Ooo,00. Those
received from New York to-day amounted
TO S45. 600, and in addition offers were
received from Boston and Chicago. Offers
will continue TO be received up 10 noon to-
morrow. The present expectation is that
the secretary will make public the amount
of the offers and the premiums atsomt
time tomorrow afternoon.
A-AIE IIA-DAN