Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-01-25
MORE BONDS.
A New York Financier Says They VIII
Be Needed.

A New York Financier Says They VIII
Be Needed.
New York, Jan. pa well known
financier in speaking about the bond
call said: The present conditions are
unusual. Similar conditions may again
present themselves, and they may not
Under the circumstances. delays in
congress, etc, the issuing Of five per
cents at premium is probably the
only thing that Secretary Carlisle can
| do But three per cent. issue at par
would find greater favor with the peO-
pie.
Personally favor the authorize ton
by congress of low interest bearing cX-
cheQuer bills, iSsuable and redeemablc
when the conditions warranted them
at the option of the secretary Of the
treasury. This right should certainly
be granted the treasury department,
and if it existed at the present time
much of the trouble Of the last eight
months would have been avoided, and
! in the end the government would not
be forced to resort to an cid act.
! LAS to the issue of $50,0oO,OOO Of
| bends, that is entirely Inadequate for
! the present necessities. Three things
| the government must dO-repair the
deficiency of the surplus, provide for
I deficiency in the revenue ESTIMATED to
! the end of the year as at least SIS,-
/ 0OO,0OO) and set aside a gold reserve
! for the redemption in that metal of
| the legal tenders of 1890.
| The Impairment Of the 100000 900
reserve is, say, $29,O0O.OO0. The total
! was set aside to provide for an AIDE
| Quate redemption of S346, 100000 Of
| greenbacks. The act of 1890 provides
that the notes isslied under it are re
| decmable in either gold or silver. No
| gold has been secured for this purpose.
and as about $153, 100000 of coin GER
titicateS have been issued a gold re-
serve of about one-third of that
amount. or, say, S5O,OOO,OOO, the pro-
portion allotted to finance the green
backs, should at once be secured.
'"rhe government, therefore. should
| sell bonds, amounting to at least 500
! coo. 900, S7S.OOO.O0O and S50.O00.0O0, or
! about S16O,00O,OOO in all, to provide for
immediate necessities. In view of
| this the authorization of an issue of
but S50.0O0,OOO is inadequate and a
makeshift at best. Congress must act
in the matter speedily and provide for
other and greater needs of the govern
ment."
Speaking of Secretary Carlisle's offer
of bonds, the Sun editorially says:
What will the secretary do with
the proceeds? He cannot use them
for redeeming the legal tenders, be-
cause nobody is asking him to redeem
them, and if he uses them in paying
current government expenses he will
divert them from their lawful object.
The secretary is, therefore. in a di-
lemma: Either he must keep locked UP
in the treasury the $5S,611 800 of gold,
for which the nation is to pay in the
course of the next ten years S25 100000
in interest. or he must lay violent and
Illegal hands upon it to other uses
than the single one for which alone
he IS authorized to procure it. If he
confines himself to his strict legal duty
he will have saddled upon the country
to no good end the payment of So
100000 a year in interest for ten
years: and if he exceeds that duty
he will make himself amenable to i'm
parchment"
Washington, JAN 20.-Mr. Bailey, of
Texas. endeavored to secure favorable
consideration in the judiciary commit
tee yesterday for his resolution de-
claring it to be the sense Of the house
that the secretary of the treasury
has no authority to issue bonds except
for the redemption Of greenbacks. The
purpose of the resolution was to in
terfere with the proposed bond issue.
The committee held a short session,
and it was found upon making can
vaSS that Mr.. Bailey's resolution has
a majority of one Included among the
supporters of the resolution was the
new member of the committee. Mr.
Desmond. of Missouri. who has just
taken the place Of NJ Fellows. of New
York. The complexion Of the commit |
tee on the financial question is thus
radically changed so far as the demo- |
cratic majority is concerned. for Mr. |
Fellows was an eastern democrat in |
sympathy with the financial policy of |
the administra tion while Mr. Deas- |!
mOnd shares the anti-administra ton /
views of his Missouri colleagues. |
After some discussion it was decided t
not TO press 4 vote on the question, |
and so the matter went over until the |
next meeting. It was concluded that |
as Speaker Crisp had taken a stand |
against any interruption Of the tariff |
debate it would do no good to report |
a resolution at this time Some of the
members who are in favor Of the reso-
ution are averse to precipitating a |
fight on the bond question until the
tariff is out Of the way. NJ. Bailey's
resolution will. therefore, lie in the
committee until after Jan. %. the date
upon which the tariff bill is to receive
final considera tion.