Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-17
To Prevent Secretary Carlisle From
Issuing Any Bonds.
WANT Him TO COIN THE SILVER BULLION
Meaning Of Mr.. BaiIey's Resolution
on the Subject
G A N IT P ASS IN TIME

There is disposition on the part of the
radical silver men ir Congress to procure
some expression of opinion by Congress-
or by one of the houses of Congress, antag-
onistic to the purpose of Mr. Carlisle to
issue bonds under the provisions of the re-
sumption act. There appears to be no possi-
bility whatever of the passage within the
limits OF time essential under the circum-
stances providing for an issue of bonds in
any form. The positive and authoritative
announcement that Mr.. Carlisle will issue
ponds without further authority by the
Hrst or FEBRUARY has aroused considera BILE
feeilng on the part of those men in Con-
gress VINO hoped that the exigencies of the
case would compel the secretary to come
to their terms and increase the volume of
silver currency by the coinage of the silver
bullion and the issuance of certificates
against the surplus
End of the Silver Mems Hopes,
MIR. Carlisle's taking the matter in his
own hands and issuing bonds without fur
ther authority from Congress will put an
end to their hopes in this direction. Mr.
Bailey's resolution declaring that there is
no warrant in the resumption act for the
issue Of bonds for any other purpose than
the redemption of the greenbacks has a
considerable support in the House. and it
is the belief of Mr. Bailey that he may sue
ceed in securing its adoption. The object
oI the resolution, OF course, is to prevent
Carlisle's issuing the bonds until after he
has exhausted the resources of the treasury
by the use of the surplus silver After this
Is done. the silver men say, they will be
v, WiilIng TO vote any measure of relief which
Is necessary to preserve the government
from default of payments on its obliea-
lions, but It Is their desire to maintain the
present situation to coerce the government
into the further use of silver.
Can't Act in Time.
The expectation is that the committee
on the judiciary will approve of the Bailey
resolution and report 1t favorably to the
House about Friday. Under the special
rule providing for the consideration of the
tariff this resolution cannot be brought
up. however, until after the 10Th. and the
House will probably have no opportunity
to act on 1t, whatever the majority senti-
ment may be, before Mr.. Carlisle has act
ually issued the bonds. But 1t is hardly
probable that the House, even If a vote
on this proposition could be had at once
would embarrass the department by its
adoption. Both Mr.. Carlisle and Mr.. Cleye-
land have taken the broad view of the sit
uation that the first and most important
duty OF the government Is to meet its
obligations and preserve it's credit and that
this must be done regardless of every
thing.
Mr. Carlisle's Justincation.
1t Is known. of course that Mr.. Carlisle
has had grave doubts as to the extent Of his
authority TO issue bonds under the re-
sumption act and to use the money for cur
rent expenses. but his purpose is to waive
this whole matter and. replenishing the de-
ficit in the redemption fund as rapidly as
necessary by the sale of bonds, to use
that fund or any other fund in the treasury
to meet the current obligations of the gov
ernment and to depend upon the necessity
and wisdom of his action to Justify any
technical violation of the law Or action
exceeding his authority.
Bond Issue to be Announced Today.
Secretary Carlisle during the day will
officially announce bond issue.
What form the announcement will take
cannot be positively stated until the official
statement is made. 1t is believed, however,
that the announcement will be in the form
of an advertisement inviting bids for per
cent bonds at figure that will make the
rate of interest per cent a year.
The bonds will be issued under the re-
sumption act of 1878. but what amount will
be issued cannot now be stated.
Under the resumption act the three class
es of bonds run as follows: per cents,
thirty years: 1-2 per cents, fifteen years;
per cents, ten years.