The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-11
MR.. CARLISLES POSITION:
HH HAD NO DoUBT or HIs AUTHoR-
TrT TO ISSUE BONDS

A. % n. Uss sr ,hs Proee,ss sfths He.s
sale. m. saia IL was His Duty 60 Fey
the Designations ef the esvern.sat 80
Loss - Thsrs was Dolisr - the
Tre.sury-Hs rsvsrsa = Fsp-'s- kos-'
30, Net =. I-sss ofsrse-s.shs sd the Is-
sue % Certificates Against the seisriorsse
w.sHrvoroS. Feb. 1Q-Ever since Secretary
Carlisle appeared before the House Judiciary
COMMITTEES in explanation Of the reasons for
the issue Of new bonds. there has been more
or less discussion among the lawyers OF the
House as to the legal strength OF the secre-
tary's position Owing to the fact that the
statement was made In the privacy OF the
committee room. and an exact transcript OF
the Secretary's utterances was not ac-
eessibie 10 the press. this discussion
has naturally been conducted on the basis OF
the newspaper reports OF the hearing. which
we're in some instances called In question By
certain ovsr.csutious congressman. But after
good deal VI delay the stenographic report
Of this hearing has been printed. and to-day
copies were laid before the committee They
bear out fully the statement OF the Secretary's
position as given at the time Of the hearing.
Nevertheless as there may still be shade
OF difference OF understanding as to the Sec
retary's position. II may be pertinent to quote
MS exact lsng III sns"si " 49, -
ouesuons Hnich weIe ,., t"o ..in.S..
pose OF the Suuieiaiy JIM ...I- =, az
Secretary held that he had authority to use the
proceeds Of the bond sale for other than re-
demption purposes. although the inquiry was
broadsned to take in the seigniorage Ques-
ton and the expediency OF bend Issues
Touching the fret proposition the Secretary
assumed an uneauivocal position. as witness
=
notes:
duty TO pay pensions ana Oil o.ner puo'G ooIi,
90 w n stsy there shall hail. .nS S to
maintain mr. tn. or.dit Of the Government BIZ pay.
'n Mr. rs B So o, the proceed. o, tn.
bonds which you now propose to ssn'
Secretary Cariisle-I would not use the pro-
eeed' Of bonds II 1t was possible to avoid 1t
put Nouia no. iet 'he connexions Vi .ne gov
go 10 sS con1ras tor
purposss and for carrying on the , expenses Of
'n re-, .r ss :, .. .,o ~ ,,-.,o
ments. apprehends trouble in the near future.
nnI.ss Conares. AUTHORIZE, him TO issu. a
new loan; which could be more ntaesously
thirty-ysar bonds. which necess'a,ea per.
pIexne =. 70 snseI ; tnn' tnn.h
Ing the bonds. unless they were financial sx-
per hepIhs PS a nsa a6 er 40
seods Of bis bond issue to redeem United
states notes and treasury notes and 70 re-
That Is my pSrpose ' but want 70 say to
Iou Eentlemsn that the Secretary OF the
Ireasury may Dc confronted hereaiter ZEN Win q
provision to supply the deficiency suppose.
does every session. making appropriations for
some particular purpose lthe payment OF pen
sons ior an ilinstranon, IA ana makes u me
them out Of any money in the Treas.
4 the, language OF ali q Your appropria:
ion Lave and me Secretary o. inc
inte1oI maEest FcautissSSn i ppon !, inc Yreas-
sions- The Secretary OF the Treasury finds no
pri.ted, except the money that has been
realized from the sale OF bonds. He Will be
sonrr,S1nted With the Question ct once w whether
he will stop the payment upon public build
ings whether ne VIII stop payment i2G w9tk
ury not otherwise APPROPRIATED"
necessity for his proposed bond issue. and said
he, .,,.,.,,,..,,,. ,,..,,.,.,.,.,.
time. sometimes ! feared was waiting too
long but the situation az last became 50 criti-
cal that telt II was my duty. and especlallyin
Hsw oa VIA ~ I,sgSIaea as Sery unSe , IN
Congressional Hesitation;
he emphaslzed this point by saying that it
was thing he disliked as much as any gen:
tleman upon this committee, ,Sr he DID not
want to see the PUBLIC debt OF the country In
creased In any way whatever OF for any purrose
Thatever lie favored the idea OF popular
loan. low interest small denomination bond.
running ior snort time. SO that people hASlnR
noney In savings oHns .s, might invest these
Issued 70 meet treasury expenditures and re-
deemed MhSn mere was SURPLUS OF revenues
Such an issue. he thought. might be necessary. |
because Congress- could not by TAXATION alone
provide the necessary revenues for this nseal |
year. |
Mr.. Bailey Of Texas. the author Of the resc- !
luton, when was the SUBJECT o. inquiry. chal;
lenged the SeerstArys authority to demand
gold LOT the Dohds, ana asked II this Was not |
hne mrs time DISCRIMINATION hau been SHOWN
The Secretary replied:
No; secretary sherman sold bonus Tor gold |
soin.
the act OF 1878 PASSED, When MIR HleF- |