The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-13
ALL AT SEA As TO BONDS.
None Of the Minor Officials Of the
Treasury Posted.

IVA a A1N+A0 AHSAS 1SAAAS ~ AhNAG III any
of the Bureaus-A Possibility That
President Cleveland Has Taken the
Matter Into His own Hands-An In
crease of Ss1 900, 900 in the Public
Debt Since Feb. l.
Washington. Nov 12.-In the absence of
President Cleveland Secretary Carlisle
and other members Of the cabinet in Phil
adelphia to-day. there is a dearth of news
in the treasury department about the
alleged contemplated bond issue. There
is, however, much gossip, which, in the
absence of positive information is being
passed around. No treasury official to-day
is willing TO be quoted as to a prospective
bond issue The truth of the matter is
that they know no more about it than the
general public. None of the mechanical
preparations for bond issue are being
made in the bureaus where such prepara-
tions would originate. Nevertheless, by
constant repetition the statement is gain
ing belief that the President may have
taken the matter in his own hands, with
out consulting any one in the treasury, ana
may have informed some one in New York
that bond issue is inevitable in the pres
ent condition of the treasury. At the pres
ent time the net balance in the treasury is
S25WO,Q00 greater than it was in February
last. The gold reserve is nearly ,O00 900
less now than on Feb. l.
The absence of Assistant Secretary Cur
ts in New York at this time in the opin-
ion Of treasury officials, lends color to the
positive New York statement that a bond
issue viii be made shortly. At the same
time the matter, as far as the treasury Off
cials go, is one Of inference, and not
knowledge. They say that If bonds are to
be issued any time in the next two or three
months, now is the time, as when congress
conVenes resolution, of which there are
now several on the calendar, might be
called up and passed inhibitiug the secre-
tary OF the treasury from such q step, No
doubt seems to be entertained Of this pur-
pose on the part Of congress,
The statement published in New York on
Saturday, as follows, has attracted wide
spread attention: Yesterday Mr.. Stew
art and one or two of his associates, bank
presidents, received a copy Of proposed cir
cular and last night the draft was re-
turned to Washington with their ap-
proval"
This is emphatically denied at the treas
ury, but from the same sources denials are
made of a bond issue at all. Figures OBJ
tanned at the treasury, giving the public
debt of the United States, are interest
ing at this time, in view Of the supposed
possibility of further increasing the debt
by bond issue. On Feb l, 1894, the pub
lie debt of the United States stood at
$3.50 l42, 900, less cash in the treasury
SS4,OS2,O00. In the March statement the
proceeds Of the new bond issue first ap-
peared: Debt April l, $l,0l6, 39S 900, les cash
in the treasury, $133, $780, 900. Debt Nov ].
$l0lS,661OO9, less cash in treasury,
$107 900, 900.
Or in other words, the public debt of the
United States, less cash in the treasury,
has increased from Feb. ], 1894 to Nov. l.
1894 SS1 600, 900
There is considerable gossip here to-
night over a rumored difference between
the President and Secretary Carlisle con-
cerning the issuance of bonds.
According TO the story, Secretary Car
Isle is opposed to a further issue of bonds.
unless specifically authorized by congress.
but the President is not disposed to sub
NIT the question to, and await the possi-
bic tardy action of congress. believing
that it will give rise to extended debate,
and create wide party dissensions The
President is understood to take the ground
that it is absolutely essential to maintain
the gold reserve that immediate action is
necessary, and having the power under
the existing law to issue bonds for the
purpose indicated, he proposes to do so
without precpitating the question upon
congress, and taking the incidental risks
1t Is strongly intimated that Secretary
Carlisle has threatened to resign because
of the divergence of views between the
President and himself on this matter, and
this rumor meets with considerable be-
lief in credulous quarters. The opinion,
however prevails that although Secretary
Carlisle may vigorously protest against
the proposed issue, and disavow all re-
sponsbility therefor, he Is not likely to
act precipitately, and resign his portfolio.
He is not opposed to the main PROPOSE
tion Of issuing bonds but insists that such
issue shall be directly authorized by con-
gress
New York, Nov. 12.-According to good
authority, the government loan will be
issued as soon as the details are perfected
and the circulars are printed, probably on
| Wednesday morning. The issue will be
$50, 900 900 Of per cent. bonds. redeemable
in ten years, and no upset price will be
hXed by the government. Assurances
have been received by the leaders in the
movement which warrants the assertion
that the issue will be largely over-sub-
scribed and bids will be on q trihe better
basis than per cent. The banks late to-
day refused to make time loans on the
rates which have been prevailing, as 1t
is expected that the main portion Of the
SIS, 900 600 in gold paid for the bonds will
and trust companies. This will raise the
rates of interest and In anticipation of
this result, the banks and trust companies
decline to loan money until the effect upon
interest rates can be fully calculated. All
bankers concur in the opinion that the
withdrawal Of nearly $50 900 Of money
from general circulation will have more
effect than I'm last January. as there is a
better demand for money at present and
the improving prospects OF business indi-
cate stll greater demand when the
manufacturing for the spring business be-
Gins.
Five presidents Of national banks who
are regarded as the leaders Of the bank
presidents In New York city, met IN the
office OF Henry w Cannon. president OF the
Chase National bank late to-day There
were Mr.. Cannon, Presidents Nash Of the
Corn Exchange National bank Tappen of
the CaliaHn National bank. simmons Of
the Fourth National and Williams of the
Chemical National bank These gentle
men had attended a meeting Of the built
Ing o0mmittee OF the clearing house asao-
citation. and gathered in the ONCE Of the
Chase National bank t0 discuss the inn
pending government loan. The consensus
] .f nrInHoH uaa that fHf IHHEHrH al MGug