The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1894-02-08
HUNTING MONEY
The Cash Obtained From the
Sale of Bonds
Can Be Used Only fer the Redemption
of Greenbaeks.
Carlisle Realizes That He VIII Have to
Seek Elsewhere Than in the Gold Ke-
serve for Funds to Meet ApprO-
Friations Made by Congress.

| WASHINGTON, Feb. mo better cvi
dence could Ee given than that Offered
by MIR. Carlisle Tuesday that the secre
tary of the treasury has no authority
to use the proceeds of the sale of bonds
| for the current expenses of the govern
| ment.
When before the Judiciary COMMITTEES
| not long since, Mr. Carlisle, in answer
| TO n question as to whether he would
use the gold received from the sale OF
bonds for other purposes than the re-
demption of United States notes. re.
piled that he would have to do so II
congress authorized payments out OF
any money not otherwise appropriated.
1t seems, however, that the resolu-
tion reported by the judiciary commit
tee on the day following his visit, de-
claring that the money obtained from
the sale of bonds could he used for the
redemption of greenbacks only, and
the resolution of similar import offered
by Senator Quay in the senate, togeth-
er with the views expressed by Senator
Sherman, made the secretary realiZa
that he would have to seek elsewhere
than in the gold reserve for the neces
sary funds to meet appropriations or
dered by congress. Either this he
must do, or secure legislative authority
to make a specific bond issue for the
purpose of increasing the available as
sets.
The only source of relief Immediate
ly at hand. which seems likely to meet
democratic approval is the Bland
proposition to issue silver certificates
in amount equal to the seigniorage of
the silver bullion purchased under the
Sherman act, and also providing that
the remainder of silver bullion after
sos, 15G, 6S1 shall have been coined shall
be minted. As MIR. Bland's bill is the
regular order succeeding the Hawaiian
resolution, Mr.. Carlisle addressed HIM
self to the father of the silver cause to
see if he could not secure the coinage
of the seigpiorage alone without the
subsequent mining of the bullion in
the treasury vaults.
In company with Secretary Carlisle,
Mr.. Bland visited Chairman CulGert-
son, of the judiciary committee, and
these three discussed the awkwardness
of the financial situation, taking it for
granted that the secretary of the treas
ury could not use any part of the gold
reserve.
The resolution reported by the judi
ciary committee is offered for the pur-
pose of not only restraining the secre-
tary of the treasury. but to make ap-
parent the necessity for the passage of
the Bland bill The silver men, with
the support of the administration, will
have no difficulty in passing the seign-
forage act and Mr.. Bailey predicts that
it will pass the senate He says this is
not only necessary for the immediate
the democrats feel that they must leg
islate in favor of silver in order to
answer the criticisms which resulted
from the repeal of the purchasing
clause of the Sherman act.
In reference TO the plea made by Mr.
Carlisle that he could not issue certiti-
Gates against silver dollars unless he
had silver dollars to redeem them with,
Mr.. Bailey said that there was no
necessity for issuing the whole $50, OOO,-
coo Of silver certificates at once, and
that if the mints We're put to their
full capacity they could coin dollars
fast enough to give the secretary at
least $4,000 600 worth of certificates
month. II there was more urgent need
for money, the mints could be worked
to their capacity day and night, and
IS, 600, 600 per month would be the re-
suit The issue of certificates against
The seigniorage could thus be proper
toned to the capacity of the mints. and
The secretary would obtain the product
ls he needed il