The sun., 1894-11-18
CLETELAND,s BoND ISSUE.
The President 20 He Taken to Task In Con-
gress-withdrawnls OF Gold.

WASHINGTON. Nov. 17.-President Cleveland
was perhaps wise when he said to q friend who
asked him why he was In such haste TO issue q
bond call, that he wanted TO anticipate In .
measure the attack that was to be made on his
Administration as soon as Congress meets. A
dozen or moro silver Democrats have already
expressed their intention Of taking the Presi-
dent to task for his financial policy, and the sem
timent Of these members Is illustrated by the
statement of Gen. Hooker Of Mississippi, who
makes the following indignant protest against
the action of the Administration in issuing the
recent bond call:
This issue OF bonds " said Gen. Hooker. "is q
defiance of Congress, and 1t seems to have been
intended as such. There Is nothing in the finan-
cial situation In tho condition of the Treasury
Department which made d necessary for the
President TO negotiate this loan before the rep
resentatives Of the people could assemble and
there would seem to be every reason why tho
representative Of the people should be con-
suited about the matter. The fair conclusion
would appear 10 be that the President feared
that his policy would be disapproved IL sub
mitted TO Congress. and he desired TO assume
this authority for himself at q time when he
could not be interfered with"
The main argument of the Congressman Is
that by the terms of the act of July IA. 1875
(the law under which the recent call was made),
It Is illegal to issue bonds for the purpose Of
meeting the expenses OF the Government even
II they could properly be issued for any purpose,
and they say. moreover, that to sell per cent
bonds at Q premium sufficient to make the rate
of interest per cent is o usurpation of the
powers OF Congress.
Treasury officials are paying . great deal OF
attention to the withdrawal of gold from tho
Treasury In exchange for United States notes
and Treasury notes, which they believe Is being
withdrawn for the purpose Of buying bonds of
the new loan. Unoffcially. the opinion Is ex-
pressed that the Treasury on this account may
during the next week lose as much as ten or If
teen million dollars; already the loss has reached
81. roc, 900. The gold withdrawn from the New
York Sub-Treasury during the past few days
was taken out by the following parties: Central
National Bank, $3.50, 900; Watson Bros, $780,
600; Western National Bank. on account of
shswmnt National Bank. Boston $500 200;
%
bank, siso,eoo; Aslsi 4 Co., $1,000; BattricE
since Nov. Is, the date of the circular issued
by secretary Carlisle inviting bids for the new
has sSUsG god Ga from ted ssasss ssMs hs %s,
York yesterday to the extent OF 1915. 900 for
to that
but the forerunner OF larger Withdrawals OF
at that sGa a only S ~ ss NsR s Sdrs
| San Francisco, Treasury notes may be re-
| deemed In gold at any Sub-Treasury, but they
| throughout the country than the United states
notes, which are largely held In New York and
| the East.
Treasury receipts for the month of November
up TO date are sightly In excess Of those for the
| same period Of last month and for the corre-
| spending period of November, 1898, and the
PROBABILITIES now are that the Treasury state
| ment 20 be issued on Dec will show the Treas
ury TO be in better condition. as far receipts
are concerned, than the statement issued Nov:
| ]. Some little revenue Is now being derived
day the receipts have been 81 SOD. 900 and the
| expenditures $40, 900, leaving the expendi-
| lures So, 900 900 more than the receipts. OF the
| expenditures t0.635, 900 have been paid on ac-
| count OF pensions. leaving about $1,000, 600
| present outlook the Treasury expenditures for
| the month OF November will not exceed the re-
ceipts more than six or seven million dollars, as
AGAINST 81 3 600, 900 during last October.