The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-18
He Invites Proposals for Fifty Millions
of Five-Per-Cent Bonds, to Be Re-
deemable After Ten Years.
TO BE SOLD AT A PREMIUM
So that the Interest Will Be
Equivalent to 3 Per Cent.
Turpie Tickles the Senators-The In
diana Pension ACCOMPLISHMENTS
ates for Pension Examiners.
pecial to the indianapolis Journal.

WASHINGTON, jan. 17.-Secretary Car
Isle did not wait long, after securing Sem
ator Voorhees, opinion, to decide on a
bond issue. This afternoon he issued a cir
cular inviting proposals for S50000,000 of s.
percent. bonds to run ten years Controller
EckelS stated TO the Journal correspondent
this evening that he did not believe the new
issue Of bonds or any subsequent issue of
them would come into competition with the
market and deprecate the value Of out
standing bonds, and especially those owned
by national banks, and deposited to secure
circulation or government deposits. He
thought the extremely low net interest
which the bonds would pay under the
premium TO be paid upon them on the
fixed short time within which they would
run would make them undesirable securi-
ties for national banks. Controller Eckels
expressed the belief that they would be
bought up by trust companies. estates, saw
ings banks and others desiring them for
immediate investment. This answers the
inquiries made to-day by some Indiana
bankers. Secretary Carlisles circular is as
follows:
by virtue of the authority contained In
the act entitled An act to provide for the
resumption Of specie payments, approved
Jan. IA, 1875 the Secretary of the Treas
ury hereby offers. for public subscription.
an issue of bonds of the United States to
the amount OF $50,00O,000 in either regis
tered or coupon form, in denomination of
$50 and upwards. redeenable in coin at the
pleasure of the United States, after ten
years from date of their issue, and bearing
interest payable quarterly In coin, at the
rate of per cent. per annum.
proposals for the whole or any part Of
these bonds will be received at the Treas
ury Department office of the Secretary
until u o'clock noon, on the first day of
February, 1894 Proposals should state the
rod hot
tered or coupon, and the premium which the
subscriber proposes to pay, the place where
llvered, and the office, whether that OF the
Treasurer OF the United States or an AS
sistant Treasurer of the United States
where II will be most convenient for the
subscriber to deposit the amount of his sub
scr1ption. Failure to specify the above par
ucu!ars may cause the proposal to be re-
jected.
LAS soon as practicable after the first
day OF February, 1S9i, the. allotment OF
the5eIor, but no proposal will be consid-
cred at lower price than $L17223, which
IS the equivalent of a 3-per-cent. bond at
proposals is hereby expressly reserved. In
case the bids entitled to allotment exceed
the bonds to be issued, they will be allotted
pro rata. Notice of the date of delivery of
the bonds will be sent to the subscribers
to whom allotments are made as soon as
date of such notice subscriptions must be
paid in United States gold coin to the
Treasurer or such Assistant Treasurer of
the United states as such subscriber has
designated. and If not so paid, the proposal
NAV be rejected.
THE bonds will be dated Feb 1. 1894.
and when payment is made therefor as
above, accrued interest on bOth principal
and premium from Feb. /, 1894, to date of
payment, at the rate Of interest realized
be added.
''Ah proposals should be addressed IN
the Secretary of the Treasury. Washington,
u. c., and should be distinctly marked:
Proposals for subscriptions to per cent.
bonds
81. G.. CARLISLE, Secretary"
Senator Allison, a member of the finance
committee, in speaking of the present finan-
cial difficulties, says that it would have
been the best policy to have adopted the
provision which was made a part of the
appropriation bill last February, and then
the difficulty under which the treasury now
labors would have been avoided. Referring
TO the statement of Senator Voorhees,.
made yesterday, the Iowa Senator said 1t
was not the statement of the committee
yet there might be an understanding that
il might represent the ideas of a majority
of the committee and also mean that no
action would be taken by the committee
at present. 1T is conceded said he THAT
the discussion in the Senate would take six
weeks, and that the Secretary would have
to issue bonds any way. The Secretary did
not come to us meaning the finance COM
mittee) until after the House had been
buttoned up for a month with the tariff
bill and could take no action. What ought
TO have been done was to have taken up the
bond question before the tariff and settled
that which was the most pressing"
The appointment of Representative Dear
mond, who to-day designated by
Speaker Crisp to take the place of ]. r.
Fellows on the judiciary committee, was
determined on before the bond issue was
raised. Yet Mr.. Dearmond shares the
views of Chairman Culberson and other
against the legality of the use of the pro-
ceeds of q sale of bonds, except for the
redemption of greenbacks. This makes the
Democratic membership of the judiciary
committee almost or quite unit against
the bond policy.
The subcommittee of the judiciary COM
mittee of the House, to which was referred
the resolution of Representative Bailey
providing that the Secretary of the Treas
ury has no right to issue bonds TO supply
the present treasury deficit, held a meet
ing to-day. Mr.. Goodnight, a member of
the Secretary of the Treasury before vot-
ing on the resolution, and in order to ena-
BILE him to do so the committee adjourned
until tomorrow. This does not, however
delay the progress of the committee be-
cause the full committee could not receive
ITS report before the regular meeting on
Friday next. There seems to be no doubt
that the subcommittee will make a favor
able report on the resolution.
The net gold reserve sustained loss of
SS62 900 to-day, and stands at S10,634 9l5 The
net available balance of the treasury to-
day is $Si.1G5.6O2, reduction Of 81, 2O9, ,953
since Jan. /