The herald., 1894-01-17
BONDS WILL Be ISSUED.
Secretary Carlisle Will Use
His Authority.
No Additional Powers to Be
Vested in Him.
His Plsn Approved by the Senate
Finance Committee.
1t Meets with Little Favor in the House.
Representative sibiey's Bond
Schsms--Biand Greatly
Dissatisfied.
BY the Associated Press.

By the Associated Press.
WASHINGTON, Jan. 16.-A meeting of
the senate finance committee was
held this afternoon for the purpose
of considering Secretary Csrlisle's letter
and bill. At the conclusion of the
meeting Voorhees,, as chairman OF the
committee, handed an Associated Press
reporter the statement given below. In
making it he did not assume to repre-
sent the views of the entire committee,
and yet he knew of no opposition in the
committee to the opinions expressed.
He submitted the statement to the full
committee before giving it to the public.
1t is as follows:
"The embarrassed condition of the
treasury and the necessity Of prompt ac-
ton for relief is fully realized. There ia
not the slightest ground. however, for
apprehension that the public credit will
suffer or be endangered for the reason
that ample authority already exists by
law for the secretary OF the treasury to
strengthen the coin. reserve to any ex-
tent required to meet every demand
that can be proved to be legitimate.
| The power OF the secretary for the issue
of bonds needs nothing beyond what
/ ia given by the act of January, 1877.
The only desirable object to be
attained by new legislation this time is
to make shorter time bond, with a
lower rate of interest, yet the secretary
| feels assured he can negotiate bond
issue under the act of 1875, running only
10 years, on a practically per cent
basis. 1t seems, therefore, that it will
be wiser, safer and better for the fuan-
cial and business interests OF the coun-
try to rely upon the existing law, with
which to meet the present emergency,
rather than encounter the delays and
uncertainties always incident to pro-
tracted discussion in the two houses OF
congress. This view of the condition of
the treasury admits of little if any delay,
and no uncertainty at all in the tnai &C
ton to be taken.
GRAVE AFFAIR.
''It would be trifing with very grave
affair to pretend that new legislation
concerning the issue of bonds can be &C.
complished at this time and in the
midst OF the present elements and par
ties in public life, without elaborate, ex-
tensive and practically indefinite debate.
1t is also obvious to every one that the
consideration and discussion OF the tariff
now going on will render any financial
legislation this time far more difficult
and complicated than it might be under
another and different circu instance.
'It is proper to say the senate finance
committee for several weeks past has
had the subject under almost constant
consideration, and the bill submitted by
Secretary Carlisle has been examined
and discussed with the greatest care.
.sThe interest of the committee II by
no means be abated from this time for
ward. The fact that much remains to
be done is fully recognized. Whatever
deficiency in revenue may exist during
the current fiscal year will be promptly
provided for by appropriate and efficient
legislation at the earliest moment"
THE FINANCE Committees ACTION.
The senate finance committee author
lied Voorhees, to introduce the Carlisle
bill in the senate, and also to present
the letter from the secretary for the con-
sideration of that body, which was done.
his authorization as to the introduc-
ton of the bill is not intended to mean,
however, that the committee has de-
cided to make an effort to pass the bill
through the senate or has given it fur
ther endorsement than to allow it to be
printed and referred to the committee in
the regular way for consideration.
WHAT CARLISLE WILL DO.
1t is reported on fairly good authority
that Carlisle intends TO issue, February
lst, enough bonds to restore the gold
reserve. 1t is ssd he will Issue 5 per
cent bonds, as they are OF a shorter term
than the fours or four and halls. The
! issue will probobly be about $40, 900. 600.
Fifteen separate offers, aggregating $780,
600 900, to take bonds, should the secre-
tsry issue them, have been received at
the treasury department. One offer to
take block of $25, 900, 900 wae received
from New York firm this morning.
sIBLEY's BOND SCHEME.
+! Sibley, Democrat, of Pennsylvania
has prepared bill to pay pensions in a
new Issue OF per cent bonds; he pro-
poses to offer it in the house, in case a
! bill is presented for q general issue OF
] bonds. The bill is designed to give
pensioners the benefits usually accruing
| from bonds, and give the government
ready means Of meeting pension obliga-
tions. The plan is to make them
denominational, from 500 to 500, and
make them legal tender, which would
allow them to circule te as money. His
plan contemplates the issue OF such
bonds until the amount reaches $50 per
capita for the population OF the country.
WILL DAMN THE ADMINISTRATION.
Bland says Carlisle's letter urging the
immediate issue OF bonds raises the
bond issue very sharply, aa against tho
pending Bland bill to coin the seignior-
age. at is plain proposition to run
this government on bonds." said he,
and in my locality ii would damn any
administrat. for all time to come, if
executed. | do not think the secretary
has the uower to issue bonds under the
/ present law."
| RAILEY's RESOLUTION.
Bailey's resolution introduced yester-