The herald., 1894-01-16

serve the credit and honor OF the gov
ernment.
Authority to Issue and sell bonds for
this purpose OF maintaining specie pay
ments was expressly conferred upon the
secretary of the treasury by act OF Jan
nary IA, 1875, bat has NOT been exer-
cised since 1879, and on account OF the
high rate OF interest provided for and the
length Of time such bonds would have
TO run, | have not been satisfied
that such an emergency has heretofore
existed aH would clearly justify their is
sue, but the necessity for relief at this
time is so urgent. and the prospect Of
material improvement in the 6nan-
cial condition the government
30 problematical. that unless
authority to issue and sell shorter
bonds or other obligations bearing a
lowerrate ofinterest than that specified
in the existing law is granted by con-
gress at very early day, l should feel
constrained by nv sense of public duty
to exercise the power already conferred.
to the extent, at least. OF providing an
adequate coin reserve. Ii this action
should be taken, congress ought, never
theless, to provide promptly for the de-
hciency in revenues during the current
fiscal year, and will from time to time
advise your committee of the condition
OF the treasury in order that the subject
may receive due consideration.
have the honor to be yours very re-
spectiully,
JIG. CARLIIE, Secretary.
CARLISLE HOPES FOR RELIEF.
The house of representatives,, by a
rule adopted some time ago, has ded-
icated all it's time until the 29th OF the
present month to the consideration OF
the Wilson tariff bill, and therefore it
would have been impossible for the sec
retary OF the treasury to procure any
legislation in that body before that
time, and for that reason Carlisle
thought it necessary to make applica-
tion first to the committee on finance
of the senate which. ne hopes, will act
on the measure in time to provide the
necessary means for the government.
cARIIsLE's BOND BILL.
The bill, referred to in the foregoing
letter, is as follows:
An act to amend section 3 of an act to
provide for the resumption OF specie
payments, approved January IA, 1875.
OF representatives that section of IAN
act to provide for the resumption of
specie paymente," approved January
IA, 1876, be and the same ia hereby
SO amended that in lieu of the descrip-
the secretary of the treasury is hereby
authorized to issue from time to time as
he may deem necessary. and in such
f<xrx ho.x nnp5h hQ NJ
registered bonds of the United States in
denominations OF $25 and multiples
thereof, redeemable in coin at the pleas
ure of the United States after --y years
from date, bearing interest at rate not
exceeding per cent per annum, pay
able quarterly in coin, and sell the same
at not less than par in coin; and
the proceeds OF such bonds shall be held
and used to maintain the parity of all
forms of money coined or issued by the
United States; but the secretary OF the
treasury is hereby authorized to use
from time to time such part of such pro-
ceeds as may be necessary to supply the
deficiencies in the public revenues dur
ing the fiscal year 1894.
Section 2. A sum sufficient to carry
the provisions of this act into effect is
hereby appropriated out of any money
in the tressery not otherwise appro-
priated.
AGAINST THE ISSUE OF BONDS.
. Bailey of Texas today introduced the
following resolution in the house:
Resolved, That it is the sense Of the
house that the secretary of the treasury
has no authority under the existing law
to issue and sell bonds of the Unite
States, except such as is conferred upon
him by the act approved January IA,
1875, entitled SAN act to provide for the
resumption of specie payments" and
that the money derived from the sale of
bonds issued under that act cannot be
lawfully applied to any purpose except
those specified therein.
The resolution was referred to the
judiciary committee. The committee ia
understood to be against the issue OF
bonds.