Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-01-19
BOND ISSUE.
Difference Of Opinion Concerning the
Legality and
ADVISABlLlTY OF SUCH ACTION.
Most OF the Opposition Comes
From the Free Silver Men and
the Greenback Men 49, Jerry
Simpson Against It Mr.. Will
son and Bourke Cochran Fa.
vor It.

WASHINGTON, II. c.. January is
Now that Secretary Carlisle has taken
action on the bond question. there Il a
feeling OF relief among the Treasury
officials who have been viewing with
uneasiness tbs invading of the gold ro-
serve. Printing will be pushed rapidly,
but tho bonds can hardly be ready for
delivery before February 1st. They
will bear interest from that time, as an
nounced by Secretary Carlisle.
Among the large crowd OF callers
waiting TO see Secretary Carlisle to-day
was New Yorker. who had come TO
announce personally that he was will
ing TO take the whole $40, 600, 900 in
bonds to be issused. A request for his
The aggregate amount OF offers re-
ceived before the circular was issued Is
$40, 000.0 900. All tho offers so far made,
tits said at the Treasury Deparement,
have come from persons aud firms In
New York City. One offer to take sl0O,
600 at lis has been received.
IL Is believed at the Treasury Depart
ment from orders already received that
the total Offering will aggregate nearly
$500. 600, 900, aud that the price will
roach 100. making the bond practically
oohi uub per cent! interest.
The issue for the present will be con-
hned TO denominations OF $50, 500 and
81, 900 of coupon bonds and $50, 500,
81, 200 and $40. 600 OF registered bonds.
In case II is deemed advisable arrange
meuts will be made for $500 coupon,
and $4,000 registered bonds.
The plates for the new bonds wore
made at tho Burean OF Engraving and
Printing last spring by order OF ex-
Secretary Foster In anticipation OF an
Issue OF bonds during his administra-
tion, but the plan for their issue was
finally disapproved by President Harri-
son.
The new Issue OF bonds will be sold
only for gold.
According to official returns made to
Controller Eckels by National banks on
December 10, the princIpal cities show:
New York, $50, 900, 900; Baltimore,
81, 079, 900; Brooklyn, $3.50. 900; Wash
ington, ID. c., 5000. 900; Cincinnati,
81, 200, 600; New Orleans. $3.50, 600; ST.
Louis, SO, 400, 900; Kansas City, 81, i,Oi5,-
900; Boston, 5000, 900; Chicago, slo.-
700, 600; Philadelphia. SO. 700, 600; Louis
vile. S390,0O0; San Francisco, 81, 336.- =
900; Milwaukee, 5000, 900.
Treasury officials who have taken the
trouble TO search the records call atten-
tlon to the fact that during the pend
ancy OF the Walker tariff In 1857, rove
nues declined and number OF loans
and bond Issues were made TO keep up
current expenses and pay maturing
bonds.
Secretary Carlisle's proposed sale OF
bonds has attracted widespread interest
In Congressional circles. Among mem
bers OF tbs House, comment on tho
Secretsry's action varies greatly.
The leading members OF the
Judiciary COMMITTEES are disposed
TO criticise the Secretrry's
action Ira View OF the fact that tho Sen
ate has before IL resolution designed
10 prevent the Issue OF bonds. This
opinion is largely confined, however, to
men who are identified with tho silver
movement. Such we'll known anti-silyer
men as General Tracey and Messrs.
Raynor aud Harter heartily approve OF
the Secretary's course.
Representative Holman, OF Indiana.
takes a decided position against tho
bond issue.
Representative Dingley, OF Maine,
said: ~ have no doubt that the act OF
1875 gives absolute authority TO the Sec
retary TO issue and sell bonds for the pur-
pose OF maintaining the gold rede NJ ption
fund. j doubt II IL gives power to issue
bonds TO pay current expenses.
Representative Oates. OF Alabama,
opposed the issus OF bonds.
Representative Catchings, OF Mlssis-
sippi, said: There appears 20 bo
necessity which we cannot avoid"
Representative Jerry SimLson said:
ITS an Internal outrage aud inexcusa-
Bile. There is no reason why the Ad-
ministration cannot tide over an en-
barTassment i'm the matter OF revenue
and expenditure without paying interest
on the loan"
How" was asked.
"By issuing gTeenbacks. the same as
was dOne In war times"
Representative Tom johnson, OF Ohio.
said that he did not like the idea OF a
bond issue, but that there was a neces-
sity for the money.
Chairman Wilson. OF the Ways and
Means Committee, said he had been so
absorbed with the tariff bill that he had
bot been able TO give thought 20 the
bond question.
lie added that the sale of bonds vas
necessary and the Secretary has done
the right thing. There 81, suppose.
no serious contention that be has not
the legal right 10 sell bonds. That wa,
settled by the report made 20 the House
at the last Congress by Judge Culberson.
BOurko Cochran, also Of the Commit
tee on Ways and Means, said. ''It was
the only thing 10 do. a constantly in.
creasing deficit meant the speedy
insolvency Of the treasury, and that
would Da followed by universal bank.
ruDtcy. An empty treasury would cause
a total suspension Of credit, and there
would be no business transacted. The
sale Of bonds was the most practical
manner Of relief open % toe Treasury
Department"