New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-13
ruE COMING BOND ISSUE.
,,rr.Ry CARLISLE IGNORED BY THE
PRESIDENT

rptrICTSM IN NAl'H Siff-r'l 'r ihE A'MiNlS-
,.r,oy.s DELAY IN TAKING ACTION TILL
AFTER THE ELECTIONS THE ISSUE
PROBABLY TO BE FOR s5O.W011
r.a spectace Of the President of the United
s..,.s assuming control OF the Treasury De
e'a .,.nt and thus making the Secretary of the
y.surv appear as little more than the Presi-
,... clerk. is one of the ridiculous features of
w. y. hond issue which will be made to-day or to-
u" ,ow No one in Wall Street censures Presi-
' Nv, Cleveland for taking the power and glory
.,,. positon away from Secretary Carlisle, but
w. laugh at the situation in Washington which
"ss. such a procedure necessary. The unlim-
49,, ncapacity of the head of the Treasury De
"..msnt has lohg been known among bankers,
=, there is not man in the banking community
40 does not desire 10 see the Secretary resign.
y,u that President Cleveland has decided him
..r,o arrange for bond issue. the general opin-
-, ,s that such action. whether necessary not.
.aus for the resignation of Secretary Carlisle BY
.,s action Of President Cleveland. Secretary Car
,.Is cannot hold his position and maintain his
sel-respect
THE DETAILS DECIDED UPON.
The president of one Of the Trust companies,
vbo helped the Administration out on It's bond
,ss,s last winter said yesterday that all the de-
,.us Of the Presidents bond issue had been de-
c,ied upon. and that the circulars calling for
subscriptions 10 it would be sent out in the
course of forty-eight hours. 1t will probably be
for $50 1000 at , per cent. no upset price being
stated and the Government reserving the right
70 reject bids Under the authority OF the Specie
Resumption act the Government has no authority
10 issue any Government bonds eXcept 4, ~,
and 3 per cent bonds The issue last February
vas made in ; per cent bonds because the Gov
eminent possessed an earlier power Of redemption
n This class .han 4 the per cents
The banks in New-York are all ready To sub
scribe to a Government bond issue on account of
The great amount Of money here.
II was rumOred yesterday that the Government
had been making negotiations with syndicate
O, foreign bankers who would take the bonds at
A price netting them about 2&4 per cent 1t was
also reported that DreXel Morgan x CO. had
offered take the whole issue
Yesterday afternoon several bank presidents.
Including J Edward simmons. OF the Fourth
National: William \. Nash. OF the Corn En-
change: Henry ". Cannon. Of the Chase Fred
erick D. Tappen. OF the Gallatin. and George q.
Williams Of the Chemical. met al the Chase
National Bank ard discussed the bond question.
The opinion among them was that the Govern
ment would have no trouble in placing the issue
and that more :han the amount would be sub
scribei
WHEN 1T WAS NEEDED MORE THAN NOW.
Administration on account Of its tardy attention
10 the condition # the National finances In
the summer when the gold reserve was down
near s50COQo0O. and the need of bond issue was
urgent. the Administration made no effort 10
alay alarm Now that the election is over and
the Republican victory has brought back conf
dence 10 the American people and business has
begun 10 expand the Administration comes ior-
ward with its bond issue. The confidence wnich
the elections nave brought will be claimed by the
Administration the result oi its bond issue. II
viii seek 10 gain prestige hN conditions Whlcn
have been brought about by Republican vic
iay nther than the result OF bond issue.
e X. Wright. president OF the National Park
Bank was quoted yesterday as speaking in refer
esee to the contemplated bond issue as follows:
have been opposed to another issue OF bonus for
The that the recent election 1t seems to me.
had done much 10 renew In the minds OF foreign
Investors belief in the determination OF th.s coun-
bLi,y Of its contracts and thus cause a renewal or
foreign investments in securities. There are
OF bonds but il is hardly necessary to state them.
One that are now sending forward our cot
ton and wheat ana that. IL seemed TO ine would
not only prevent exports OF gold. but would tend 10
IT, however it is. in the opinion Of those whose
duty is decide necessary 70 prevent the possI-
bic export OF goi in the immediate future and to
repenSh The Trea surys already depleted supply OF
that metal and the money IL required to carry
cided.y favor issue Of bonds at his time. There
is no Question Sut that the Government could place
bonds on more favorable terms now than at any
not in tbe poweT of the f;oyernneni 70 maxi "A
temporary loan when emergency arises. the
the Treasi,rv In The absence Of sucn power fhcrr
Is no option for the Government but to max. use Of
The power ia already possesses MI Cleveland ha-
very fortunately always done the righ thing the
right time and If he decides TO issue more bonla
now jsfied that there VIII be no difficulty
in placing them a; a most advantageous rate. ana
wish very much. though. that conditions might pre-
vail that would make another issue of bonds un-