The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-30
CARLISLE TO BANKERS.
HE DEFENDS THE LEGaLITf OF
THE PROPOSED BOND ISSUE.
lie Relieves the Resolution Before the
House VIII Fail of rssssge->o Prom
ises OF subscriptions by the Bankers.

NEW YORK. Jan. 2.-The restoration
OF harmonious relations between ths
Treasury Department ana the New ioiN
banking community was favorably COM
mented upon In local financial circles
to-day. Heretofore there has been ten
dency on the part OF the leading Treasury
officials 20 ignore local banking interests.
This seems TO have disappeared. however
and at the sub-Treasury to-day the foi-
lowing bankers were present 10 meet
Secretary Carlisle:
r ID. Tappan. General Hilhouse. +.
y Olcott. Charles 3 Fairchild, f. IL.
Perkins. Jr. A. =. Hepburn. Dumont
Clarke. Geo. +. Baker. J.. Van HOFFMAN.
]. f.. simmons. Braytoa Ives, II. W.
Cannon, w l.. Strong. James 4. Wood
ward. Edward King. John stewart.
| Charles Lanier. stephen Baker. w. T..
| Nash. and Walter Luttgen. These repre-
sent New York's leading banks and trust
| companies.
Csriisi. Defends the Legality OF A..
The conference was of an hour and a
half duration. The talking was done al
most entirely by Secretary Carlisle, who
defended the legality Of the proposed
issue OF bonds and sought TO impress
upon the bankers the advantage OF offer
ing per cent. bonds on per cent.
basis.
President Frederick u. Tappen. OF the
Gallatin National Bank. finally said
Mr. Secretary. II Is the opinion Of
majority OF the New York bankers that
your proposed issue OF bonds will not b.
a success. What will you do II Il Is
not? How much do the subscriptions now
amount to?"
The Secretary replied. Il certainly do
not concede that the issue will not bc n
success: l do not look forward to any
such contingency. As 10 the amount u
} the subscriptions | have not charged my
: mind with the figures. II the subscrp-
/ tions run up to S5oOo0O0 intend 10 sell
, that many bonds No promises OF sub
scrptions were made by the bankers.
The Secretary took luncheon at the
p Lawyers club with ex-Secretary Of the
Treasury Charles ). Fairchild and AS
sistant United states Treasurer Conrad
. y Jordan, and left for Washington at
? so o'clock
The objection OF the bankers to sub
, scriblng for the bonds Is that they carry
= no commission, SO In former issues, and
are sold At too high premium for short
= term bonds.
Before his departure Secretary Carlisla
took. extraordinary precautions TO avoil
! | giving his Impressions OF the conference
Neither would any OF tho others present
enter into details Of what took place, un-
less with the provision that they were
not 10 be quoted.
what Secretary Carlisle said.
one of the bank presidents. who was
, seen at his office this afternoon. said the
conference had taken the shape OF an
informal talk aud that Secretary Car
T. Isle had spoken very freely on several
g points anent the SJO,ooO.0O0 issue OF
@ per cent. ten-year government bonus
-, lie dwelt especially upon the Legality
the lasue. insisting that there was no
: the slightest doubt on that point an
= that the courts would SO hoiu' AS .
the resolution introduced In Congress Wit
a view 10 having the issue declared ille
~ gal. he expressed the opinion that IL woul
y, fail OF passage
=, 'The Secretary was assured by pan
a. of those present" continued this gentle
r man, that II the legality or the 'ssu
a. was shown 10 be beyond question, thef
20 would be no doubt that the entire amour
hc would be subscribed FOR unconditional
"a. and at the upset price right here IN Ne
nd York. Mr.. Carlisle referred In some
w what guarded way TO the kno~ledHe J
10 nossessed as 10 the disposition manifesto
a. Inv certain banks here 10 dscredit u
~ value of the bonds In the Interest OF
90 s,,ndicate but that matter went no IN
ther. Nothing was said as to the .
tent 10 which the bonds had been spoh
for in this city.
The conference was Of the pleasan''
bv possiblc character. As To definite
sults the future may develop them.
as The only definite information obtaiha'
as to the matter OF subscription ~
issue IN this city was that the ou''
IN, s4oo0OOO by the American ENchah
,at Bank would stand