The herald., 1894-01-19
WILL co LIKE HOT CAKES
Secretary Carlisle's Bonds in
Great Demand.
Many Offers for Them Already
Received.
They Will Be Subscribed for Many
Times over.
One New Yorker Alone Offers to Take
the Entire Issue-It Is Expected
That Most of Them Will Go
to Gotham.


By the Associated Press
WASHINGTON, Jan. 18.-Now that Sec
retary Carlisle has taken action on the
bond question, there is feeling Of re-
lief among the treasury officials, who
have been viewing with uneasiness the
! invading of the gold reserve.
The printing will be pushed rapidly.
The bonds can hardly be ready for de-
livery before February 1st, but they
will bear interest from that time.
Among the large crowd OF callers on
Carlisle today was New Yorker who
had come to announce personally that .
he was willing to take the whole $780,,
900 900 bonds. A request for his name
was refused. The aggregate amount Of
offers received before the circular was
issued was $40. .000, 900. All offers SO far
have come from persons and firms in
New York city. One offer to take
$l00, 900 at $l.18 has been received.
| 1t was announced tonight that Secre-
tafy Carlisle would not make public the
names of persons Offering to take bonds,
the amount subscribed for. or the figure
offered for them. To make public the
figures would give late bidders an op-
portunity to offer better terms
than those furnished by earlier
bidders. 1t is said unofficially that the
$50. 900, 900 offer was at the minimum
premium Of 1928. 1t is said there is
no likelihood of the acceptance of this
or any similar offer, as it is the secre-
tary's desire to maks the loan popular
one. to which the public generally may
subscribe. On this theory it is proposed
to encourage offers for email lots from
all sections OF the country, rather than
have the entire loan taken by few deal
ers in large blocks. The idea naturally
| includes the hope that small denomina-
| tionH will be taken in preference to
larger once. This would involve the
Issue OF a great many more bonds.
4 1t is believed from orders already re-
ceived that the total Offering will aggre-
gate nearly 5000 1000. 900, and that the
price will reach 100, making the bonds
practical aetics.llly lllyg bear hnt 2ls per cent. Tha
Issue for the present wall be confined to
denominations OF $50, 500 and $1,000
coupon bonds, and $50, 800, $1,000 and
$4,000 registered bonds. La case it isN
deemed advisable, arrangements will be
made for $500 coupons and $4,000 regis
tered bonds.
Plates for new bonds were made at
the bureau of engraving and printing
last spring, by order of ex-Secretary
Foster, in anticipation of the issue of
bonds during his administration, but
! the plan for their issue WAS finally dis
| approved by President Harrison.
The new issue of bonds will be re-
deemable in gold. Estimates made by
national banks show that the national
banke of New York city alone hold more
gold than the treasury of the United
States, or rather than it contains in fres
gold. In the figures given, gold certif-
Gates are counted as gold Returns of
the gold in the banks of the principal
cities chow: New York, s33 900 600;
Baltimore. 81, ,979 900; Brooklyn. $780,
600; Washington 5000 900; Cincinnati,
81. 200, COO; Neu Orleans. $3.50 900; st.
Lhuis, 81 400, 900; Kansas City, 81 .0l5,-
900; Boston, 50 100000; Chicago, $l9.-
700, 600; Philadelphia. 81, 700, 900; Lauis-
VILE, 800 600; San Francisco, 81 1886, 900;
Milwaukse, 5000 900.
Treasury officials who have taken the
trouble to search the records, cali a iten-
tion to the fact that during the pend
ency of the Walker tariff of 1857, reve-
nues declined and a number OF leans and
bond issues were made to keep up cur-
rent expenses and pay maturing bonds.
Leading members OF the house juiici-
ary committee are disposed to critcss
the secretary's action in view OF the fact
that the senate has before ita a resolution
designed to prevent the issue of bonds.
This opinion is largey confined how
ever, to men identified with the silver
movement Such well known anti
silver men as Tracey and Raynor and
Harfer heartily approve of the secre-
tary's course.
Holman takes decided position
against the bond issue. sit is abeoluteiy
CERTAIN" said he. that this government
can get along without dollar increase
to it's bonded indebtedness. 1t can be
done by reducing expenditures and by
additional revenue derived from the
pending tariff bill. In my opinion, no
party in time of peace can successfully
urge before the people an increase OF the
national debt and bonded indebted
ness."
Dingley OF Maine said: II have no
doubt that the act of 1875 has given au-
thority to the secretary to issue ana
sell bonds for the purpose OF maintains
ing the gold redemption fund. / doubt,
however, whether the act, properly con.
strued, gives the secretary power to s-
sue and sell bonus to pay current ex-
peneeH Of the government. 1t seema
that to accomplish the latter object it
will be necessary to obtain additional
legislation"
Oates of Alabama is opposed to the
issue of bonds. He said II think the
people of the country, generally. are OPP
posed to an increase of the public debt,
unless there is great necessity for it, and
l do not believe in this instance such
necessity exists-"
Catchings OF Mississippi ssid There
appears to be necessity which we can
not avoid. /"
Jerry Simpson said: san internal
outrage and inexcusable."
johnson OF Ohio did not like the ido'
OF bond issue, but there was necet!
sity for the money, and he believed if
much better to borrow money to rnee<