The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-30
A SORRY EXHIBITION.

secretary OarllSle went, saw anu went
away again. His visit to New York
yesterday was certainly productive
of no result unless the lesson
Mr.. Carlisle received that it
takes something more than Secretary
of the Treasury's fiat to make bond
issue, can be counted as result. This
lesson was pretty we'll hammered into
Mr.. Secretary Carlisle before he left
the conference he had called together
When he determined to issue his bonds
he went about the proceeding in such
an amateurish way that the first attack
made upon his financial policy was suf-
ficient to leave him without bidder.
He heralded the proposals, which imme-
diately followed his proclamation, al
over the land, in order to show how
strong was the confidence among bank
ing circles in the financial policy of the
administration, but unfortunately Mr..
Carlisle's subsequent actions proved
that his bids were of the variety known
as straw bids and at the first attack
the strings attached pulled the bids
from under the Roman nose of Mr..
Carlisle with celebrity that astonished
him.
Finding that his authority to issue
bonds was very seriously questioned he
thought he would take run over to
New York, call the bankers together
and tell them little something about
finance.
His own mind was perfectly clear
as to his course and at the beginning of
his conference he announced that he
not only had full authority TO issue the
loan, but also that neither Congress nor
the courts could seriously inter-
fere with his course, or af-
feet the legality of the pro-
posed issue. He then proceeded to in
terpret the laws regarding to a bond
issue for the benefit of the thirty odd
bankers who presumably were sitting at
his feet drinking in his instructions in
great draughts.
When, however. his first class in ele-
mentary finance had finished the morn
ing lesson the pupils began to ask posers
of their would-be teacher.
What provision has been made
against possible failure of this issue 2"
asked gray.haired banker.
'Ihave not considered the possibility
of failure" was the majestic reply.
When asked concerning the amount
already subscribed for the proposed
issue, he chad not charged his mind
with the figures"
lie was then asked point blank
whether he proposed to use the gold re-
ceived for other purposes than those
prescribed by law and he replied that he
did ; then dense silence followed.
But anxious to see if they could secure
anything that would reassure them in
his ability to conduct the treasury de-
partment ON a safe basis they asked
question after question and were unable
to see the first faint glimmer of fnan-
cial soundness in his views and the con-
ference ended.
A more pitiable exhibition Of incom-
potency has not been made since the
foundation Of government. lie not only
proposes to issue bonds in order TO use
their proceeds in an illegal
way but he would not guarantee
that tomorrow, next week, or next
month he would not issue bonds at q
less price. His failure TO require d
deposit as prerequisite for the
entertainment OF bids has left
him bidderless; and he returned
to Washington last night after confer
ence with men amply able to subscribe
for the entire issue dozen times over
without receiving one single bid and
per contra being fatty told that
they had no confidence in the
proposed issue. II VAS q singing re