The morning call., 1894-01-19
BIDDERS COME IN CROWDS
One Man Who Wants to Take
the Whole Lot.
MAKING 1T A POPULAR LOAN
The Secretary Wants to Sell i'm
Small Lots to Men of
Small Means.

jan. los-NOW Ildt o6cTe-
tary Carlisle has taken action on the bond
question there is feeling of relief among
Treasury officials who have been viewing
with uneasiness the invading of the gold
reserve. Printing will be pushed rapidly,
but the bonds can hardly be ready for de-
livery before February 1. They bear in
terest from that time.
Among the large crowd of callers on
Carlisle to-day was a New Yorker VINO
had come to announce personally that he
was willing to take the whole $50. 900, 600
Of bonds. A request for his name was re-
fused. The aggregate amount of offers re-
ceived before the circular was issued was
$40. 600, 600, and all offers so far made have
come from persons and firms in New York
City. One offer to take S10O,0 900 at 11S has
been received.
1t was announced tonight that Secre-
tary Carlisle would not make public the
names of persons offering to take bonds,
the amount subscribed for or the figures
offered for them, as to make public the
figures would give late bidders an oppor-
| tunity TO offer better terms than those
offered by earlier bidders, but it is said un-
officially that the S50. .000.0 offer was at
minimum premium Of S1f7,2 ,223
There is said 10 be no likelihood of the
acceptance of this or any similar offer, as
1t is the Secretary's desire to make the
loan popular one, to which the public
generally may subscribe. On this theory
it is proposed to encourage offers for small
lots from all sections of the count rather
than to have the entire loan taken by a
few dealers In large blocks. The idea
paturaliv InQptoa ha h1
small den ominations will be taken in pref
erence to the larger ones. and this would
involve the issue of a great many more
! bonds.
1t is believed from the orders already
received that the total Offering will ag-
gregate nearly $500 coo, 900. aad that the
price will reach $40. making the bonds
practically bear but "a pei cent interest.
| The issue for the present will De confined
| to denominations OF $50 S10O and $1,000
coupon bonds and $50. 500, $1,000 and
| $4,000 registered bonds. In case it is
deemed advisable arrangements will be
made for $500 and 5000 registered bonds.
The plates for the new bonds were
made at the Bureau of Engraving ana
| Printing last spring. by the order of ex-
Secretary Foster. in anticipation of an
issue of bonds during his administration,
| but the plan for an issue was finally dis.
approved by President Harrison.
The new issue of bonds will be redeem
| able in gold. Estimates made by the
national banks show that the national
banks of New York City alone hold more
| gold than the treasury of the United
States. or rather that they contain more
| free pnld In ha fiuuras uiy fyoIa oo-
tificates are included in gold. The returns
in the principal cities show: New York.
| So. 000. 900; Baltimore, s.. .979. 900; Brook
lyn. S45O.oOO; Washington. 100000: Gin
cnnati, 81, ,200. 600; New Orleans, $3.50. 600;
st. Louis, S2,4Oo.0Oo; Kansas City,
S1.015.000; Boston, $4,000 Chicago,
| S19. 700. 900; Philadelphia, 50. ZOO 600; Louis
vile, S390.000; San Francisco, 81, 1886, 600
Milwaukee. 100000.
Treasury officials VITO have taken the
trouble to search the records call attention
to the fact that during the pendence of the
| Walker tariff bill in 1857 the revenues de-
cliDed and number of loan and bond
issues were made to keep up current ex-
penses and pay maturing bonds.
Leading members of the House Judi
ciary Committee are disposed to criticize
the Seeretary's action in view of the fact
that the Senate has before it resolution
designed to prevent the issue of bonds.
This opinion is largely confined, however.
to men identified with the silver moye-
| ment. Such well-knOwp anti-silver men
as Tracy and Raynor and Harter heartily
approve the Secretary's course. Holman
takes decided position against the bond
issue.
"It is absolutely certain" said he, ''that
this Government can get along without a
dollar increase Of the bonded indebted
ness. 1t can be done by reducing expendi-
lures and by the additional revenue de-
rived from the pending tariff bill. In nv
opinion no party in time OF peace can sue
cessfully urge before the people the ne
cessity for an increase of the national
debt and bonded ndebedness."
Dingley of Maine said 81 have O dIoubt
| that the act of 1875 gives authority to the
| Secretary to issue and sell bonds for the
| purpose of maintaining the gold redemp-
tion fund. l doubt, however, whether the
| act. properly construed, gives the Seere-
tary power to issue and sell bonds TO pay
the current expenses ,of the Government.
Ii seems to me 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: IL think the people
If the country generally are opposed to
an increase in the public debt unless there
is great necessity for 1t, and do not be-
lieve in this instance such necessity exists. "
Catchines OF Mississippi said: There
appears to be necessity which we cannot
avoid"
ut is" said Jerry Simpson, 'an Internal
| outrage, and is inexcusable."
johnson of Ohio said he did not like the
| idea of bond issue. but there was neces.
sity for money, and he believed 1t was
much better to borrow money to meet a
temporary deficit than to fix a tax which
was practically permanent and would pile
up surplus after the temporary strain
had passed.
| Chairman Wilson OF the Ways and
Means Committee said he had been so en-
crossed with the tariff bill that he had not
| been able TO give q thought to the bond
question. He added: "The sale Of bonds