The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-01-18
sr4rrrx. raussDAr Jas. -



Secretary Carlisle yesterday afternoon
issued a circular inviting proposals for
So coo 90 Of 5 per cent. bonds redeemabls
after ten years. No proposal viii be con-
slaered st lower price than sii7.z23. which
is the equivalent Of 3 per cent. bond ct
par. Bonds will be In denominations Of
49, and upwards.
The action Of the secretary was COM
pelied by the situation. Secretary Car
Isle knew that the passage OF a bill author
king . shorter time bond with lower
rate of interest could not be secured at
present N congress; the necessities Of the
treasury were too pressing TO allow any
further delay. so the secretary has wisely
decided to issue bonds under the powers
given him by the act OF January IA. 1879
IL IL true that his right TO do so under
this act is disputed by number of
respectable authorities in both parties.
sherman did not hesitate TO tell
Secretary Carlisle last spring that
he believed the secretary could legally
issue bonds under the act of 1875. The
strongest minds in both parties on the
senate finance committee agree with sena-
sor Sherman and in time of emergency
the secretary of the treasury Is justified IN
stretching bis powers To their fullest limit
TO project the credit of thu nation.
A rich nation cannot afford to slide into
needless bankruptcy by waiting for q
wranging crowd OF popuiisss, silverites
aud Democratic inflstionists to .naet the
appetite measures asked for by Secretary
Carlisle in his report. These populists,
silverites and Democratic inaationis,s are
opposed 20 the issue of bonds. which ~ a
bnsiness-liss way Of borrowing money,
but they would aIi tomorrow vote
for an increased issue OF legal ten
ders, which are forced loan, a
most rernieIous and costly way of getting
money, never resorted TO except as q war
measure by this country. III the treasury
needs money the only legitimate and
economical way 20 get II is by the issue of
bonds: We could not wait for that slow
method In time of gigantic war but in
time of peace the issue of government
bonds Is the sound business method of
borrowing money.
Secretary Carlisle in his annual report
asked congress TO authorize the issue OF
bonds not exceeding so. 900. 900, bearing
interest not exceeding per cent, to he
paid to such creditors as would accer,
them. the balance 60 lie sold at not less
than par. these obligations 10 be payable
at the pleasure of the government one year
after date. The secretary made an alter
native proposition thar he be authorized
TO issue tiye-year bonds in dsnomin alton.
OF 30 and upwards. bearing not more than
per cent interest, the latter "a
be continuing authority to pro-
tect the governments gold reserve.
ihsse bonds would taks the place
of those authorized by the old laws for
maintaining the gresnhaok redemption
fund. bat would be available also for meet.
ing casual deficits of the revenue. All The
money In tho United States being the
equivalent of gold. any money which
comes into the treasury answers the pur.
pose OF making good the greeahack re.
demptson fund and of meeting the nuhlis
expenses. As matter OF public prudence
the secretary Of the treasury ought 10 have
discretionary authority at all ;ime. 10 issue
exehsqueE bills 10 meet temporary siea.
ciencses In the revenue, for no govern.
mens should be left in = condition of In,
ability to meet current expenses. Congress,
has forced Secretary Carlisle 10 fall hscs
On bls powers under existing laws
TO protect the gold reserve o,
greenhacs redemption fund. and
the secretary IS wise in assuming that con.
Esess cannot ee relied upon 10 enlarge hi.
powers BY enseting the legislation he asked
feF. ou the contrary, The silxe4ileS, Popo
lists and Democratic iafiationists woald
today u they eoa,d pas. resolution pro
hlesang the secretary from the issue @.
any bonds whatever. What these fellow,
want Is ar enormous increase of legal ten.
defs. either IN shape Of the free coinage o.
silver OF the issue OF silver paper,
The stupid Wilson tariff hill. which cut,
oe s7A,oooo 900 al revenue, dspresSs, all on,
Industries and reduces our revenue by ths
swgul shadow of It's impending enactment
together with the Democratic silver mar
chase and coinage system which !astsl
ssttsen years, have brought ss 70 th.s con.
dlUoa where cur inadequate tevenn~,
ceage us - borrow money to pay our eur
feni expenses, Since ~s hare reAca~,,
that pcSat, the secretary Ct the tseasarr i,
perfectly right IN using al his powers IN.
der existing lass 20 keep Us frcaa slIppEns
into nauensl Bankruptcy. The eonsreN,
OF his osa rariy u not likely 20 give aim
the specific ASS he ssSea for, 80 be tall,
haeS CA bis powers aader srlsstns lAw. "a
keep the govsyamsnt gold reserve o,
Ereenssck redemption fand good,
ol course Se are 10 worse 90 fer s.satrr
bonds 30 pay oar debts We are thu. Ale
10 paw psopie y 10 ~sa; thsir rnousy, and
cur debt Is Transferred 70 peaple who isslrs
that taFn e{ investment We are net
creating govern taent obligations to furnish
safe Investment Tor TIE idle money n
rich Of poog. We are sulplv seggiax on,
allegations IN order 10 sss money sasGga