Omaha daily bee., 1895-12-28
PRESIDENT DOES NOT LIKE IT
Provision for Selling Bonds by Subscription
is Objectionable.
HISTORY OF SOME PREVIOUS ISSUES
Secretary Carlisle Addresses n Letter
to Chairman DinEIey, Setting
Forth the Objections of the
Administration.

WASHINGTON, Dec. 27.-Chairman Ding
ley Of the ways and means committee has
received a letter from Secretary Carlisle,
which Is private, but furnishes some in
formation concerning the condition of the
treasury. Mr.. Dlngley will not make the
letter public, but says the secretary offers to
furnish the house with all data that may be
needed. The condition of the treasury Is
represented as very serious and Mr.. Carlisle
urges legislation for a gold bond. Mr.. Ding
ley has Informed the secretary that a gold
bond was out of the question and could not
be considered. Secretary Carlisle did not say
to Mr.. Dlngley that a 8 per cent bond cannot
be foated. and did not discuss this feature
Of the case. This latter denial is made be-
cause reports to this effect concerning the
secretary's letter were in circulation.
President Cleveland and his advisers. it Is
learned. are strongly opposed to the house
bond bill, and this feeling caused Secretary
Carlisle to write to Chairman Dlngley. Aside
from the important objection that the bonds
are to be redeemed IN coin instead
OF gold, as recommended by the presi-
dent. 1t is understood that the re-
quirement that the bonds be sold by
subscription meets with disapprovaI. The
experience of the government, 1t is said,
Win safes by advertisement show the in
enectual character OF this means Of protec-
ton TO the gold reserve. The public notice
for the first time was issued in January, 1894.
the payments were made in February prln-
clpally and In that month the Withdrawals
or gold amounted to about SIC. 900, 900 in
excess or the exports. which instead of de-
creasing reached the sum OF $84, 00O, 900 dur
ing the succeeding six months. The second
sale was made by notice published on No
Vember 10, 1884, and the withdraw walls Of that
month and the two succeeding months
amounted to 1884, 900. 900. nearly $50, 900, 900
III excess OF exports or nearly the entire
amount OF gold paid for the bonds. After
the syndicate contract of February 8, 1895.
until the deliveries had been completed.
during the succeeding summer. there were
no material Withdrawals for exports. The
record OF the first bond sale shows that the
INDIVIDUAL subscriptions amounted to only
Si4b. 400. while banking firms subscribed for
VIC, l22,ooO and institutions for $35, 1924, 75O.
me individual subscriptions to the second
SAFE amounted to only 81 1888. $50; those OF
me banking firms to s37. S13. 500; institutions,
$So'S o3. oO0; or a total Exclusive Of the syndi-
Gates bid for 500. 900 .oOO) OF s7S, 341, 1850.
The ability of the government to float any
considerable loan under the terms of the
pending bill is also brought In question. The
quotation OF the United States 4 per cent
bonds OF 1925 was yesterday sl.O6 bid. This
produced to a purchaser a return Of over 3
per cent. How. then. the administration
asks. can the bonds in the proposed law,
which are limited TO 3 per cent, be bid at
par?
The question is also asked whether the re-
quirements as to advertisement. taken In
connection with the first sentences OF the
section. compel the secretary TO accept |
coin" In payment for the bonds; that is,
either gold or silver.