Evening journal., 1895-12-28

president, with the consent Of the senate
The educational officers are to be man
aged by university council composed of
the regents acting jointly with l2 emf
nent educators representing as many lead
ing institutions Of as many states, hold
ing Office, like the regents, for six years
and appointed on the principle that each
of tho states may in time have representa-.
tion. Moreover, the university is author
lied TO establish such cooperative rela-
tions with other institutions as shall bo
deemed advantageous to tho public inter
ests. Neither partisan nor sectarian prefer
ences are to be allowed in any form.
Admission is to depend on competency
only. The bill provides for only few
thousand dollars in each Of the years 1897
and 1898 TO enable therogents to organize
and for the necessary preliminary work
and authorizes the regents to receive gifts
Of land ana money from friends Of the en-
terprise
Secretary Carlisle's Views.
Secretary Carlisle made the following
statement in response TO the question,
"What, in your opinion, will bo the effect
upon the financial situation by tho tariff
bill passed by the house Of representa-
tiyess"
81 had, " said Mr.. Carlisle, supposed
that very few could now be found who be-
lievo that our financial difficulties were
caused by a deficiency in tho ordinary
revenues of the government, or that they
can be relieved by increasing taxes upon
the commodities consumed by the people.
These difficulties are the necessary results
Of our financial legislation, and they can
not bo removed, even temporarily, by
tariff laws nor by any other measures
which do not directly enable the govern
ment TO procure the means necessary for
tho maintenance of the gold payments "
DO you think, then, that the bond bill
reported in the house will furnish any re-
lief TO the treasury
Il am satisfied that there is but one
permanent romcdy for our financial EN-
barrassments, and that is legislation pro-
viding for the retirement and cancellation
Of the loyal tender notes; but, recognizing
tho fact that such a measure would re-
qulro time for its consideration and for
its complete execution If adopted l had
hoped that congress would Immediately
take tho necessary steps to assist the gov
ernment in its efforts TO procure and
maintain such a gold reserve as may be
required TO remove the distrust and ap-
prehonsion which have preoipitated the
present emergency.
The bill reported by the committee on
ways and means falls very far short Of
the requirements of the situation, and its
passage will not henefioially affect the sit
uation with which we now have to deal.
Our difficulties were produced and have
been prolonged and aggravated by the
fear Notwithstanding all tho efforts of
the administration, we may ultimately be
unable Go procure gold for the purpose Of
redeeming our notes and consequently be
forced TO silver basis, and this fear can
not be wholly removed until some action
Is taken by congress clearly indicating
purpose to paS all our obligations in gold
when demanded by holders
Increase the Demand For Gold.
although no substantial reason to dis
trnst the character of our notes or other
securities or to doubt the purpose Of the
government TO maintain gold payments,
the fact that there has been no legislative
declaration upon the subject, and that no
legal authority exists to make them ex-
pressly payable in gold, not only prevents
the sale Of our bonds for the replenish-
ment OF the reserve upon the most adj
vantageous terms, but increase the de-
mands for gold by the presentation OF
notes at the very times when we aIe least
able to meet them without injury to our
credit
III it was not generally expected that
the three classes of bonds already author
lied by law will be paid in gold at matur-
ity, If demanded, they could not be sold
except at an enormous sacrifice, but even
this general expectation is not sufficient
TO altogether satisfy investors, especially
in time OF financial disturbance
about SIG, 000 900 in interest could
have been saved TO the people on the last
issue Of bonds II congress had consented
TO make them expressly payable In gold
instead of coin. This condition is not at
all improved by the pending BILL which
still requires all bonds TO be payable in
coin, as heretofore, and conters no new
authority except the power 20 issue and
sell per cent bonds, also payable in coin,
after five years, with interest, payable in
coin, semiannually
'At the present time our 30 year per
cent bonds with interest, payable quar-
terly, are selling in the markets at rates
which yield investors more than per
cent per annum and this fact should not
be overlooked in determining whether or
not five year 3 per cent bond could now
ho sold at par, as the pending bill re-
quires.
Tho Administrations Opposition.
The administration is strongly opposed
TO the bond bill now pending In the house,
and in view of this eact the opinion pre-
walls in official circles that the president
will not wait much longer before issuing
bonds. Indeed, it is believed that the pres
ident would much prefer to proceed TO an
other issue Of bonds under tho authority
he already has and under which the last
three issues were made than to act under
the pending bill or any notifications Of
It which arc likely to be made
This hoing the case, IL is argued that
the president will not wait Tor any action
by the senate. but IN case tho situation
shows no signs of permanent improvement
will annouce another issue not later than
the coming week. Under the provision OF
the resumption act &c is argued. the pres