The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-04
CLEvELAN0'S NEW BOND CALL
4 BELIEF THAT HE WILL WAIT or
THE House UNTIL THURSDAY.

rhe President Anxious to give the
BODY Opportunity TO Act ON the
Springer Bill before Issuing the
Prospective CircuInr-A Report
That the Big Democratic Bani<ers
of New York Are kicking over the
Pun Their Republican Rivals
Seem to Have in the BOnd Placing
business.
Washington, Feb. 3.-President Cleve-
land and Secretary Carlisle had long
consultation at the white house this after
noon, and It is said that the President sug-
gested that it would be wise to issue the
oall for bonds before the House has had
an opportunity TO vote on the revised H.
nanclal bill reported from the COMMITTEES
on banking and currency.
Various rumors are floating about in
financial and political circles to the effect
that there has been a hitch in the ne
gotations pending between the govern
ment and the representatives of the va
rious banking establishments here and
abroad for the placing OF the proposed is
sue OF bonds 1t is said that a political
protest OF August Belmont, Ex-Governor
Flower and other democratic bankers.
against republicans like Pierepont Nor
gan and Banker Stewart controlling the
arrangements for placing the loan. It is
claimed that Messrs Morgan and Stewart
are active republican workers, who eon-
tributed largely to the republican cam
palgn fund in the last presidential elec-
tion.
A prominent New York congressman
states that Pierepont Morgan gave 5000
to the Harrison campaign fund. The dem
ocratic bankers are said TO be little
annoyed because they have not been taken
into the conf Ience Of the administration
during the pending financial crisis In place
of republicans like Messrs. Morgan and
Stewart.
The proposition to place a large portion
of the forthcoming bonds abroad Is re-
garded as a wise and bold stroke ON
the part Of the administration by con-
servatve men Of both political parties.
for Il is argued that IL will bring some
OF the gold back to this eeuntry.
As to the political feature OF the trans
action, It is probably speculation on the
part Of the unauthorized gossips.
The statement comes direct from n
member Of the cabinet TO the effect that
the President viii probably withhold all
action as to the issuance of the bonds
until he has had an opportunity to test
the sentiment of the House of Represen-
tatlves on the subject OF his recent rec
concentrations. IL Is said that the Press
! ard IN IN
favorable action upon the revised Sprin-
ger bill by Issuing bonds before Thurs
day next, the day when It is expected
that a vote will be taken in the House
on the pending bill. A few days delay
viii not make much difference.
II is the desire OF the President that the
representatives of the people in the House
have n fair opportunity to pass on the
suggestions he made in his recent mes
sage, for he believes that a majority OF
that body Will sustain him. II, after
the House has passed upon the question,
and there Is no prospect OF favorable
action by congress, then he will feel
justified IN resorting to the existing law
and issue such bonds as may be necessary
to meet the emergency.
IL is said that the administration Is not
entirely satisfied with the provisions OF
the currency and banking bill as reported
TO the House by the committee last FRI
day. The section relating to the retire.
ment of the greenbacks and treasury
notes, which restricts the amount 10 be
retired to the amount of the national
bank circulation that may be issued, is
said to be the most Objectionable fea-
ture Of the various changes made by q
committee in the text Of the bill as
originally prepared. 1t Is argued that It
may be impossible to induce the national
banks to take out circulation at all, and
under the most auspicious conditions
they cannot be expected to increase their
circulation by more than probably $780,
| 100000 a year. At that rate 1t would re-
| quire ten years to retire the greenbacks
and treasury notes outstanding. As long
as any considerable amount of them re-
mained in existence, 1t is pointed out
/ that the gold In the treasury can be drawn
out in exchange for them, and the pres-
| ent conditions would be practically un-
changed. President Cleveland is UNDER
stood 10 greatly desire the passage of the
/ bill directing the speedy retirement OF
these notes. affording the safest and
best method of dealing with the situa-
/ ton.