The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-13
THE NEW BOND ISSUE.
CARLISLE EXPLAIN THE CONTRA CT
TO THE COMMITTEE.
Says tho Administration Made the Best
Terms II Conld and Insisted Tbatno
FayOritism Had Been shown

| tee a copy Of the contract made between
| the Administration and the foreign syn
| dicate which recently agreed TO purchase
the new bond issue. The contract was
| very short bIt at the Secretary request
a resolution was adopted by the commit
tee that none of the proceedings connect
| ed with this document shculi be made
| public. The Secretary was subjected 10
| a running fire Of questions from the
| members present. Mr.. Grosyenor, Of ONO,
! wanted to know why these bonds were TO
be sold to the syndicate at price six
| per cent. below the quotation Tor the
fours. The Secretary replied that tire Ad-
mnistratlon rad made the best terms
| with the syndicate IL could. Being asked
| If an arrangemcut had been made 10 se-
cure the bonds Of the country, the Secie-
| tary replied In the negative.
THE ADMINISTRATION CRITICISED.
This preclpitated a discussion. in which
the attitude OF the Administration was
severely criticised not only by the Repub-
licans. but 10y certain Ot the Democrats
as well. Before leaving. Secretary car
Isle suggested that a proposition be re-
ported from the committee 10 relieve the
Treasury from redeeming national bank
currency, ana cOmIelliEG the banks 10
establish an agency Cor the redemption
# their own currency. The effect oil tulS
proposition would be practically 10 re-
store the law as il stood peiore lo't'
MIR. Tarsney of Missouri. oilcfeu
resolution that power bee given TO the
Administration to issue three per cent
,,nId bord whenever such action became
necessary TO protect the gold reserve ih
the Treasury. IT also provided that hcne
If rbts none, should be used tor the cur
rent expenses of the Government
ME-. Wilson's RESOLUTION.
The resolution offered by Mr.. wilson
Of West Nirlula. the chairman on 'Ne
committee. yesterday looking 10 Dne
suance OF SI3 3OJJ,VV of bonds pay "De j.,
cold. also came up for consideration, ana
| n Jr,yy from Mir. Cochran, OF New YORK,
an epphatic declaration that ne Woui4
ornose This proposition and any Olh-i
which looked 20 the endorsement OF 'he
contract with the foreign syndicate
Alessrs. Reed and Hopkins, between
trem. questioned Secretary Carlisle al
considerable Length REGARDING lhe Atc['-
sitv for an issue of gold bonds. pl" u,
think that such an issue oil DohdS "oulu
sion the drain OF gold, and would not
renf eypenditmes? They also asked about
tb. .stfmatcI receipts of the Govern
meDt for the remainder of the calendar
year. and II the Secretary really DeHe'tu
there would be- a surplus M41ii'h INC i''N-
eight or zen months.
Ecr.yoa.4isaf SHOWN.
The Secretary answered these questions
frarlzIv and. coming back again 90 the
question of contracting for the sale OF
inc p'""7' ''. 49, ,l,. administration
had peen .H'"H H ~. ,.,.t.,., hank
had coliS',', ,,' 49,. ~ Lad made tbe best
go "l''- LII ,,d v-ouId have done
~ Jus ~ .-.ll.
pe'S,', - .t,i c...,..ta~v's withdrawal FROM
,..',.,-,,tttc,. room The various PROPOSE
-. ,.,',',,i,,e. were ordered to bc referred
'''''' l..t''.-,,,,,,ittso which will report TO
~ r..,1 .,r,r,itte. later i'm the afternoon.
1,,, I,,,,,,,r,,tic members of The SUBJ
.V 1f.esrs Wilson. Turner
-. ,,..srs PAYNE and Hopkins
anu hi 4" ~, ta. rart of the Republi-
"''S 90 80. ,.,,l,i.,,t.ntIv agreed that
No"'' "", In, r,s,,tors OF the COM
''. ,..il sol.ct tbeir own rcpresen-
I"!',.' 49,. tto cor,uittec adjourned
.H' - ,'.-..,,, mot informally and se-
-, 80 - Raad and Hopkins
lo'''' -'''''"'
WASHINGTON. ID. c., Feb. l-.-l-alt
in the afternoon fuller details ol W"tt
occurred between Secretary taIllslt ana
fb. committee became public. Secretary
carlisle cXplaiued his reason for asklAN
Tor am Injunction of secrecy TO he OBJ
served REGARDING the terms OF the con-
,r,ct ON me ground that IF the manher
and time Of payIne lor lile D''-'9 ~,
hla'e Nn'"., III, tb. syullc..tc must
c'l"oi ~, 80. for tba bonds. and thus
P''' -. +l,,,,, As a matter
st'"N' -, rl,. tho a,-ndi,afo there
ol 'o', 7''' f.t Not rotbini- srould be
loit' ne ,.''.,,r,itto, room regard
sald outs!or 'i'l ..i-..,.t, h., ollat so
ing 'Ae con- 49, ,'.,,,l-,+ g. concerned
lar as 'Ht Wv '',,,,.,l
hefe rs ho'illle 10 ~ h...rj,,,. Mr. Reed
Al one POM 'I ~ oaI1 mon, tba
ltIerieu 10 ~ ',,I tb. ar,-lnent
i'"S,u - '''" - ,,,,do tbst il
taa1 mas ic'i"'n1.s - tho rold
the Ereenp'Th9 - r',.tt,., Is,'I.,-
- "o,''' 1t. M, ioforn,od the
lsillhs' M - ''.ie ,,.'. lam, ~ i,-t ma
committee ''", U""'' '',V 20 3D..
.,ol'aI .'d'''' .-.',,,- ,,, -,lo..p,s1 in
ll'"s"'' No., f,,. ,1,ie $50, maj
sIe'ii'''yh', .-.,.,,'.,.I - ,r
,,,,,',,it he mad - the law which
nm reiic,,e tbe creqsu,v nom redeeming
the national bank-notcs and compelling
the banks 10 establish am agency for the
redemption OF their cu'ien'!' 80 i'i-
considerable part ol oeCletd-S al I..7,- Iiail ,
remarks hah tSieIelTc 10 '-il' -, ',,-
OF the hauohal pa"N law "PO', f" NJ ~, ,'-t
members seeile" 10 .''' - -,
lntormaIoh' anu ""'0" NC s"'e ''''''' 80
detail.
FAvoR1NG THE THRET-PKR-CENT GOLD BOND