New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-07

course be f0retold with any degree Of accuracy.
It is certain. however. that the increase OF the
interest bearing debt brought about by the mis-
management of the National finances under this
Administration will. on February be s262,3l5.40o
or at the rate of about 800 OOO 900 for every year
that this Administration has been in power
Bids for the first loan were invited on January
L. 1894 The bonds offered were per cents.
dated February /. 1884. redeemabe in coin, at the
pleasure of the Government after ten years from
the date of issue. These bids were invited at
time when Congress was engaged in passing
revenue bill creating an annual de1cit OF from
$50 900 900 to 900. In other words. while
the executive branch OF the Government was
standing hat in hand soliciting this loan. the
legislative branches. representing the Demo-
cratic party. with juvenile enthusiasm over It's
recently acquired power flung the revenues or
the Government out OF the window, as 1t were
and into the street Under the circumstances 1t
is not surprising that the results OF the loan were
not altogether as satisfactory as might have been
desired. The public notice fixed ll7.223 as the
lowest price which would he considered by the
Department. that price being the one at wnich
the bonds should sell in order to yield to the pur-
chaser an income of per cent upon the amount
of his investment The total amount Of sub
of which 1926 500 were a prices above the limit
fixed in the public notice. All these were ac-
cepted and the remanler Si2, $50. were scaled
down 5331 per cent making the total allotment
of bonds at the limit Of III 223 $40 700. 1t was
provided in the public notice that payments
should be made in gold CON. or gold certificates,
and the total proceeds OF the bonds were paid
into the Treasury in strict accordance with this
provision as follows: Gold-Treasury at Wash
ington. SIPS 30: Sub-Treasury at Baltimore.
500 PSI: Sub-Treasury at Philadelphia. $780,
O41 so; Sub-Treasury at New-York A7O2l ,626;
Sub-Treasury at Boston. A.o7l.2T 30; Sub-Treas-
ury at Cincinnati $2s4,l25; Sub-Treasury at chi
cago 1907 $50: Sub-Treasury at St. Louis. ssilSO;
Sub Treasury at New-Orlcans Sl2939 %; SUB
Treasury at San Francisco. sls397l 32; total gold
So $50 264 "a Gold certifcates-s5Slo,24o; other
forms of money. received In making change
1898 SO: total proceeds Of bonds. S5S.66o.9l' 60.
Bids which were received and not considered
amounted to So, 70j.l0O OF this amount five blde'
amounting to s7O5.lO0. We're received after the
time fixed for considering them; one other bid OF
81 900 900 was conditional and FOR that reason was
not considered. one hid for S3OoO,OoO was re-
ieced because no satisfactory address ~ the sub
scriber could he obtained. and the rest being
fifty bids ~ 81 900 each by one individual were
rejected because OF the subscrlp'T lach Oh
financial standing.
IsSIE or NOVEMBER. 1894
The second issue of bonds took place In No
vember 1894 Il consisted Of $50 00o.0GO . per
cents. dated February |. 1894, redecmable In
coin AT the pleasure Of the Government after ten
wears from issue BIDS were invited on Noverl-
her r. and the final award was made on IN"
18th There were not less than 90, bias fied.
aperegatins sl54 $40 900 or over three times the
amount asked for Secretary Carlisle accepted
the highest bid that made 10y John A stewart.
president Of the United States Trust Company,
and hts associates to purchase the entire issue
at l7707. and accrued interest from November
Among John \ stewards associates were
Drexel & Co. Philadelphia. : Morgan Co..
London. National Bank of Commerce. New-fork.
Chase National Bank. New York. Fourth Ma
tional Bank Ncw-Yolk National CITY Eank.
New-York. Hanover National Bank. Ncw-forl' d.
First National Bank Chicago. Mutual Ia" In
surance COMPANY New-York Gallatin National
Bank. New-York: Merchants NatIoral Bank.
New-York: Manhattan COMPANY N""-Nork.
Morton. Bliss & Co. New-York. iIeii'lhech. Tx
clheimer & Co. New-York. T. : Wormser.
New-York: J. & W Sclieman = CO. New-iorh.
Blair Il Co.. New-Yori<. Nerm.lye o.. N"w-
York: f. :. Smthers 4 60. New-York. Edward
Sweet 4 Co. New York. kount2e Eroih"rs. New
York: Laidlaw x Co.. New-York. Bow"ry say
lngs Bank. Ncw-Yofk. Knickerbocker Trust COM
pany New-York; Green wich Savings Bank. Now
York; Cooper Hewitt Il Co.. New-York. \ K
Emo. Ncw-York. a T.. orr. for Brooklyn saving
Rank: Brewster Cobb Estabrook Il .ston.
Wnslow Laner q CO. New-YoIk. BROOKLYN
Trust Company; T. Rollins Morse x Bro. Dos
ton. Blake Bros & CO. Boston This second bond
sale netted the Govtnmeu; Sis.5gs 800.
The third issue 81 bonds was made on February
s. 1896 40 bids were asked for Bonds In the
amount of sG2.3l5.4oO. To- bear interest at per
cent per annum. and II run thirty years. were
given to the syndicatr at the head Of which was
j. Pierpont Morgan. " Ncw-Nork In exchange
for 100000 ounces cf gold coin The amount ~
gold received under this private agreement was
sG5l62i4 81. at the rate OF 81 'o4i per ounce.
BY the terms Of the contract not less than one
half Of the gold Was 20 b. procured abroad. and
the parties with whom 1t made agreed that
they would as far lies in their power
ert all financial influence and will make all
legitimate efforts to protect the Treasury Of the
United States against the Withdrawals Of gold
pending the complete performance ~ this con
tract" This undertaking. Secretary Carlisle
states in his annual report was faithfully and
efficiently carried out"
ENORMOUS INTEREST CHARGES.
The loans made by this Administration can
therefore be tabulatcd as follows
Date Rate Period
~ Bond. ~ Int. 81 bond Amt Issued Amt Realized.
Feb ]. %. per 10 years $50 SIS gi7
Feb /. '9i cent 10 - oOr - ii~ $40 %
Feb l, 30. cent 20 G23iJiDO % ilG "a 90
Total .............. s1G2 3I5 400 Sls2 3i5 Coz 20
ON these bonds issued the country will be
called upon u pay SEATS $50 in interest
Secretary Carlisle's invitation to the public t.
subscribe for new loa, caused Il general feel