The daily morning journal and courier., 1896-01-07
THE NEw CALL EOR BONDS.
Everybody Can Subscribe Who Wishes !

l Every body Can subscribe Who Wishes To,
 New York, Jan, 6,The call for the new bond issue, published yesterday, is
 for sealed proposals for the purchase from the government of $lOO0OO 900, thir-
 ty years, 4 per cent bonds. The bonds will be issued in denominations of $50 and multiples of that sum. The pur- | chasers of the bonds will be required to pay gold coin or gold certificates for
 the bonds awarded to them, and all in-
 terest accrued after February l. 1896 Payment for the bonds must be made at the treasury at Washington or at any of the -treasuries, including, of course, the chief one in this city. The Ipayments may be made in installments of 20 per cent, the first payment to be made upon notice of the acceptance of bids and the remainder each ten days l thereafter until the payments are com pleted Any successful bidder may, of course, turn in the whole amount in one, lump payment. Bids will be received until February s, 1896.
 From this it will be seen that the new loan is of the kind described as popular l The bonds are offered to the public di- rect, and anybody from Oshkosh, east, 1 south and west can send in his bid 10 l the secretary of the treasury. It was ill this manner that the bond issues of
 January IT, 1894, and of November 15, 1894, were offered to the public. Neith- CT of them accomplished the object in l tended. Bids were received in abund- ance, but the purchasers of the bonds drew out of the sub-treasury the gold
 to subscribe and then paid it in again for the bonds.
 Little good was therefore accomplish
 ed in so far as the main purpose of the
 issue was concerned. namely, the res
 toration of the gold balance of the l treasury. For this reason in February l last, when another issue became neces 1 sary, another course was adopted. Secretary Carlisle then made a contract l with a syndicate, which agreed to sell
 to the government S,5O0,OOO ounces of gold coin and to take in exchange $62,-
 5OOO0o of thirty years 4 Der cent. bonds.
 the same now issued
 The wonderful success of this loan | in regard to both the stock market and the business of the country is a
 matter of history. Gold exports were checked. the treasury's balance waa restored to $107 ,OO0, ,O0O and the conf- dence at once revived, whereas on the
 two former occasions little and only
 temporary good was accomplished.
 VIEWS OF A BANKER.
 The New York Evening Sun says: The president of one of the largest
 of the downtown national banks, in
 speaking of the bond issue this morn ing, said
 Secretary Carlisle, it seems to me,
 is not a practical banker Perhaps he
 could not have done otherwise under
 existing conditions than to make the
 bond issue a popular loan, but l ven
 tura to predict-and I know that it is
 the general opinion among Wall street
 men-that the entire amount of tho
 bonds will not be subscribed for at
 the time specified Possibly the sub scriptions will not amount to more than $50, ,000, and in the end the gov
 ernment will have to cali upon the syndicate of New York bankers to take
 the rest
 If MT Carlisle was a practical man
 he would have called for immediate subscriptions. That would have been
 the plan had he accepted the offer of the syndicate. Instead he grants thirty l days for the popular subscription and 1 the result is that few will subscribe until the last day. In the meantime l 1t is safe to predict that many--perhaps 1 the majority, I might say--who now
 are enthusiastic over their intention to 1 bid on the bonds will not do so when 1 the time comes. So many things may happen In thirty days to change the 1 complexion of everything.
 These men will change their minds, l and in the end the syndicate will be called upon to take up the leftover 1 bonds.
 1 "A popular loan is all right, but what l is the result? Take bank in Ohio or 1 Indiana, for instance which has a sur. | plus of $l0000O of which $50.000 is in l gold. That bank will bid for $50, 900 of 1 the bonds. After the delivery is made 1 the officers will telegraph to their New 1 York correspondents to send them $50,- 1 900 in legal tenders and send their 1 bonds as security.
 l Now if the syndicate had managed i the loan it would have been different. l The gold would have come from abroad.
 The subscription for the loan would have been immediate.
 This is a time of the year when l there are always heavy exports of gold. | Business now is in such a condition 1 that there is a demand abroad for American gold. This, coupled with the $10o, 100000 loan, may precipitate cur rency famine such as We had in 1893. i But then no one can tell what is going 1 to happen
 i Very few bankers seen would talk | for publication. Among those who sai6 1 that they had nothing to say were l President John l. Waterbury of the Manhattan Trust company, Mir. Pliny l Fisk of Henry Fisk & Sons President James T. Woodward of the Hanover National bank, President Harvey W Cannon of the Chase National bank and Vice President James c. Cannon of the Fourth National bank Most of the bankers said that if wa