Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-01-06

had its terms been anticipated. The plan
Is generally approved by members of both
parties who believe there Is necessity for
bonds, ard those who are opposed to bond
issues altogether think that the call for
bids "a much better than the arrangement
with the New York syndicate, which was
generally expected There was some dis
satisfaction expressed because the Presi-
dent had not seen fit to walt until the Sen
ate acted on the House revenue BILL al
though there Is no expectation that the
bond bill will pass the Senate. Among the
democratic enemies of bonds talk was
heard of resolution declaring the senti-
ment Of the House to be against Their IS
suance, but this was considered 1mprac-
hcable well exceedingly unlikely to
pass Mr.. Cannon, chairman of the appro-
prlations committee, said of the call: As
I understood it the proposed syndicate ar
rangements substantially looked toward
placing the bonds In the United States. If
these bonds were now ready for delivery
and the country understood that they could
be had for 40 or liz, which is below the
market price for similar bonds, 1 have no
doubt the banks would take them to in
crease their circulation, using the gold in
their vaults to make payments I hope
they will do so, as the bonds run for thirty
years and can no doubt be bought on 3
per cent basis and would yield a small
profit to the banks for circulation on that
basis"
Mr. Walkers View.
of the banking and currency committee.
said: 'W hen the President has chance
to issue ten-year bonds and issues thirty
year bonds he does an act that will be
universally condemned in the near future
If not today. The people will demand that
these bonds shall be paid, even at a con-
siderable premium, before ten years, and
probably within five. ard will execrate the
men who have bound them hand and foot
for thirty years.
Mr. Hepburn 0ow0 said: 'This call
places Senator Hill in a rather queer light
sort was contemplated. 1t looks as though
his defense of the administration was I'M
authorized
Mr.. Bingham Pa-)"I do not see how
up the gold reserve. for banks or indi-
viduals can draw the gold from the treas
ury to buy bonds. Moreover, the period
of one month is very unfortunate. Rusi-
ness may be paralyZed in that month: gold
may be withdrawn, in fact, no one knows
what may happen. Whatever was to be
done should have been done at once. I
believe the most practical plan to be a
contract with syndicate that would bind
itself not to withdraw gold from the treas
ury, and to keep the reserve up to the
one hundred million mark"
Mr.. Crisp Opposed to Bonds.
Ex-Speaker Crisp reaffirmed his entire
opposition to bonds, but said that If an
issue was to be made 1t was much better
to give the people an opportunity to pur-
chase than to enter into a contract with
syndicate. He had not examined the
details of the call sufficiently to discuss it
more specifically, he said.
Mr.. McMiilin (Tenn.) said: '1f a bond
issue must be made, it is better to have it
advertised and bids solicited than to have
II done by contract without bids"
Mr.. Bartlett On. " declared without
hesitation that Congress should take meas
ures to increase the revenues of the gov
eminent, although he approved of the &C
tioI of the Secretary of tie Treasury ia
making bond sales under the circunl-
stances. Without discussing whether the
revenue for any one day or one month
exceed% the expenditures" he said, st
seems clear to me that our revenue is not
adequate for the public expenditures that
should be made. That is leaving out of
consideration all appropriations for public
buildings. war claims, private claims and
special pensions. 1t is the duty Of Con-
gress in any event to construct proper
coast defenses, build new battle ships, in
crease the navy and bring the army up
to a minimum force of 10000 enlisted men.
However, I do not believe Congress will
pass revenue bills, and I am in favor of
creating a gold coin and gold bullion fund
of 500, 600 900 by he sale of bonds and hav-
ing the fund sacredly devoted to the re-
demption OF the sreenbacks.
Gossip mt the Treasury.
The announcement last night that the
Secretary of the Treasury had asked for
bids for a bond issue of 100000, 900 was
something Of surprise to the subordinate
officials of the Treasury Department, as
no intimation of his, purpose had been
given to any one. 1t Is quite probable that
no one here outside of the President and
probably Secretary Olney knew of Secre-
tary Carlisle's intention. Indeed, it Is, be-
ieved the conclusion was not reached un-
til late yesterday afternoon. The new
bonds will not differ in any respect from
those issued to the syndicate, and such as
are needed after the supply now on hand
has been exhausted will be printed from the
old plates.