Birmingham state herald., 1896-01-15
BOTH SIDES ARE SELFISH
  MT. r. Carlisle Car Wants to Get a High = Price for. the Bonds. e.GaAe- BANKS WANTs5 N THEM CHEAP No Change or Modification Will Be Made in
 the Circular. TIME OF PAYMENT MAY BE EXTENDED Senator Jones of Nevada Is Still Holding Out fera l5 Per Cent Duty on Sugar, Much to the Annoyance of the
 Republicans.
 
BANKS WANTa THEM CHEAP
TIME OF PAYMENT MAY BE EXTENDED

Washington, Jan. 14.-No change or modification in the circular issued by Secretary Carlisle inviting bids for $10O,- 00O0O of 4 per cent three year bonds on a per cent basis is contemplated at the treasury department. Already under this circular bids have been received for the bonds, which bids 1t is held, would be vitiated by any change now made, which would work a hardship upon those already having bid. Under the circular bidders have forty days within which to complete payment for bonds accepted by the secretary of the treasury, and should thero be- as is feared in some quarters, a congestion in the money market because of the large amount withdrawn from the banks and other Repositories with which to pay for the bonds, it is understood here that the secretary of the treasury will use his discretion, according to cir cumstances in exacting payment with in the time specified in the circular. It is not the desire of the administration to bring about congestion In the money market, and should 1t appear to the sec. retary of the treasury that such con- gestion would result from his exacting literal compliance with the terms of the circular as to the payment, he will so regulate the payments and extend the time, as in his discretion the circurfl- stances of the case demand.
 Considerable interchange of views on this point In a quiet kind of way has been going on for the past few days between the secretary and those charged with the responsibility of perfectipg the details of bond payments. It Is readily recognized that there are two points of the situation viz, that Of the secretary and that of the bidders from whom the gold is to be re- ceived. The object of the treasury Is to do the best they can for the government; the object of the bankers is to get the bonds on the best terms for themselves. It Is recognized that mostyOf the gold re- ceived from the bonds must come out of the banks of the country. and principally out of New York. The. effect of this would be to reduce the gold holdings of the banks and to, neoessitate the substi- tuition of some other form of coin or paper currency for the reserve thus with drawn. This would naturally produce a congestion in the money market. and the secretary of the treasury, knowing this, will. as above stated, exercise his discre- tion In the premises alike for the benefit of the treasury and the banking com munity at large. The substance of these assurances has been communicated in various letters written within the past week at the treasury department to
 
 try, While no promise is given that the payments for the bonds will not be re- quired to be made within forty days, the secretary has stated that he, being the judge of the circumstances, will exercise his discretion in the matter to prevent, as far as he can. any injurious contrac- ton in the currency.
 The Gold Reserve.
 The treasury gold reserve at the close of business today. amounted to $54,312,r 27i. The amount of withdrawals at New York today was $1,184,000 $1, ,100, 900 in gold bars and $S4, 900 in coin.
 Senator Jones Is Obdurate.
 There was no meeting of the senate committee on finance this morning, due to the absence of Messrs. Allison and Aldrich and the inability. of the republi- cans to see their way clear to report a tariff bill without amendment, in accord ance with instructions of the recent eau GUS. MT. Jones of Nevada still holds out that the 15 per cent additional duty placed by the house bil on every schedule but sugar must be made to apply by the senate bill to sugar, or he cannot vote with them to report the bill to the senate.