The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-01-06
TT IA
Senatorial Leaders Have Very
Little to Say
About the Call for Bonds Issued
Last Night.
1T IS TOO MUCH.
Senator Teller Thinks the
Amount is Too Large.
Private Subscriptions May Not
Be Enough.

WASHINGTON, Jan. 6-Senators did
not seem disposed to talk about the bond
call Issued by Secretary Carlisle. Dem
ocratic senators generally were nou-
conmittaL Senators Harris and Vest,
, both members of the finance committee.
said they had not read the call and had
nothing to say.
Senator German said that the call
was all right; and was the same as the
first two bond issues by this administra-
tion. There were not many Republican
senators about the capitol Most of
them were reticent as to the call. Sena-
| ter Morrill,, chairman of the finance
committee said that there was nothing to
say about the call, that it spoke for IL
self.
Senator Teller says he was gratifed
| that they had decided upon popular
loan. and he had no doubt the people
would respond in a way to justify the
course decided upon.
Mr.. Teller did not believe that the en-
tire sum of 100000, 600 would be neces-
sary. Fer himself he did not consider
that any bonds were demanded, and he
| thought that even from the presidents
view a smaller sum than 00,000,000
would be sufficient
The call was an entire surprise
to the house, for it had not
been expected to appear before the mid
die of the week nor had its terms been
anticipated The plan is generally ap-
proved by members of both parties who
believe there is necessity for bonds and
those who are opposed 10 bond issues al
together, think that the call for bids is
much better than the arrangement with
the New York syndicate which was gen.
orally expected.
There was some dissatisfaction express
ed because the president had not seen fit
to wait until the senate acted
On the house revenue bill, although
there is no expectation that the bond bill
will pass the senate. Among the Demo
cratic enemies of bonds, talk was heard
of resolution declaring the sentiment
of the house to be against their issuance,
but this was considered impractcable as
well as exceedingly unlikely to pass. Mr..
Cannon, chairman of the appropriations
+ committee said of the call: "As under
stand it the proposed syndicate arrange
Icents substantially looked toward plac-
ing the bonds in the United States. If
these bonds were now ready for delivery
and the country understood that they
could be had for 10 or 112 which is be-
low the market price for similar bonds,
l have no doubt the banks would take
them to increase their circulation, using
the gold in their vaults to make pay
ments. l hope they will do SO. as the
bonds run for thirty years, and Can no
doubt be bought on a three per cent basis
and would yield a small profit to the
banks for circulation on that basis
The announcement that the secretary
of the treasury had asked for bids for a
bond issue OF S1J0,000,00 was something
of surprise to the subordinate officials of
the treasury department., as no intima-
ton of his purpose had been given 10
any one 1t is quite probable that no
one here outside of the president and
probably Secretary Olney knew of Score
tary Carlisle's intention.
Indeed, it is believed the conclusion
was not reached until late yesterday
afternoon. The new bonds will not diff
fer 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.
Persons well qualified to judge of>the
result of the issue do not look for
| large subscriptions from private
individuals. and the opinion is
expressed that the syndicate's bid for the
entire issue will be accepted Il is re-
called that private subscriptions to the
first loan of $4,000, 900 amounted to only
about $745, 900, and to the last loan 10 but
a little more, and as the bid submitted
| by the syndicate contained the con-
dition that they be awarded the
entire amount, or none, left the gov
eminent little option iu the matter
The last issue resulted in the payment
into the treasury of $50. 116 PA in gold
| for which the government issued per
| cent so year bonds to the amount of &c.,
| 80, 400. The premium realized by the
government therefore was S2,S00.S44, or
| .C4494 per cent. The investor realizing q
rate of interest of about .0375 per cent
The market price of these bonds is now
about $114.