The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-02-07
WORK ON THE BIDS.
The Scheduling and Classification
Rapidly Proceeding.
PRESIDENT CLEVELAND IS PLEASED
Thinks the Loan More Popular Than
1t Appears.
FREE SILVER IN CONGRESS-
Morgan Offers Significant Amendment
House Sessions Devoted Entirely
to Discussions.

Washington. February g. Tie work OF
scheduling and classifying the bids opened
yesterday for the rev loan was resumed
this mornins by force OF treasury clerks
and until that task is completed no in
formation of an exact and DEFINITE char
acter can he obtained as TO the amounts
lid fer at each OF the several rates, as
to how low rate win be accepted.
The hid Of j. +. Morgan ard his asso-
GATES undoubtedly will be accepted to a
$5,0o0,o 900 TO ,j5,o00.coO In any event 1t
can be stated that all legitimate bids at
n rate above that submitted by Mr.. Nor
gan OlO 66T0 Will be accepted and tiat nj,
bids below that rate will he rejected. 1t
WIS expected by the treasury officials
that the secretary would be able 10 ever
else some discretion IN the acceptance of
bids and therefore would he in n position
to give the preference to parties who
would agree TO obtain their gold from
abroad.
The fact, however, that all bids higher
than that mdde by Mr.. Nor
gan must be accepted ireclIdes
the possibility of his making
any discrimination whatever except IN
rare eases. where the bidder shows that
he has foreign gold on the way here and
asks for a slight extension of time IN
which to make his deposit. In cases ~
this character 1t is believed that the Sec
ietary would graut the request.
Tho treasury officials are especially
grau,lcd a. the success of the popular
subscription feature q the loan. and stat
ed hat while the schedules Of the bidders
Undoubtedly VIII show very larre par
oeniage of banks and mcn!ed institutions
II Is tndisputably true that IN very many
| cases and possibly IN ma Jcrity of them
the bank acts az the oRent OF private In
! diviGuals who are tie real purchasers.
J his is shown to be trrc by an ifstarce
cited ut the time Of The last subscription
| issue. New York bank bid IL 81 900, 00p
| aid the treasury officials took sufficient
| interest In the matter 10 follow them to
| final destinations. 1t was found that the
firm acted for four large interior banks
and each Of them In turn acted for Il NUM-
of country banks and they for individual
customers; that the bonds were finally
distributed amol several hundred private
parties This viii he the result, II Ia be-.
leved in very large number Of eases
IN the present iesue. II tx believed that
the certainty that no bids can he accept
ed Mt rate lower than l10GST7 viii have
the effect OF Immediately releasing large
quantities Of gold which have been nc
cumuln,ed by unsuccessful bidders IIav-
| ing no further use for their surplus hold
iiRs II is argued that large portlon OF
II VIII find Its way INTO the subtreasury.
Tho secretary of the treasury sent the
Following letter of Instructions to the
treasurer and assistant treasurer Of the
United states In regard to the receipt of
gold In payment of new bonds:
AS soon as practicable the department
VIII furnish YOU with "A list Of the nc
cepted bidders for the bonds offered to
! haa faHf1 In bHs ia,
1896, and January 10. 1896. The llst will
contain the name OF each bidder with the
address, the amount of each bid, tbs IrIce
and the date of the secretary's acceptance
You will receive payment for the bonds In
| United states gold coin or gold certificates
| by in9tallments or In full. as provided in
the circulars above mentioned. Zach ray
| ment Of an instailment should Iaclule the
| principal, premium, Mt the rii nanle6 IN
the bid and accrued interest from i'ebru-
AIRY |. 1896, to date OF such paSrnent. so
| that the proportionato amount of the
| bonds representing the 'nstaaniont win
be paid for in full. You will issue for each
payment your certificate of dci oslt IN
duplicate III the namc of the dcpositof on
the account Ct the purchase Of per cent
bonds OF 1928. stating on ,ho Face o; such
certificates the amounts rospc 'tiVely OF
principal, premium and accrued in't'est
received and also stata thereon tue rLm-
"You Will deliver the fun SGT 10 the de-
poster with instructions to retnin the
duplicate and forward the original to the
secretary of the treasury, accpnptnied
by q letter from the dcpositor giviS com
pleto Information as to the kind hrd de-
nomination of bonds desired and to place
OF their delivery.
''rhe bonds will be issued only uron re-
ceipts by the secretary of inc original OF
the deposit. a depositor may ASSN the
original certificate issued IN hts nrnie. IN
which case the bonds Will be issued Lron
the orders of the assignee. II II SHOULD be
advisable to postpone tho not Of de-
poslts on this account beyond tho dates
liked in the circulars, special ins'f'"i'Grs
by telegram or by letter will he . ven
YOU. The department will begin the cr'iv-
cry of both registered and coupon honds
as soon as certificates OF deposit tEertior
are received by the secretary as in-
dicatpf."