New-York tribune., 1896-01-07
TUE CALL FOR BOND SUBSCRIPTIONS.

The President has issued another bond pro-
posal. but public criticism has apparently IN
ducci him 10 modify his plans materially In
stead of contracting directly with the syndicate.
os leading bankers expected when they invited
partcipants to Il new bargain. he has offered
the bonds first 10 public subscription for thirty
DAYS The Tribute mentioned last week that
bonds of so or any multiple thereof. could be-
issued under the law Of 1870. and the Treasury
now offers such bonds to any who may ask
for them. also providing that payments may be
made M either of the Sub-'Ireasurics This Is
NOT enough to make the operation popular loan
in any true sense. Not one in zen Will forward
money through banks or express companies to
4 SubTroa>ury who would have subscribed II
they could have made payments az their own
homes and not ono in ten will take the chance
in a subscription tormnable in thirty days who
would have been disposed 10 put down their
money and take bonds for It at once" The art
and mystery 6f raising money from the people
were thoroughly understood more than thirty
years ago. but roi by President Cleveland or
Secretary Carlisle who are not on that side
II is an open Question how much the people
rs distinguished from banking syndicacs. will
bid for this loan Perhaps bankers in various
parts ~ the country may find II worth while
70 make up lists Of bidders in their own and
surrounding towns. and forward the joint pro
posals n one. cifcctng III" payments for
small compensation, for there would be- conSid-
cradle incidental advantages accrung from such
transactions apart from the commission II IS
conceivable that the subscriptions. other than hy
bankers syndicateS. might be swcllcl by such
processes enough To take larg" part Of the
bonds offered II would be- most agreeable
evidence Of The fairh Of the people in their VA
fion H. in spit" Of thc obstacles which the Al
minstriiion has thrown in The way bY the pre-
scribcd mode or bidding and payment. the pro-
pie should take large shar" of III" bonds M a
price higher than the syndlcat" proposed 10 pa,.
The invitation II Mr.. Morgan 10 other bankers
10 form a syndicate proposed io take The bonds
nt about the price paid year ago. which was
igl premium AMI il was supposed that about
n, Der cent premium would be paid l-ain. The
people who want bonds Il al. and know that
The. per cents have been selling m - to - per
cent PREMIUM will be- quite conicnf 10 realize
as profits only par' OF the H. cor - per cent
difference
II is 20 be- remembered that great many
people do not believe The Govcrnm"n, ought 10
be- borrowing money al this time They are we'll
aware that il, lack of funds springs from "A most
unpaIr,tc tariff which has depressed home In
du-rlcs in order Ia increase imports of mcr-
chandisr and the balances which have 10 De-
paid abroad. and that nothing but muliSh OBJ
siinacy Of The Administration prevents the rca-
sonable increase Of the revenue which would
leave no excuse for borrowing. Thus there cx-
lists no motive to kindlc patriotic ardor In sup
plying the Government. such as would cxis, IL
"A loan were made necessary by foreign difficulty
or even by actual disasters AT home. The bank
crs take bonds for the profit 10 be- made ont of
them and individuals though less accustomed
10 such operations. Will subscribe for the same
reason, but the temper Of the pcopl" is unmIs
takaby adverse to more borrowing without real
need and this will much affect the subscriptions
The call issued provides that If Congress shall
within thirty days pass a bill authorizing some
other kind OF bonds the same subscriptions may
be applied 10 these. This clause can hardly
have been intended otherwise than as an add
tional obstacle to public offers. The various
combinations OF bankers will keep back their
proposals 10 the last, usual. rs 10 know
what they are bidding for, and the call seems
designed to give them an advantage. But it is
within the limits of possibility that Congress-
finding itself treated with astonishing discourtcsy
by the President may feel free to give express
sion 10 the public desire that borrowing OF
money. 10 cover up an unpatrotc refusal to
now be stopped