New-York tribune., 1896-01-03
CARLISLE VERSUS CARLISLE
THE SECRETARY'S WAVERING AND IN
CERTAIN COURSE.
lie NOW OPPOSES A BOND FRAMED on LINES
WHICH HE ADVOCATED IN 1893

tDY TELEGRAPH TO THE TRI

tDY TELEGRAPH TO THE TRIRUNE.l
Washington. Jan. 2.-The wavering and uncertain
course OF Mr.. Carlisle since ne became secretary OF
the Treasury is theme OF constant and unfavor-
able comment among public men In Washington
who have observed IT, 4 prominent Republican
Representative. referring TO Secretary Carlses re-
efforts defeat the Bond bill in the House Of
Representatives and the solid Democratic opposi-
ton to that measure. to-day said to star re-
porter:
were remarkable in view of the fact that the meas
nre was drawn ON substantially the same lines as as
ne himself had recommended IN his annual re-
ports OF 1893 and 1885,
In his annual report OF December 10. 1893. after
iZed by the Resumption act-the ten-year . per
cents the hfteen-year ~ per cents and the thirty
present condition OF the public credit nothing less
cial emergency would in my opinion. justify the
issue and sale OF any OF these bonds ON the first
class the interes, would amount at the maturity OF
class it would amount to more than two-thrds OF
ceed the principal by ., per cent II any OF
these methods Of raising money were nov m
gross. satisfied 1t would not receive tAe ap-
sy haye Sf ssf been Ss %s Dr 1T is
century ago. when the credit Of the Government
Of a large nterest-bearng public debt. and the
general use OF deprecated paper currency noi
ssas now IN 20 'Py sh that S pubic @ osa
tons bearing any Of the rates OF interest authorized %
Dy tne law referred 10 Noud nave 10 Dr SOL" NJ +"
premium so great to prevent large classes Of our
people; who meat otherwse invest IN thcm M rom rom
bonds payable in 1901 are now selling at rate
which Yields Investors less than per cent upon
their cost. and am confident that bond bearing
interest at the rate OF per cent payable quarterly
and redeemablc at the option OF The Government
after five years could he readily sold at par In our
Secretary Carlisle then went on to recommend
that the authority now existing should be 40 modl-
fed to empower him to issue the bonds In denoini-
nations of SIS and its multiples lie ihousht & that
through the SubTrca sures and pos,o''ices He
also suggested the issue Of obligations to an amount
one vear from dntc as an cxpedcn' Tor meeting
II you will take the secretarys proera mmN "a, as
YOU Will find that the two financial projects are in
almost cXac' agreement. There are slight differ
tcrest payments which quarterly In Nj Car
Isles scheme and half-yearly in tn" Pond bill,
But on some other details the two plans are anso-
lutey Identical and. taking thcm as whole, they
run on the same lines Both the Secreiarys plan
and the new Bond hill refer exclusively 20 coin
bonds There Is not word IN NJ 'arsie room
mendatlons 70 suggest that me bonds ASKER Or 10y
hin should be mad" payable in gold Ihat s"G-
In MS report OF December ?. lsei he renewed his
rec'mmerdatol, oi III" year before A. the aH-
recomm"n ia'ions made in NY last annual report
power ho conferred upon the Secretary ~ the Treas
ury to negotiate loans At lower rat Of Interest
again there ls no mention Z gold bonds. j. WIS
coin bonds that the Secretary called FOR snort term
low interest coin bonds. % the very pattern which
tie Republicans Of the House have now iestow'H
upon HIM SO far as their power o' h"st""al -pts.
The Government ha- always used tho wori coin
in It's bonds and the coin received by the Treas
urv on ~ loans has invariably been gold. tho sam"
kind OF coin has always been paid IN return inc
good faith OF tho Government has always ne"n Irr-
served and there serOus doubt ~ thls IN
III tho Administration began to fl-cr"it H. IN"
most serious objection TO subsiitrt ting I'M" worn
gold" .or con" in the new bonds wa- That u
would tend 20 dscrciit the bonds now outstanding
IN uhirh the vorl coin" is u4.d Rui ns"l
have any fear that when the Government r1rro"s
rold I, will cndcnv1r - iischarg" ts obligations n
any money LEGS valuable in tho financial centres "i
the world
There are only two features In the Bond till az
reported by The Ways and Means commit" AMI
ia ssed by the House. which are added 10 no mes
iirc twice recommended by Secretary carlisle On"
recurring that the proceeds OF the bonds shall 20
devoted exclusively 20 redemption purpo'"- ana nc
other that all bonds shall 10 Nrst oN'r"i 10 fh'
Ame rican people popular loan. ana u serfi'
clear that ~ is ,hesA features. especially m" lh-t
that have aroused the antagonisn of ne Nifnlnl-
trat,on II will observed also that the Limitation -
the amount o, certificates Of inD"h'ei ir"-~ 70 -
90 600 which the Secretary now criucls"s - 'h
actly what the Secretary himself recommended IN
1879 and 1894