The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-15
PArMENr or corr FoR BONDS.
The Original Idea of "A Popular Loan Is
stiii Adhered To-

WASHINGTON, j.. c., Jan. n.-No
change or modification in the circular
issued by Secretary Carlisle inviting
bids for slO0.OC0,0oO . per cent. thirty
year bonds, on a per cent basis, Is con-
templated at the Treasury Department.
Already bids have been received under
this circular, which bids would have
been yitiated by any change made now,
and which would work a hardship on
those already having bid. Under tine
circular, bidders have forty days within
which time to compiet payment for bonds
accepted by the Treasury and should
there be, as feared in some quarters, a
congestion in the roney market be-
cause Of the large amount Withdrawn
from banks and other repositories with
which TO pay for the bonds. IL Is under
stood fere that the Secretary OF the
Treasury will use his discretion. accord
ing 20 circumstances, IN eXacting pay
ment within the time specified in the
circular.
1t is not the desire Of the Ad,ninistra-
tion TO bring about \ congestion IN the
money market. and should il appear
10 the Secretary of the Treasury that
such a congestion would result from his
exacting literal compliance with the
terms OF the circular as 10 the payment
he will 50 regulate the payments and ex-
tend the time as, IN his discretion. the
circumstances Of the case demand.
Considerable interchange OF views on
this point. in q quiet kind OF way, has
been going on for the past few days
between Treasury officials charged with
the responsibility OF perfecting the de-
tails OF the bond payments.
II is readily recognized that there are
fssHg rHf. int f.T cd ffT.Y
that OF the Treasury and that OF the
bidders from whom the gold Ia to be re-
ceived. The object Of the Treasury is
10 do the best they can for the Govern
ment; the object OF the bankers and bid
ders is TO get the bonds on the best
terms for themselves. II is recognized
that most OF the gold received for 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 10
necessitate the substitution OF some other
form of coin or paper currency Tor the
reserve thus withdrawn
This would naturally produce a conges-
tiOn in the money mf rket, and the Sec
retary Of the Treasury knowing this,
will as above state exercise his dis
cretion in the premises alike FOR the BEN
ellt or the treasury ana the banking
community at large.
The substance Of these assurances has
been communicated I'm various letters
written within the last week at the
Treasury Department TO bankers and
others throughout the country.
While no promise is given that the
payment for the bonds will not be re-
quired 20 be made within forty days. the
Secretary has stated that he being the
Judge Of the circumstances, Will exercise
his discretion In the matter 10 prevent.
as far as he can any injurious contraction
In the currency
The Treasury gold reserve at the close
Of business to-day amounted 10 SJ4 b.
-
The amount Of Withdrawals at New
York to-day was 81. .1s4, ,Wp-Sl. 100, 900. in
g0ld bars and Ss4.Op in coin
NEW YORK. Jan. 14.-LaZard Freres
will ship Sl.1OOO9J gold 10 Europe u.
morrow; Muller, Schall d Co viii ship
100000 gold 10 South America to-mor-
row.