The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-07
BOND BILL.
Announcement Surprise to Sub
ordinate officials.

WASHINGTON. Jan. 6.-The an
nouncement last night that the isecre-
tary of the treasury had asked for bids
for a bond issue Of $lOO. 100000 was a
surprise to the subordinate officials of
the treasury department It is prob
able that no one here but the presi-
dent and probably Secretary Olney
knew Secretary Carlisle's intention.
Indeed it is believed the conclusion was
not reached until late yesterday after
noon. The new bonds viii not differ in
amy respects from those issued to the
syndicate and viii be printed from the
Old plates. Persons well qualified to
judge OF the result of the issue do not
look for large subscriptions from pri-
Yate individuals ana the opinion is eX-
pressed That The syndicates bid for the
entire issue VIII be accepted.
Senators did nor seem disposed to
talk about the bond call issued by Sec
rotary Carlisle. Democratic Senators
generally were non-committal. Sena-
tors 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 admins
tration.
There We're not many Republican
Senators around The capital. Most Of
them we're retcent as to the call. SEN
ator Morrill, said that there was no
thing IL say about the cali. that it
spoke for itself.
Senator Teller said he was gratitied
that the president had decided upon
a popular loan, and he had no doubt
the public would respond in a way to
justify the course decided upon. MIR.
Teller did not believe that The entire
sum Of 100000, 600 asked for would be
necessary. For himself. he did not con-
slder that any bonds were demanded
and he Thought that even from the
president point of view a smaller sum
than $1GO, 00O, 900 would be sufficient.
The cali was an entire surprise for
the House, for it had not been expected
to appear before the middle OF the week
nor had its terms been anticipated. The
plan is generally approved by members
Of both parties who believe there is a
necessity for bonds and those who are
opposed to bond issues altogether think
that the call for bids is much better
than the arrangement with the New
York syndicate. which was generally
expected. There was some dissatisfac-
ton expressed because the president
had not seen fit to wait until the Sen
ate acted on the House revenue BILL
although there is no expectation that
the bond bill will pass the Senate.
Among the Democratic enemies Of
bonds talk was heard of a resolution
declaring the sentiment of the House
to be against their issuance, but this
was considered impracticable as well
as exceedingly unlikely TO pass. Mr..
Cannon. chairman of the Appropria-
tons committee, said OF the call:
LAS 1 understand it, the proposed
syndicate arrangements substantially
looked toward placing the bonds in the
United States If these bonds We're now
ready for delivery and the people OF the
country understood that they could be
had from 40 or 112, which is below 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 payments.
l hope they viii do so as the bonds
run for thirty years and can no doubt
be bought on a s per cent basis and
would yield small profit TO the banks
for circuia ton on that basis.
Mr.. Walker, of Massa chusetts, chair
man of the Banking and Currency
Committee, said:
when the president has a chance to
issue ten year bonds and issues thirty
year bonds he does an act that will
be universally condemned in the near
future. if not today The people will
demand that these bonds viii be paid
even at q considerable premium before
ten years. and probably will be in five.
and execrate the men who have bound
them hand and foot for thirty years. :"
Mr. Hepburn CRep. Iowa. said: This
call places Senator Hill in a rather
queer light after his assertion stating
nothing of the sort was contemplated.
1t looks as though his defense of the
administration was unauthorized.
MIR. Dingley, chairman Of the Ways
and Means Committee, declined to be
quoted. The general opinion of the Re
Dublicans seem to be, however, an APP
nrovaI Of the determination of the pres
jdent to offer the bonds to the people,
but regret was expressed that an invi-
to take the bonds at once. A general
fear was expressed that the delay of a
month before the result of the order
could be ascertained might have de-
pressing effect on business and might
imperil the gold reserve too much.
Mr. Patterson dem. TENN said: Il
heartily approve of the circular.
think it will be popular and successful.
I am glad the clause is inserted that
gives the public an opportunity to bid
under the provisions of the House bill
/ in case it passes the Senate. The deter
mination to let the public bid for the
loan places the administration in the
best possible attitude