Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-01-11
CARLlsLE,S CALL
Enoct of His Bond Proposa1-How n
Differs from Others.


lief is experienced IN political ant
financial circles here over the fact tha,
the administration has Mt last an
nounced its position on the question o,
selling bonds. The tension for the
past ten days had been extreme.
The bond proposal differs from all the
three others that have gone before ir
that it is alternative in character. II
opens the way for the acceptance OF
bonds on terms prescribed by congress-
should congress see fit to act before
February 5. Under the clause reserv.
ing the power to reject any or all bids
the administration can sift out from
the proposals should congress act be.
fore February whatever bids that
may be considered most favorable to
the government, and should congress
not act then under the ndministra-
tion's popular loan proposition, those
proposals most favorable can also be
accepted and those not considered ia
vorable rejected.
Thus, while inviting proposals for
S1OO,000,000 four per cent. year bonds,
less than that amount may be accepted,
should the terms proposed be consid.
cred unfavorable. The bonds sold to
the Morgan-Belmont syndicate are now
bringing in the open market 115 and
over, and the public is now given an
opportunity to determine the disputed
proposition whether popular loan at
p esent market prices can be foated
by the United States within the United
States.
So far during this administration
three bond issues have been made, ag.
gregating $162, 2,315, 400, for which $751;
100000 in gold was received.
These issues were made as follows:
First issue of $50, 100000 of five per cent.
ten-year bonds on January 23 1894, for
winch sos. $685. ,295 in gold was realized;
second issue of $4,000. 900 five per cent ten
year bonds on November II, 1894, for which
sos, h3SJOO in gold was received; third issue
OF S62, 400 of four per cent. 30-year bonds
tothe Morgan-Belmont syndicate, for which
S65,1l6.2i4 in gold was received These bonds
were sold at slightly less than 105 and in the
market are now quoted at lis and over.
Washington, Jan. 7.-There was no
discussion among the members of the
house respecting Secretary Carlisle's
bond circular, although all the repre-
sentatives were familiar with it's terms
The sound money democrats who were
spoken with indorse the circular with
great unanimity. The free silver dem.
ocrats, as might be expected. oppose
any fresh issue of bonds, and for this
reason are ill-disposed to talk for pub
lication, except to say that if the gov
ernment authorizes another bond sale
the secretary has done wisely in max.
ing the loan popular one and giving
the people the first opportunity to pur-
chase. This is the opinion briefly ex-
pressed by ex-Spealser Crisp and Mr..
McMillin (Tenn.), both members of
the ways and means committee and
prominent among the democratic
leaders, and also by Mr.. Mcguire (Cal.).
While the republicans generally were
willing to be quoted, their interest in
the circular was at best of n passive
nature and not wholly commendatory.
Some, and among them Mr.. Quigg IN.
", think that the circular will lose
its practical effect, inasmuch us. in their
judgment, the Morgan-Belmont syndi-
cate will in the end secure the bonds.
Mr.. Quigg's fear that in the end the
syndicate will secure the bonds is
shared to some extent by no less we'll
informed democrat than Mr.. Patterson
(Tenn.), who has been conspicuous in
his advocacy of sound money.
New York, Jan. There is a great
diversity of opinion regarding the pro-
posed bond sale by the government.
The call leaves the way open for both
the small investor and the capitalist.
AS subscriptions will be received for
nearly month it will also give foreign
investors plenty of time to make their
engagements of the new bonds. In the
matter of paying for the bonds the in
stallments are so placed as to prevent
exhaustive Withdrawals from the treas
ury. The arrangements for subscrip-
tion for another kind of bonds, if
authorized by law. it is thought will si-
lencc criticism in congress.
The markets for securities took n
favorable view of the matter at the
start, but later on there was decided
change in sentiment, and prices
dropped half to two per cent. Bank
officials were not willing to be quoted
although some of them said that l..
was evident that the difficulty of OBJ
tanning big blocks of gold without dis
turbing the financial and commercial
situation was not fully appreciated in
certain quarters.
The first effect of the call on the
bullion market was the disappearance
of the premium on gold. Operations
for importing gold have also come
to standstill.
AS to the amount subscriptions are
likely to reach bankers say it is too
early to make any predictions and that
congress had to be heard from yet.
Bullion dealers now state that it is
impossible to quote the commission on
gold. They, like the bankers, are com
pletely at sea, the open bond issue hav-
ing upset the calculations of the street.
j. Pierpont Morgan, the head of the
bond syndicate, said: Il am not pre-
pared to say what course the bond syn,
dicate will pursue. There is 30 days in