The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-01-07
TOR and AGAINST.
Opinions Differ Concerning the New
Bond Issue.
IF WE MUST HAVE THEN, THE
POPULAR LOAN is RIGHT.

The Ideas of Members of COngress-The
Adoption of the Popular loan Plan
Regarded BY Mr., Dalzen as a Republi-
can Victory-Mr Walker Vigorously
Condemns the Administration.
Washington, January 6-Orders were
given today TO Chief Johnston of the
Bureau OF Engraving and Printing, to
prepare distinctive paper for printing the
new issue of bonds AS all the plates
are ready all shat will be necessary will
be to print the face of the bonds when it
is known how many of each denomina-
ton are wanted. The treasury has not
figured officially on what the new bonds
should sell for to bring them up to the
market price OF the bonds sold to the
Belmont Morgan syndicate. It is stated
unoficially that 119 60 49, 25 is about
the pT.lper rate to put them on per
cent basAs A feeling Of relief is expert
eneed in poll tieal and financial circles
here over the fact that the Administra-
ton has rs last announced it's position
on the question Of selling the bou1s
The tension for the past ten days has
bsen extreme. The bond proposal diff
ers from the three others that preceded
it. in thst it IS alternative in character
and opens a way for the acceptance of
the bonds on terms prescribed by Con-
gress, should Congress sec fit to act before
February s. Under the clause reserving
the power to reject any or all bias, the
Administration Gan sift out from the pro-
possls, should Con gress act before Febru-
AIRY 5. whatever bids may be considered
most favorable to the government and
then under the Administration
POPULAR LOAN PROPOSITION.
Those proposals most favorable can
tie accepted and those hot considered favor
able rejected. Thus. while inviting propo-
sails for SlO0. ooo.0 600 four per cent bonds.
less than that amount may be accepted
should the terms proposed be considered
unfavorable.
There was not much discussion among
members of the House today respecting
the new bond circular. The sound mon
ey Dem 0craus en- lorSed thu circular with
great unanimity. The free silver Demo-
Gratis oppose any fresh issue of bonds but
are not disposed TO talk for publication
except to say that if the government au-
th0rizes another bond sale, the secretary
has done wisely in making the loan popu
lar. This is the opin ion expressed by ex-
Speaker Crisp and Mr. McMillin of Ten
nessee, both members OF tho ways and
means committee and by Mr.. Mcguire
OF California. While the Republicans
are generally willing to De quoted, their
interest in the circular is of q passive
nature, and not wholly commendatOry.
- = h., inf Q1 RnT71T h ioor
in the House expressed the fear that
the circular causes a postponement OF
a matter that demands immediate atten-
tion.o
MR.. DALZELL,
Republican, Of Pennsylvania, member
of the wars and means committee, re-
CARDS the administrator action as
practical triumph for the Republicans
since the drift of sentiment on the Re-
publican side, as expressed in the debate
en- the bond bill, was all favorable to the
popular loan" idea. Other Republic
cans think that the circular will lose its
practical effect as in their Judgment,
the Morgan Belmont Syndicate, will i'll
the end secure the bonds.
Mr.. Powers, Republican of Vermont,
is disposed to regard the circular approx
ingly. His argument is that If the peo-
pie can obtain gold to purchase the new
bonds without drawing upon the sup
ply in the treasury, the popular loan is
the proper thing. Ii the government
must borrow money. Mr.. Powers aid the
people are the most desirable creditors
it could have. 1t places the debt in
friendly hands and identifies them more
closely with the public veal. In his
opinion. the people would respond to the
government call. 1t would swell the
heart of every American with pride il he
could say we are no longer in the grip
of the foreign money lenders who are our
friends for revenue only. " AS we are
now insisting upon American rights in
diplomacy, " he continued with a smile,
let US demand them in financial tran
sactions. I"
MR.. WALKER,
Republican of Massachusetts,, chairman OF
the House committee on banking and
currency, speaking of the proposed bon d
issue, said little short of excavation would
be visited 10y the people upon the head
of the Administration tor its course in
the matter. especially for it's defeating the
proposition advanced by Mr.. Reed In the
last Congress for low rate, short time
bonds There exists in Congress-, he said,
an almost unenimous feeling that the
issue of these bonds is one OF the greatest
financial outrages ever perpetrated upon
the people. The people will now insist
on increasing the revenues to a sufficient
sum to pay off all the bond debts created
by this administration.
Mr.. Catchings of Mississippi, whose re-
lations with President Cleveland are
most cordial and who is a champion of
sound money, feels that the secretary
action meets the necessities of the stu
alton and Mr.. Carlisle could not, with
safety, have waited much longer. He
comm ends the secretary for increasing
the loan to S1G0, 900, 900 and thinks, i
the legal tender notes continue to be off
cred for redemption with reasonable
rapidity, very large part of them vii
be absorbed before the reserve can agar
be seriously depleted. These, added tt
those now in the treasury through preyi
Gus redemptions, will, he thinks, make i
much more difficult to continue the raiC
upon the treasury and will correspond
ingly afford relief.
MR.. BAILEY,
Democrat of Texas, said eff the Score
tary of the Treasury would exercise the
option with which the law invests him
M cala 0f bonds Fvoi1Id he