The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-06-13
cARLIsLE's DEFENSE OF BONDS.
He says the Issues Were Necessary to
Save the CounGry's Credit.

Washington City. June s.-Secretary Car
isles reply 10 the subcommittee OF the
senate finance committee charged with
the investigation OF the sale OF United
states bonds during the years 1884. 1895
and 1896. has been made public. The state
ment Is dated June !. Reviewing the
conditions which led 10 the bond issue.
the secretary says.
''LarTely on account OF the apprehen-
sion as 20 the ability OF the government
to continue the current redemption OF its
notes IN gold coin and 10 maintain the
parity OF the two metals. the exports OF
gold during the fiscal year 1885 reached
the unprecedented amount OF SOS. So. s4&.
nearly all OF which was Withdrawn from
the public treasury by the presentation Of
notes for redemption. Notwithstanding
the most strenuous Efforts by the Depart
ment to maintain the 500 600 200 reserve
intact. on the I'd day OF April. 1854 IL be-
safns necessary 20 use part OF II for re-
dernption purposes Very iitie gold being
received on account OF the duties os the
government II was therefore impossi-
BILE to Increase the reserve without re-
sorting TO the issue and sale OF bonds un-
der the authority conferred by the re-
sumption act"
The secretary then refers 20 ~. bond
sale OF January Il. 1924. which net.ed the
government ssS s6e. ST. From that date 20
the treasury was s.. .sT4. the amount
varied but little. The secretary continues:
in The meantime the frequent presenta-
ton Of notes fer redemption liz gold BY in-
dsviauAls and institutions not desiring n
for expectation clearly indicated the En-
is;snce OF uneasine=s In TIRE public mind,
while foreign exchange was almost con-
ssantly ct or near rate which MADE I;
necessary - export gold 20 ray Bills AZ
49, ~.a ~ ..
drswals fer shipneas were daily threaten
&c. As ne season approached when large
experts nearly always occur. x was e0nsIa-
cred absolutely necessary FOR the mafntA-
nance CT the puhiic credit and ;as con-
timed execution Of the monetary polcv
declared by congress IN The act OF Jalv "A
iSsc. and repeated IN the act % Novsr.bsr
-. 49, 70 resort again 20 the ISSUE CT
% sfs'
Ire terms and result cf the second bond
,swss are stated Secretary Carlisle SAYS.
IL seen beams evident thar the trans
sctiou hsA rot teen efsecfual 70 stop ;na
Withdrawals o gold These large With
fraWais were dus AlngSt entirely. - far
as could oe sscs-talned. % 8 feeling %
Apprehension 81 me Fsshlic r1lna. ard es-
peeiAdy among tae hch1ers of cE- sscurf-
ties aaroaa. whsch Increased % Intensity
from Cay % esy uatn I; reached the qrs.
portions % = panic IN the financial ceEts-~
aa8 Il was evident that unlesS sYeesual
Steps we're promptly taken 20 check ,ha
graN5ax dswtrsst the government would
become compelled s8sh.a a sew aavs Ia
saSpead gaie payments. sn3 - drop %
silver sn8 pspsr ssAa3ard. The sta
ten vas 50 grave that TIE sstentioa q
ecnsrsss vss called - TIE subject o. sas
Sin q January. fHS
A'tsT frse}y sueging fror tss PRESIDENTS
s-ecia3 r1sszaEs. TIRE secretary Ssvs liar
eongress saving sAalse 20 pass any meas
nFe ser to rsl5sf = tie trsaEsrv. = Coz
tract vas sntsres sutc on EeAguary $ $50
site a8E - snoas 4 CO. % New Yarx.
y. ". RathscsiS 4 eoEs. 81 I.en6au. ana
p As~EA1 & &C.. fzr TIE aorrhASs o.
saa sa 19rcss e STANDARD Eei1 Al tAs
pgere sf - Satsz r@T sanzae 70 be rska TO-
n Unats3 s1stss thiTgy-ysar psr cert.
n2was >ef &Es<S than nnR-AAkF a. ah~ xoas
NNs % hs groeGrs3 aHrcaS. art tse szrssss
exrec1. 80 far a. ar "a thef- power. .
sxe-< sny assncasl tzsssszco e naake sIs
lsgffi71Ate sTsrts - Erosees the treasury
AZaEf.St Withdrawals Esn9fuE rae eczapEsts
performance - tAR contract"
Ihs seeEstsrF aaasHs sraaa ire rrszs-
SEATS message - soaxTzsx trsza ~.sissstx ,-s
tAs @xscasts4 - th@ esnlrscs. sa wrhlaa IA
&xasa Calls sfts1tsua % tie nnAneEA. CO.,