New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04

showed that at least two senators had been en-
gagged in specializing in Sugar Trust certihcates
while the bill was before the Senate
COINAGE OF THE sEIGNIoRAGE.
Considerable interest was aroused by the strug-
gle over the bill providing for the coinage OF the
segniorags II was introduced BY MI Bland OF
Missouri and provided for the immediate coinage
Of silver in the Treasury to an amount equal 10
the difference between the cost and the coinage
value Of the bullion purchased under the Sher-
man Act, amounting to SD l566Sl. 1t passed
the House March 1-yeas. 16S; nays. I'D; not
voting JG-and the Senate March lJ-yeas. Al;
nays 81; not voting 10. on March % the Presi-
dent vetoed the bill. and in the House on April
At failed to receive the thirds vote required
60 pass il the veto.
At this session the bill repeating the Federal
election laws became a law. passing the senate
on February Yeas. 80 democrats. ~; Popu.
lists. 81; nays. ~ (all Republicans. II haa
passed the House at the special session-yeas;
POI Democrats, l3t Popuiists, -; nays W. Na''
Republicans).
THE FIRST OF THE BOND ISSUES
Meantime the condition Of the Treasury went
from lad to worse On January 13 Secretary
Carlisle submitted TO the Finance Committee OF
the Senate a statement showing tina; the excess
of EXPENDITURES over receipts to that date had
reached S430OOOOO and that at the same rate
nearly three times what he had estimated in mis-
annual report The COLL reserve had shrunk to
$74OoOOOO. and he asserted that the ordinary ex-
censes OF the Government would soon have to
be paid out of that fund Unless something was
done By Congress to authorize the issue Of low
rate bonds the Secretary announced that he
would put forth hgh-rate bonds under the
power granted by the Resumption act of 1919.
Nothing having been done by Congress. Mr..
Carlisle January II. announced d bond issue
CT $4,000 900 This at once aroused the oppo-
stion of the silver advocates in Congress and
the House Judiciary Committee adopted a reso-
luton denying the power OF the Secretary to use
The proceeds of the bonds for paying the current
expenses Of the Government. FInancers grum-
bled at the terms Of the proposed issue. but on
the last day allowed for bids the New-York bank
ers. after several consultations with Mr.. Carlisle.
decided to sustain him. and subs cribed for some
$45,OOO.0O0. The subscription ended on Feb
ruary /. the total bids being about SJS.O0O.OOO.
The gold reserve meanwhile had run down to
$6J, 100000 but the proceeds Of the bonds raised
It above the $1O0OOo0Oo mark There were
heavy expectations Of gold during May and
June. and on June - the reserve was less than
$62.00O.W. The New-York banks now came to
the aid Of the Government. and voluntarily sup
piled from their own vaults the export demand.
On June - President Cleveland made a public
denial Of the rumors that the payment Of ma
tured obligations was being postponed by the
Administration. and declared that there was no
cause for apprehension. Toward the end OF July
the taking of whiskey out Of bond. in anticipa-
ton OF the increase Of the tax. measurably in
creased the revenue. The gold reserve sank
$54,OO0.0D. bur. the demand for export dying
out. by the end Of October it had increased to
$G2.0O0.0O0
VAN ALIEN INCIDENT-TiIE CONTROVERSY
WITH HILL.
Much hostile criticism was occasioned by the
Presidents nomination of j. J. Van Allen as Min
lister to Italy. AS Mr. Van Allen had been large
contributor to the Democratic campaign fund in
1892 his contribution Of $4,000 was looked on
generally as the sum which ne had paid for the
office The nomination was confirmed on Octo-
Der 20. but about a month later Mr.. Van Allen
sent letter to the Secretary Of State declining
the appointment. He said that he had never re-
sarded his contribution creating an obligation,
but as the criticisms had put him in a false posi-
ton he felt obliged to decline. The President
urged him to reconsider his decision but in vain.
Mr.. Cleveiand's nomination Of w. Il. Hornblow-
err OF New-York. in September to fill the vacancy
on the bench Of the United States Supreme Court
caused by the death Of Justice Batchford caused
conflict between the President and Senator
Hill On January Il the nomination was reject
EDO to -. Wheeler II. Peckham next
nominated. only to be rejected on February 10
Al to 81. The President then abandoned the at
tempt TO fill the vacancy with New-York man.
and sent in the name Of Senator White Of Louis-
ana. who was at once confirmed.
RECIPROCITY UNDONE
The fate Of reciprocity was settled by the clause
Of the Wilson German bill repeating the reci-
procity provision Of the Mckinley bill. but con-
tinuing existing commercial arrangements with
foreign Governments far not inconsistent