The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-04-28
|. 4 | Il a ! !
.SINBVS Or v Ar
Five Hundred Million Bond
Issue to Be a Popular
Loan.
CAGES WALL STREET VISIT
Secretary Gets None But En-
eouraging Words From
Great Finaneiers
DEMOCRATS MAY SPLIT
Mcclellan and the Wiser Element
Will Support the Revenue
Bill on Its Final
Passage.
DEMOCRATS MAY SPLIT

WASHINGTON, April q, 1SsS-Before
the debate upon the war revenue bill
war measure was passed by unanimous
consent to repeal the limita tons upon the
purchase of quartermasters' supplies dur
ing the existing war with Spain. Mr..
Hull explained the measure was deemed
urgently necessary by the quartermas-
ter's department of the army to avoid
in progress.
Mr.. Payne Rep., N. Y), member of
the Ways and Means Committee, was the
first speaker on the War Revenue bill to-
day In the course of his remarks he
said that in disciplined armies and sea-
soned soldiers, Spain at present had the
advantage and that it was, therefore, the
part of prudence to supply the Govern
ment with all the pechniary means neces-
sary to recruit and prepare our army for
the field. He combatted the opinion of
Mr.. Sayers, that $500, 100000 would be suffi-
cient. Our war preparations were cost
| ing $25, 900 a month. With armies in
| the field the expenditures would be much
greater He did not, however, think
| that it would be necessary to sell the full
$500 900 GOO of bonds authorized by the
| bill before the December session of Con-
gress, but he pointed out that some of
/ the taxes imposed by the bill would not
| go into effect at once. The stamp tax
/ for instance would not go into effect until
/ June first.
/ When the vote is taken upon the war
revenue bill in the House there will be
/ a split on the Democratic side. The solid
/ Democratic vote will be cast for the
/ amendment to strike out the bond pro-
vision and insert i'm lieu thereof the pro-
| vision for an income tax.
/ Mr. Bailey and the majority of the Dem
/ ocrats are determined to stick out against
1 any bond authorization, because they
deem a bond issue unnecessary, but quite
| a number of Democrats, headed by Mr..
Mcclellan of New York, who is a mem
| Der of the Ways and Means Committee,
| believe that failing to perfect the bill as
| they desire. it is yet their duty to vote
| for it. and they have announced their
/ purpose of doing so to their colleagues.
| About fifteen Democrats have thus far de-
/ clared their intention of following Mr..
i McClellan's leadership in this matter
Secretary Gage returned this morning
from New York. where he had a confer
ence yesterday with prominent bankers
i in regard to the proposed bond issue fol
raising a war fund. In speaking today
4 of the conference the Secretary said thai
4 the principal purpose of his visit to New
York was to obtain from representative
fnanciers and capitalists their views or
the proposed bond issue. He had no def
mite proposition to make, and none was
expected from the bankers. The result
xveac arl1i.
4 nently satisfactory.
4 All seemed disposed to do anything and
j everything possible to give any needed
financial support to the Government II
4 the present emergency. Although there
would be no financial inducement fol
1 capitalists to invest in three per cent
bonds, when time loans were bringing six
per cent and even more. the question o.
profit would be put to one side and what
4 ever assistance the Government needed
1 would be forthcoming.
4 All favored the popular loan idea, ant
thought that the people should be giver
ain opportunity to invest in the new is
sue Some of the bankers expressed
doubt as to the ability of the government
to place among people of small mean:
as much as sleooae.ets Of the bonds a
! three per cent, especially as many O.
THE savings banks tnroughout the coun
try were paying 81 ana per cent.
However, they were willing to assist il
lisposing of whatever was left, and thes
had no doubt that the whole amount Of
fered would be subscribed for at once ans
possibly two or three times over Mos
q cf the bankers present thought that tn
e 5rsf Issue should be 500, ,000, 900. War