Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-14
1HE noND ISSUE.

years. and So. tQ1py OF Pc teA1- "
aca.es OF indebtedness running no: more
than one yea. The only difference De-
tween the bonds and the certificates lies
in III. time. respectively, they have 10
run. and the fact that the bonds arr
available "a a basis for national bank ciT-
culsuon.
The theory in regard 70 this piece OF
legislation Is that the bond issue $ 10 be
4 POPULAR loan. and that the proeeeds OF
,ha sale OF al the securities shah Il
used only for war expenses. But whether
thar theory viii materiaiize in either
direction is a question According 10 the
terms ~ tbs act. the bonds mus hTst oe
rendered for popular subscription. These
are 10 be offered in denominations OF MOI
less than 50, aud when individua! SUP
S--iptions amount 10 less than s." pay
rnents must be spot cash. on large SUD
s.-ip-ious PAYMENTS may be permitted IN
instruments. But the time allowed ior
each instalrnent 10 De taken up Is NeIy
limited. and how This would initiate
AGAINST a popular subscription was 'eF!
logically set forth b. Senator Jones
r1amocra1. OF Arkansas. in discussing
the agreement OF the committee OF con-
ference. After calling attention TO the
fac. that the Treasury Department h4d
already made preparations 10 invite bids
Co. sso 90 oo OF the bonds. Mr.. Jones
ssid.
mon the market az once, Win the lusA
r5ar they Will be taken BY people having
small holdings and in small quahtllles'
$3.50. p, -. utterly absurd II you star Z
. ronular loan and give the people llil-1
a adjust their small AFFAIRS IN sIcH a
~ +ha7 they will be enabled 10 put tne!I
money in bonds. they might 90 IL Ou1
-. cannot do II in the hurried way
Witch i here proposed Imagine ila'l
tr the country having a small amount o.
money. with the little notice ne VIII hAa Z,
bstrr able 70 invest in these bohus- ne
my have a little something. but ne H.
not he able To make II available "L'HI-i
thirty days He must nave SOME AZ
formation about the terms, ETC.
Another bar 10 the loans becoming 4
nopula- one is the feature making the
bonds available for national bank-note
circulation. While it IS possible that the
t,,,k Of the bonds viii be sold in small
lots. il is more than probable that when
the round Up comes the chief holders Will
- the national banks. These institutions
r would seem, would but follow the &c
,.tes ~ ordinary business sense and
enanciering in seeking TO get possession
~ as many OF the new bonds as possioie'
As the SIS can be obtained at par theTe
v-iu he no premium 70 be charged on al
the end Of the year or when the bohu'
become due. as is the case with e1islih=
- and IS. and there is nothing 10 pre-
vent The banks from taking up numerous
small lots Of the issue through their ON
GERS clerks. and other agents. More
over. few persons will be disposed 10 cen
sure the banks FOR pursuing such poiicy
Arain II is well known that the Sec
rs+srv OF the Treasury does not consider
.be norllar loan feature OF the lssu'
practicable. Indeed. he so told the senate
c,,,r,ittes on Finance. Certainly that /
-, calculated 10 help naturalization o
the popular theory.
as 10 the restriction that the proceeds
- ,be sales shall be used only for wal
ps-posss. that amounts 10 nothing. NO.
! does the provision about issuing th'
! ,.,,5s from time 20 time as may b
( necessary amount 20 anything more
/ what We may expect IS shown in the "a
in the Senate between Mr.. Jones tDemo
cat, and Mr.. AIdrich Republican,, on IN
sstjsoL- We quote:
/ NJ Aldrlch: IL IS clear that the sus
s.s,ion made BY the Senator from Ar
/ tars,s that there is TO man on thls sla
~ tha chamber who DOUBTS tnat me 80
I retsrv will issue S2.0e"."G or S''-V''V"
/ ~ these bonds ~ once must nave pec'
I made Inadvertently. The Jaw VIII pr
/ -, Uhen this report shall be Ssree'
- ,ba secretary OF the Treasury
~ from time 10 time. as The proceed
. 49, h. required 10 defray the expend.
| 49,. authorized on account OF tns eN
I t.t,,g war. issue certain bonds, or ;
,,,,,ch 81 them as may be necessary 10
/ 80 ,,urrose. Does the senator IRON
/ arkansas mean to say that the secretaf!
I - ~ Treasury. IN direct Violation o
i 80. law will Issue q large amount
| honaS whlcl. are rot necessary I0r III
| purpose statedt -.
"a Zones. OF Arkansas: l supqoss IN
! ss~--tsrv of the Treasury imagines tns
~ sala OF xslseco 90 OK bonds Is imme
1 diately necessary and mat piO0~S.-
I g.. a., Go more vii. be necessary u
! thirtv DAYS. We have heard statement
| made or the floor Of the senate tnAt I'M
VIII b the most expensive war that eve
| MS known; that there never mas peel
! any war in the past which VIII approaG
! n in cost. and we have had predict'Oh
| mat the expenses viii amount 10 SeNel
- ssssbt hundred million dollars IL thi
war shall continue Tor oht t"eiF
v,onths aud I do not believe the state
,,snr mas been limited 10 twelve months
| put shat that amount % money woui
DC expendv,. long before that unie-
Exactly. The chickens have bee
counted before being hstched- But the
| viii be Matched. II the policy o. previou
Republican administrations Affords an
! criterion rom which TO judge. bills wi
ns forthcoming that will absorb the en-
tire bond issue provided for, which. apar
from the certificates. win incrsase 90
lnteres, account sls.e0ceco per anuum- A
we see n. the issue viii not only not he
come popular loan. but Is an invita-
ton 10 indulge IN extravagRnce. and al
ready there are signs that ths invitstio
is going 10 he accepted Tor all that u
worth. Considering the present con0tio
| OF ths Treasury and the prospective Ts'