The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-12
SMALLEST BIDS FIRST
Lump-Sum Syndicates viii
Mourn the Days of Grover.
AS TO BULLION COINAGE
Provision OF the New Law
VIII Make Little Change.
AS TO BULLION COINAGE

Washington, June 11.-Assistant Secre-
tary vanderlip. who has had personal
charge OF the details of the proposed bond
issue, said today:
''The subscription of $500, 900, 900 of the 3
per cent bonds just authorized by con-
gress will be opened by the treasury de-
partment as soon as the bill is signed by
the president, and will close at s p. m,
July "A. This gives ample time even for
the most remote sections of the coun-
try TO receive complete information re-
garding the details Of the issue, and to
have subscriptions from such points reach
the treasury. Every channel will be used
TO disseminate in the widest possible
possible manner information regarding
this issue and to make it IN every sense
successful popular loan. a great num-
Der of subscriptions have been received in
advance Of the passage of the act and
there is every reason to believe that the
issue will be largely oversubscribed -
the terms Of the law the allotment will be
peculiar. The law provides that the
smallest subscriptions shall be first al
loted and the allotments made inversely
in accordance Of the subscriptions. That
viii result in a line being sharply drawn
at some point, and all subscriptions for
an amount exceeding that sum will re-
ceive no allotment whmatever.
THE precaution is taken to prevent in
dividuals repeating subscriptions and thus
getting an undue advantage. The law
provides that all individual subscriptions
must be allotted first and therefore sub
Bcriptions from corporations and associa-
tons other than individuals will only re-
ceive an allotment in the event that the
Individual subscriptions falls short of the
two hundred million dollars which are at
present offered.
The treasury will print about four mil
lion subscription blanks and circulars Of
information. They will be put in the
hands of every money order postmaster
and every banking office and express Of
fee at the earliest possible moment.
HOW COINAGE WILL WORK.
Assistant Secretary VanderHp was ask
ed about the practical working out of that
feature of the bill requiring the coinage
from the silver bullion bought under the
act Of 1890, of $3.50 900 month as a mini
mum. and the covering into the treasury
Of the segniorage thus gained. In reply
he said:
u cannot see that any effect worthy Of
consideration would be experienced pro-
vided that no more than the minimum
amount Of sl,50oO0O a month required by
the law should be coined Under the op-
Of f1a trea IN he M
course thereof, a gradual coinage of this
bullion has been steadily going on as the
treasury notes issued for the purchase of
the bullion were redeemed and cancelled
Thus, nthe calendar year 1897 the coin
sge from the bullion aggregated $l2, 651, 731, !
and. the seigniorage covered into the trea-
sury on account of this bullion coinage |
amounted to 50, go, 600. Should the opera
tons under the present bill be limited to
81, 100000 a. month. and with the immense |
demand upon the mint, it is not prob |
able that any more than that amount !
will be coined in the early future. There |
would be within the next twelve months |
SIS 900 coined from that bullion, in |
stead of Sl2 651, 731. In other words, in the
next twelve months there would be S.
04ct-uS IL SILVER III oAttSS OF the general |
average Of the last two or three years. |
The increase in the seigniorage over the /
average of former years will amount to
1929 5S5.Si a month. This substantially il |
illustrates the average increase under the
law. 1t will be seen that practically it is
of no serious moment in any case"
NO LAW TILL TOMORROW.
The war revenue bill will not become a
law until next Monday. Owing to rule
adhered to in both houses that the presid-
ing officers shall not sign such measures
rave when the respective houses are in
session. the bill still lacks the signatures
necessary before the president affixes his
approval While the house was in session
today the senate was not and it is thought
best to attend to these details. Accord
mgly when the two houses meet next
Monday the bill will be promptly rush
ed through for the signatures Of Vice
President Hobart and Speaker Reed and