Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-03-09
New Finance Bill Discussed at the
Cabinet Meeting;
SECRETARY CAGES PLAN OUTLINED
Exchange to Be Made With the
Least Disturbance.
SOME OF TODAY'S CALLERS

At the cabinet meeting today Secretary
| Gage outlined his plan for carrying into eff
| feet the new finance bill which, It is eX-
| pected, will pass the House next Tuesday
| and be approved by the President soon
| thereafter. The Secretary explained that
| in all probability from 81 to ~ per cent of
| the outstanding bonds which may be re-
| funded under the new law will he present.
| ed for exchange within a comparatively
| short time. This would involve early cash
| payments as premiums to the holders of
| the old bonds amounting to from $50 OO0. 900
| to $35,OOO,OO0. question which has occu-
| pied the attention of the Secretary of late
1 is whether this amount should be taken
| from the funds now in the treasury or from
the government deposits with the national
| banks, or whether a part should be taken
from the treasury and a part from the
| banks.
Total Amount Not Materially Changed
| Much will depend upon the rapidity with
| which old bonds are presented for ex-
| change, and also upon whether the crdi-
nary treasury receipts keep up to the pres
| ent mark.
| Attention was called to the fact that
even If considerable sums were drawn from
| the depositary banks in these settlements
| II would only amount to a transfer from
| oiie Ddllh 10 aHOtneT, or from Inc credit of
| the government to the credit of the parties
surrendering the bonds in the same bank
| Therefore the total amount of money held
| by the banks would not be materially
| changed.
| The Secretary's purpose. as stated to the
cabinet, is to create as little financial dis
! turbance as possible in the settlement of
the premium accounts. IL the treasury re-
| ce1pts continue large and the applications
for exchange of old bonds is not excessive
| iy heavy at the outset, it is altogether
probable that considerable share of the
premiums will be paid directly from Inc
treasury, but should there be a rush for
the exchange of bonds it is quite likely that
the banks will be called upon to share in
the payments. On the other hand, the
secretary does not propose that the pres
ent available cash balance in the treasury
which now amounts to 5000 0OO,G 600 cxclu-
sfVe of the 500, 100000 gold reserve shall
oe largely encroached upon: The question,
therefore, whether the cash to be paid as
premiums shall come from the treasury
the depostary banks or both depends for
| ITS solution largely Upon conditions which
cannot now be foretoId.
---.-..-... The New Honds
The new bonds will be dated April /. and
| the amount of premiums to be paid on the
| old bonds will be calculated from that date.
| the rate in all cases being the same, which.
according to the terms of the new act, is
such as shall yield return of "a per cent
per annum These details We're fully ex-
planned to the cabinet and the plans and
purposes of the Secretary met with gen
eral approval.
Act Signed
President Mckinley has signed the act
authorizing the health officer of the D:s-
trtct of Columbia to issue a permit for the
removal of the remains of the late Major
General Ord from Oak Hill cemetery Dis
tr1ct OF Columbia, to the United States Ma
lonal cemetery at Arlington.
Some of TOday's Callers.
Representative Miller of Kansas Scna-
tors Spooner and Perkins and Robert p
Porter were among the Presidents visitors
prior to the cabinet session this morning
The first county convention in Mr. Miller's
district was held two days ago, resulting in
the election of delegates for his renomina-
tlon The district convention will be held
on the 10th of March, and it is thought Mr.
Miller will be unanimously renominated.
The district gave fusion ma jorty in 1896
put Mr. Miller carried it by 5000 majority
III 1885, and believes he can do SO again
Consul at Magdeburs.
The President today nominated Max J.
Baehr OF Nebraska, recently appointed con-
sui at Santos. Brazil, to be consul at Mag
deburg, Germany.