Newspaper Page Text
VOI VI, NO. 4.
$1.00 A YEAR. GOING! GOING! TEE CREDIT OF OUR GLOBIOUS COUHTBY AGAIN OH THE AUCTION BLOOI. Carlisle Offers Bonds for 8a!a, and an Effort is Being Mada to Pre vent Their lama. On January 17 Secretary Carlisle is Bued a circular calling for bids os United States 5 per cent, bonds, of which the following ia a copy: TbicastjbyDxpabtmxnt, ) Office of Secbetaby, Washington, D. a, Jan. 17, 1894. ) "By virtue of the authority contained in the act entitled 'An act to provide for the resumption of specie payments,' ap proved January 14, 1875, the secretary of the treasury hereby offers for publio subscription an issue of bonds of the United States to the amount of $50,000, 000 in either registered or coupon form, in denominations of $50 and upward, re deemable in coin at the pleasure of the government after ten years from the date of their issue, and bearing interest, parable quarterly in coin at the rate of 5 per cent, per annum. Proposals for the whole or any part of these bonds will be received at the treasury department office of the secre tary until 12 o'clock noon on February 1, 1894. Proposals shall state the amount of bonds desired, whether reg istered or coupon, and the premium which the abscriber proposes to pay, the place where it is desired the bonds shall be delivered, and the office,whether that of the treasurer of the United States or an assistant treasurer of the United States, where it will be most convenient for the subscriber to deposit the amount of his subscription. Failure to specify the above particulars may cause the de posit to be rejected. As soon as practicable after the first day of February the allotment of bonds will be made to the highest bidders, but no proposal will be charged at lower prices than $1.17.223, which is the equiv alent of a 3 per cent bond at par, and the right to reject any and all proposals is hereby expressly reserved. In case the bids exceed the bonds to be issued they will be alloted pro rata. Notice of the date of the delivery of the bonds will be sent to the subscribers to whom allotments are made as soon as practicable, and within ten days from the date of such notice subscriptions must be paid in United States gold ooin to the treasurer or such assistant treas urer of the United States as the sub scriber has designated, and, if not so paid, the proposal may be rejected. The bonds will be dated Febnucxy 1, TOPEKA, KANSAS, 1894, and when payment is mads there for, as above, accrued interest on both principal and premium from February 1, 1894, to date of payment at the rate of interest realized to the subscriber on his investment, will be added. "All proposals should be add'CEsed to the secretary of the treasury, Washing ton, D. 0., and should be distinctly marked 'Proposals for subscriptions to 5 per cent bonds.' J. G. Cablislf, Secretary." Among those who have watched the course of the administration this action of the secretary caused no surprise, yet the feeling of indignation among people who are opposed to mortgBgirg the re sources of the country for the benefit of the bond holders of London and Wall street has been growing ever since the circular was issued. ' On the following day J. R. Sovereign, general master workman of the Knights of Labor, after conferring with a num ber of prominent labor union officials, decided to make an effort to prevent the bond issue by the injunction process. In regard to this a dispatch from Des Moines, dated January 19, Eays: General Master Workman Sovereign was seen by an Associated Press re porter to-night in regard to the proposed injunction against Secretary Carlisle. "It may be a good deal like a mouse tackling a lion,1' he said, "but we are go ing to do it." The petition praying for an injunction to restrain the secretary of the treasury of the United States from issuing bonds in the sum of $50,000,000 or any other amount, Mr. Sovereign said, would be drawn here by Judge Cole, and would be sworn to by Mr. Sovereign and sent to Washington to be filed in the United States court of the District of Columbia the first of next week. It was thought Mr. Carlisle could be enjoined here, but it was found later the proceedings must be begun against the person, defendant, at his domicile. Washington being the home of Mr. Carlisle, the suit must be brought there. To-night Mr. Sovereign sent a telegram to Senator Allen, of Nebraska, asking him to make the oral argument before the federal court in Washington. The following specific claims are made by tha persons seeking the injunction against the bond issue: There is nothing in the law providing for a reserve fund at this time in the United States treasury of $100,000,000. There is no provision in the law for any special reserve as construed by the present government. The fact that the secretary of the treasury Is to offer for sale a greater amount of bonds than the so-called legal reserve indicates that he is not offering them for the purpose of redemption, aid it farther shows that (Coiiwti cm foot a.) JANUARY 23, 1894. WHAT MAY HAPPEN. Mrs. Diggs Throws Soma Light on the luture of National Politics. Special Correspondence. Without any question the men who do the managing of the national democracy are seriously alarmed by the disjointed condition of their party. There are rumblings and growlings among the rank and file. The new tariff bill suits nobody. Congress dare not. pass it as it was introduced, and cannot amend it without giving deep offense in more or less nfluential quarters. The tariff schedule is a dangerous buzz saw. The threatened income tax is fiercely hated by capitalists. Congress dare not pass the measure for fear of enraging the wealthy class, and dare not refuse to pass it for fear of exasperating the masses of the people. It was long since determined by the powers which repealed the Sherman act that there should be an issue of bonds. But so much light has since been tu.Tied on the schemes of the gold bugs that oongrees dare not outrage a rapidly awakening people by obeying the behest of Grover Cleveland and Mr. Carlisle. The most hypnotized partisans, republi cans or democrats, can scarcely fail to see that the saddling of another interest bearing debt upon their burdened backs is a poor sort of way to relieve them of debt It there could be an untrammeled, entirely unpartisan vote taken upon the issuance of bonds if this question could go before the voters of the nation purely upon its merits, it would be killed so effectually that even a visitation of its ghost would frighten a congressman out of all the sense which he imagines he has. But all these party differences com bined have not produced the deathly weakness of the democratic administra tion which the Hawaiian affair has caused. The fact that the Harrison ad ministration, in aiding the overthrow of the established government of Hawaii, was wholly unpardonable, does not at all palliate the high-handed and outrageous course of President Cleveland. Neither Mr. Harrison nor Mr. Cleveland con sulted the American people. Both pres idents pursued a course far more befit ting a despotic monarch than the chief executive of a republic, yet the course of Mr. Cleveland is doubly odious be cause of its duplicity. The disgusting revelations of Mr. Willis concerning his negotiations with the blood-thirsty queen who wanted the heads of her enemies have so shocked the people that Presi dent Cleveland has few defenders among his own party congressmen. No act of the coarse and heavy schemer of the White House has made such inroads upon his popularity as his utterly inde fee sible Hawaiian policy. Mr. Cleveland has lost hij hold both OFFICIAL STATE PAPEB. on the democracy at large and on con gress. It will, in my opinion, be impos sible for him to dominate congress in the matter of bonds as he did in the matter of the repeal of the silver bill With all of the prodding whioh Carlisle has been giving congress in the way of threats and groans over a depleted treas ury he has not been able to infuse enough hardihood to induce representa tives to brave the wrath of their con stituents. Mr. Cleveland's waning pop ularity and the popular aversion to bonds have caused the managers of the party polioy to decide that the secretary of the treasury shall issue bonds with out the sanction of congiess, it being the lesser of the two evils to sacrifice Cleveland and hid secretary rather than risk defeat of congressmen at the com ing elections. The issuance of bonds by the secretary of the treasury will act aa a feeler of publio sentiment; should the people still be so befogged by partisan ism as to submit tamely to the outrage, the more venturesome step can then be taken by congress at this session, and an act granting still further power to the secretary of the treasury may go through. But should there be a storm of popular indignation, there will be no I bond authorized at this session; the in famy will be postponed until after the elections. It will then be possible to shirk all the blame upon Carlisle and Cleveland and congressmen may be re elected. Trusting to the short memories and party blindness of the masses, the managers believe they can so work this program as to tide over the next fall's elections, re-elect their democratic house, and then give the imperative or der for an immense bond issue by the next session of congress. It is poor politics and shoit insight for the Populists to wage their heaviest warfare against democracy. The demo cratic party is far worse shattered to-day than was the republican party at the time of its national defeat The great strength of democracy in 1892 was Gro ver Cleveland. To-day he Is their great weakness. His name is a hiss and a by word among countless thousands who idolized and shouted and voted for him in the last campaign. As every Populist well knows the great money power is non-part'san, hence it will throw its weight of influ ence and do its contributing to (he party which is least battered and rent by discord. That party to-day is the republican party. It has but one tenet protection to home industry," i. McKinleyiam. Is is fortunately not re sponsible for the income tax, the bond issue nor any of the rocks upon which dera 'fcracy will split It can therefore hoi cf itself more compactly and steer bj a straighter line to success. It h&j ( Continued on pagt 9.)