Democratic Sentinel, Volume 18, Number 3, Rensselaer, Jasper County, 2 February 1894 — BONDS ARE ALL BIGHT [ARTICLE]

BONDS ARE ALL BIGHT

SECRETARY CARLISLE SAYS THEY WILL BE LEGAL. Foreign In the Pennsylvania Mine# Attack Their English-Speaking Fellow*— Drive Them'from Work and Destroy Mach Valuable Property. Make* Public Statement. John tz. Carlisle, Secretary of the Treasury, has made public the following statement: It has been erroneously published in some newspaper, that the Committee on the Judiciary of the Honse of Representatives had agreed to and reported a resolution denying the authority of the Secretary of the Treasury to issue and sell bonds, as proi osed in his recent circular, and these publications have evidently made an unfavorable Impression upon the minds of some who contemplated making bids for these securities. The only resolution in relation to this subject that has been before the aammittee Is as follows: “Resolved, That it is the sense of tho Honse of Representatives that the Secretary of the Treasury has no authority under existing law to issue and sell bonds of the United States, except such as is conferred upon him b - the Set approved Jan. 14,187.?, entitled, ‘An act to pfovfde for the resumption of specie payments,’ and that the money derived from the sale of bond ß !“*ued under that act cannot be iawfullv applied td pny pnrpsrc except those specified tJjarpfn.” t uii 1 seen ‘hat this resolution assUTiC? that the authority to issue bonds was conferred upon the Secretary of the Treasury by the act of Jan. 14,1875. and that snch authority still exists; but it asserts that the proceeds of the bonds can not be lawfully used except for the purpose of resumption. The telegraphic report of the proceedings'ln the committee when the Secretary appeared before it last Thursday shows that his authority to issue bonds was not questioned by any member, the only question being whether he could use the proceeds for any ot’ er purpose than the redemption of United Stktss notes. Mr. Bailey, the author of the resolution, distinctly admitted the existence of the authority. Addressing the Secretary Mr. Bailey said: "The resolution does not impeach your right to issue bonds: it expressly recognizes it, but questions your right to apply the proceeds to any purpose except those sjjecificd in the act." The Judiciary Committee of the House examined and reported upon this same question during theLUd Coogress, and it then conceded that the authority existed under the act of 18:5. The question as to the authority of the Secretary of the Treasury to use the money in any particular manner or for any particular purpose is wholly distinct from the question as to his authority to Issue and sell bonds. No matter what he may do with the money the validity of the bonds will not be affected and there is. therefore, no reason why any one should hesitate to invest in those securities on the ground that the proceeds might possibly be used lor other than redemption purposes.