Rensselaer Semi-Weekly Republican, Volume 19, Number 68, Rensselaer, Jasper County, 3 May 1898 — GAGE'S MISSION. [ARTICLE]

GAGE'S MISSION.

Secretary of the Treasury Tell* of Hl* Conference with New York Financier*. Washington, April 29.—Secretary Gage returned Thursday morning from New York, where he had a conference with prominent bankers in regard to the proposed bond issue for raising a war fund. In speaking of the conference the secretary said that the principal purpos# of his visit to New York wasto obtain from representative financiers and capitalists their views on the proposed bond issue. He had no definite proposition to make, and none was expected from the bankers. The result of the conference, however, was eminently satisfactory. All seemed disposed to do anything and everything possible to give any needed financial support to the government in the present emergency, although there would be no financial inducement for capitalists to invest in three per cent, bonds, when time louns were bringing six per cent.* and even more, the question of profit would be put to one side, and whatever assistance the government needed would be forthcoming. All favored the popular loan idea, and thought that the people should be given an opportunity to invest in the new issue. Some of the bankers expressed doubt as to the ability of the government to place among people of small means as much as $100,000,000 of the bonds at three per cent., especially as many of the savings banks throughout the country were paying 3 y t and four per cent. However, they were willing to assist In disposing of whatever was left, and they had no doubt that the whole amount offered would be subscribed for at once, and possibly two or three times over. Most of the bankers present thought that the first issue should be for $200,000,000. War, they knew, was an expensive business, and although there might not be need for that amount, in all probability there would be, and in any event it was always best to be prepared for every contingency. This amount, with the $220,000,000 now in the treasury, and the $100,000,000 a year which it Is thought will be raised by the pending war revenue bill, will put the finances of the country on a very satisfactory basis. The secretary was much gratified at the patriotic spirit manifested at the conference, and be has no doubt of the hearty and disinterested support of the leading capitalists of the country in any emergency.