The Government now appealed once more to Congress for authority to issue bonds at a lower rate of interest.

Carlisle, the Secretary of the Treasury, addressed a letter to the Senate committee of finance, setting forth the great saving that would be thus effected.

Then ensued what must be acknowledged to be a breakdown in constitutional government.

Immediately after a committee meeting on January 16, 1894, the Chairman, Senator Voorhees, issued a public statement in which he said that "it would be trifling with a very grave affair to pretend that new legislation concerning the issue of bonds can be accomplished at this time, and in the midst of present elements and parties in public life, with elaborate, extensive, and practically indefinite debate." Therefore, he held that "it will be wiser, safer and better for the financial and business interests of the country to rely upon existing law." This plainly amounted to a public confession that Congress was so organized as to be incapable of providing for the public welfare.
Carlisle decided to sell the ten-year class of bonds, compensating for their high interest rate by exacting such a premium as would reduce to three per cent the actual yield to holders.

On January 17, 1894, he offered bonds to the amount of fifty millions, but bids came in so slowly that he found it necessary to visit New York to make a personal appeal to a number of leading bankers to exert themselves to prevent the failure of the sale.