Washington, Fob. 14.- One stipulation in the coutract made by tho truasury witli the boud syndicate is that in case tho govermnont dosires to issue any niore bonds hotwuea now and Oet. 1, 1896, the Morgnn-Belmont syndicato shaü have the preforenoo right of parchase, all conditious boing equal. This part of tho agreemout was insisted upon by Morgan and Belraont, who arguod that it might take eovoral nionths to place thei5ï,4UO,00O just negotiated for, and Chat it would be unfair for tho government to go into the market as o corupetitor of theirs until tliey had a rojusonable time in whieh to soll th.it part of the issue which they might desiro to dispose of. Nothing in tho contract prevent tbo jroveriiinont from issuhig bouils at auy Ltme either prior or subsoquent to Oct. 1 noxt, the only condition being that in sose aiiochar issuo is decided upon before Oct. 1 th! syndicato shall have a preferanee right of purchase. By soine menibers of the ways and means committee it Is h&ld that this is au option in favor of the bond syndicate, while others claim that the provisión is just and morely gives the present purchasers of the bonds an opportunity to maintain the price it which the present issue was sold and not allow a bond at a much more favorable price to be put on the market to the detriment of the bonds already purchased by the syndicate. Thore is nothing, it is claimed, in the contract to prevent the treasury from rejectiiig offors oí the syndioato tuid inakii bond sales elsewhere, nor is it forced to sell ontirely to the syndicato if it choosos to sell elsewhere, but it is said by this very provisión the government is assurod that it can dispose oí fiirther bond issues on equally favorable tornis to it8elf.