bind does not modify key bindings

[lyongu]

Configuration Information [Automatically generated, do not change]:
Machine: i686
OS: linux-gnu
Compiler: /usr/local/bin/gcc
Compilation CFLAGS:  -DPROGRAM='bash' -DCONF_HOSTTYPE='i686' 
-DCONF_OSTYPE='linux-gnu' -DCONF_MACHTYPE='i686-pc-linux-gnu' 
-DCONF_VENDOR='pc' -DLOCALEDIR='/usr1/local/bash/share/locale' -DPACKAGE='bash' 
-DSHELL -DHAVE_CONFIG_H   -I.  -I. -I./include -I./lib   -I/usr/local/include 
-L/usr/local/lib -g -O2
uname output: Linux gs3091.sp.cs.cmu.edu 2.4.25-001-P4+4GB+SMP #1 SMP Fri Mar 
26 22:57:11 EST 2004 i686 i686 i386 GNU/Linux
Machine Type: i686-pc-linux-gnu

Bash Version: 3.1
Patch Level: 7
Release Status: release

Description:
        `bind` does not modify key bindings.

Repeat-By:
        $ bind -r '\M-p'
        $ bind '"\M-p":history-search-backward'