New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-05
PLANS FOR REFUNDING.
A TALK WITH THE CHAIRMAN OF The HOUSE COM
utrrgr OK WAYS AND MEANs-rARLY ACTIo'
10 BE URGED.
IDY TELEGRAPH TO THE TKIBCNE.T

10 BE URGED.
lBY TELEGRAPH TO THE TRIBUNEI
WAsHINGrON Dec. 4.-Ihc Hon Fernando WOOD
chairman of the Committee OF Ways and Means, has
been in Washington for some time, and has con
ferred with Secretary Sherman on matters relating
to the revenue and to rcfundng. In the course OF
conversation with L TRIBUNE correspondent today
Sir. Wood SAID
IL think that Secrctarv Sherman will recommend
III. 1.sn. OF two classes OF securities in which to
refund the > ana q per cent bonds that become re-
deruabl. next year; first, bonds redeemahle, say
in ten and payable IN thlrtI years; ana second
Treasury notes payable in one, two, three years
ETC. up to ten years. 1t IL my opinion that ne VIII
recommend that the Secretary of the treasury DC
gwen discretionary power TO effect TINS loan or inc
best terms practicable, the rate OF interest nos 10
exc ell 3l2 per cent
I'D, Won t,ink shat Congress would be likely to
odopr such n recommendation {" asked the jor-
respondent.
No" replicd Mr. Wood. Ny impression Is that
the House M least will not agree oany loan beyond
II CHER rate than per cent, aud believe moreover
that Secretary SHERMAN himself would not offer
very strenuous objections to 3 per cent loan. vi
cour.e. his only objection TO it would arse from
fesr that it cou id not be placed at par. have no
fears myself on that score. Before | lciI New
York. | acquainted myself with the views OF
Leading dealers in government secuTtle5'
m,l ludiue some members of the syn
djelte which negotiated the per cent
bonds | think shail BE able to show That they
shar. nv belief that there would be no diiicHty IN
selling either per cent bonds or Treasury notes at
par. / should say that one half the bonds 20 be
refunded ncxt year could be provided Tor by an
is-rc of Treasury notes payable at the rate OF
SO 100000 q year for ten years At the end OF
thai De,od the 4l2 per cents viii become redeem
all, and can then he provided for. Our Nc cen.
bands which have ahont tWcnty-seyen years TO run
are row. and will continue t. be- the oeaI invest
I meut bonds ~ the comncrcal world Ley are
worth 100 to-day although they do not sell Tor That
/ Mr. Who'd remarked that he should try TO have
the ,cfurdlng blii taken mp 2t the very oeglnRlls
of 40. session and time fixed n WMch geheral ue-
b. shout. cease. he hopes tuat TIE pill VIII pass
the House before the holiday recess. tie th!nks IL
/ mp,ftaut tnat whatever measure may be SGOp'c'i
! ,h'ud become law "a earl; rs me ISL 9l Feoru-
srv because of the three months noiice OF Ieuenlp
! ti0n when must be gwen 70 the holders OF per
! cent bonds Some time Will also be necessary 10
prepare she plans aud print the new securities MI
! Wood does not expect any taTh legislation at the
/ visitor at the Treasury Department to-day
/ fouud Secrr. airy SHERMAN engaged IN studying the
Reminding bIll, which was agreed uoOh Dy the 20 Il,
/ mItter %, Ways and Means ana repOIied 10 tue
House q, the last session. secretary ohernlih hlu
| modi ied tie bi somewhat, mt ln what PARTICULARS
tu,. visitor did not ascertain. IL S pIoOaOc, new
ever that the blll modified will be sent TO the
| house with Se"re .ary Sh"rmans report me IS
i-nr yhn is ON familiar terms with the Secretary
| Eald 70 a iEIBCNE correspondent today that he
wonld nor jc rteaily surprised If Secretary Sherman
! slould recommend rounding al > OF . - pr cent
| Vnh,d, 81 Vc secretary sherman himself appears to
| knOw exactly wuat his recommendations III regard
| to refundiug Will be. l., -
! The Hon Lew T. Morton was asked TODAY by a
1ptRUNE correspondent: " Do you think 1t practlc
aLl 10 ref,Iad tlrc and per cent bonds In 3 pen
cents y -, >, - H. -
| ply. There is a large amount of money III thl'
| conntry-trust funds. winch must be invested IL
| securities which can be bought at their par value
| 2 per cent bond. OF Treasury note, might b'
sought for such investments, where trustees are Tor
bidden or are dlsncllned. to impair the principal o.
their trusts Again. # the TAX on bank deposits dh'
| cremation was removed, the banks mlght, hpoi
certain conditions. find per cent bonds, or treas
| surv notes, desirable Investment. VI course
could speak with no great assurance on ths suDJec
| without knowing tue exact terms ON winch pc
| cents were TO be issued"