, 1880-01-11
WASHINGTON.
A Bill Providing for a Fifty
Year 8 10 Per Cent Bond
Fully Matured.
The Friends of the BRAZILIAN Sub.
sidy Preparing TO Renew
Their Efforts
District-Attorney Leake Reports Un-
favorably Regarding a Pardon
for Golsen and Gregg.
The Charges Against indian Commits
stoner Hayt Wit Be Inyes.
tigated.
Testimony Taken Yesterday in tho
spotford-Kellog Case.
h.- y. a.. ~.
Testimony Taken Yesterday in tho
spoford-Kellogg Case.
Our Minister II Colombia MfertIy Csititises TIL
WJe Canal Contract.
TIFTY-YEA1s BONDS,
lI1:All1Su T1ItlEE-AN1t.A-H.tLF rEIt CENT IN.
'rt.1ttHT

FIFTY-YEA1s BONDS,
Dt:Als1Su TlIuEE-AN1-A-HtLF rEIt CENT IN
TE1lEsT.
sp+etai Dupateh to The Chicago Tribune.
WAsIi1SGToS, D. c., Jan. 10.-1n cunyersa-
tton with the special correspondent OF THE
TR1puSE this evening, Fernando Wood said
lie Ind fully nlaturel Ills scheme for tic IT.
funding of tho outstanding per cent bonds.
The reasoning Of Secretary Sherman as to
the inpractfcability Of negotiating a 3111 per
cent bond at par was, Nlr. Wood said,
fallacious. It's true that under ordinary
circumstances the i per cent bonds would
hnve to sell at 106 before ~ per cent
could bring par. But the 4 pur cents
sold In New York to-day at 1D4, and, Will, the
increasing demand for Investment securities,
there Is reason to believe tie market will go
even higher, The Secretary does not mike
due allowance for the difference between
business capital and the rates Of Interest it
demands atd those which are sufficient for
the purposes OF
PERMANENT INVESTMENT.
The United States cannot lave its securities
hold the high place in the markets Of the
world until 1t shows absolute confidence In
Mr.. Woods scheme will be presented
TO tile House Monday, and sent out
from here In full by the Associated
Press tomorrow night. It is more
comprehensive and radical tllnn TINT ut first
drafted n,ld Is, In the opinion OF tile author,
entirely original III some Of It's features. II
proposes {tirst) to reduce the reserve held for
resumption purposes In Is per cent of the
whol. outstanding circulation, thus releasing
s10o,0oo,0o for tise purchase outright Of TINT
amount OF and t per cent bonds. The re-
surve uf q PR eent would be aniplu tu muir
taln resumption. Mr. W0Utl xays, as the Sec
retary has power Mt any tiuln TO sell yOnls
Of the higher. denomination for the purpose
ea%W s;j Il fsf b5'Eas ssss{azsS sat Il eS
oS1.Y ABOUT sEyEy HUNDRED MILLIONS TO
TIL HE REFUNDED.
The second part of Mr. W0nds scheme. dis
poses Ut Unt%llalf Ut these bui,ds by requiring
tle Nntto,lal banks to substitute, the ney
bonds is security for their circulation, alll
Deposited benr interest only at tile rate Ut !,
per cpIt. This would leave bnt $:t0, ,U00 100
to bn tAkcn up BY snlscrtption. W!tEl tl'e
great demand fur Investment securities, md
tho ttMrlvnlpd credit Of our GOyeriltent, AIr.
Wond believes that t1ere would be no lftlI-
Guilty lit negotiating this sum ut W per cent,
Tho saving effected by this sclcmo over tllat
Of Secretary Sheriialis per cent plan, 1t Is
estimated, would bu
MORE THAN FIVE MILLIONS ANNUALLY,
One feature Of Mr. WoMl's plum Dn which lo
depends to make lts J.a-lmrteMt bands lIeEn-
tinb'e IL tho long tinle they will have to run,
'rllry will bu tifty-5car bontlS. y tifty-yent
bonl at ~ TT cent ought, lse says, to be
.lsen,abte In twtity-Seyg,@ years. fttthes l0I.
Mr.. Wo0,l louks with grent confidence 10 tho
West to snpp,rt Ills sclrnlc, wl,1:' Is NOW
tm,pertlc,a by thu str1ssn,lolls opposition of tic
eraIty to any cuttEltg down III tho profits Ut
funding operations.