, 1880-01-12
WASHINGTON NOTES.

Bptetal Dupasea to The Chicago Tribune.
WAsII1EarOS, ID. G., JnN. 1Q,-lN c0nversh-
ton with tic special correspondent of TIE
Tribune this evening, Fernando Wood snld
lie ht.d fully maturctl his scheme for the re-
funding Of the outstanding per cent bonds.
Tho reasoning OF Secretary Sherman as to
tho inipracticablllty Of negotiating n 3}1 per
cent bond Mt par was, Mr.. Wood snil,
fallaci0us. It Is true TINT under ordinary
circumstances the. i per cent bonds would
hive tU sell ut lou before az per cent
could bring par. But tic per cents
sold III New York to-day at loi, and, with tho
Increasing demand for investment securities,
there IL reason to believe tho market will go
even higher. The Secretary docs not make
due allowance for tho difference between
business capital and tic rates Of interest 1t
demands and those whicl. Arc sufficient for
the purposes OF
PERMANENT INVESTMENT.
The United Stltes callnUt have Its securities
hold tho high p1ace In the markets Ut tho
world until II shows absolute confidence in
then, and proper csteenl for its own credit.
1fr. Woods scheme will bo presented
to tho uouse Monday, md sent out
frnm here III full by the Associated
Press tomorrow night. 1t Is more
comprehensive a1ld ratliea! than TINT Mt first
drafted, t,lt il, In the opinion Of tic auti.or
entirely or1girnl III some Ut iis fentures. It
proposes {lirst) to rcducc the reserve held for
resumption purposes to rs per cent OF tho
whole outstanding circulation, thus releasing
500 000, 900 for the purchase outright of tllat
amount ot i and . per cent bollds. Tho re-
ssryg o. Rsr eet % w ps ~ T tbn % s-
retary ll.s power ut any tlne t' sell bonds
| Ut the higher denomination for the purpose
Ut keeninE tho ErCGlbaeks nt par. With
S100, 1904 ,O0 Of bonds out OF tle way there
| ONLY ABOUT SEVEN HUNDRED MILLIONS TO
TO lie nEfuSpEn.
| The second part OF Mr.. Woods scheme dis
lN,scX Ut Unc!lNlf of these bulitls by requlring
| tl.u National banks tn su1siitute the new
Il. slul,tlun IL To mike the now bonds .s9
| deposited bear Interest ulily at tho rate 0f y
lur. cent. Tl.ls would leave but s351, ,ooo, ,oo0
10 be taken up BY subscription. WITH thg
tho unriyaicd crultt Ut otlr Government, Mr.
Wood believes TINT tl,nrc would he lsn a[tft
Guilty III negotiating this sum ut 3}4 per cent:
T!.e saving e!!gctcd BY this schena over Y tflnt
Of Secretary SliurInAn'S 4 por cont p!01l, It "
estimated, would bo
MoltK THAN FIVE MILLIONS ANNUALLY.
One feature uf 3lr, Woods plan ol, which llt
depends to ,nakohts 31l..per-tr't bonds ncEo'
tale y e ~ lo1F ims sy y %i 's tf'v.ya, 70 yn
| .luE4 Will UU n1l4"1cA1 DtHuas ~ HlAJ..JCA'
bond nt ~ lNr cunt ought, ln snys, to bt
eusily ncgnt!nblu wlen 4-per-cent bond, &c.
tlce,linble III tWeIlty-SeFcn yBnrs, fctclleS ltf
AIr. Wood looks With great contldnnce to TIL
West to snpport Ills sche,lle, witch Is nov
tmlMrIlrtl by thu strenuous opposition Ot TIL
old Syndicate and Treasury Influences gun
erully u any cutting down III tho profits o
funding oIieTMtinns.
8psetaf p+patsh to Tia Chicago Tribune,
l. WASHINGTON, D. c.. Jall. 10.-rhcre
quito u cUntcst among The local Hepllblirnl
politicians Ut this District over delegates t!
tic Nntionl Republican Convention ut Clli
cagu. Col. l,06 lngersull, ex-Atayor Bowen
4, II, Clapp, editor OF tho Republican, ali'
for,nur Government Printer, mil .S. $. SM90
are mentioned. The eplored nlen claim TIM
tllny should hayo u delegate, alld are press
ing Col. Perry Carson, Fred Douglass, Jr
john +. Cook, or DR.. Iurvls.
TIE TANlFF.
In q conversation with q TmnUNE corrt
sr,Dndcnt, Alr. Fernando Wood salu he bt
lieved no general tariff bill would 00 tntrt
tlueeti ut this session. Reductions will b
nlnao Iii nlnny nrttcles, including, perhaps
slleet zinc and steel rails; but tho uxperlelic
Ut tile last session shows that any attempt
effcct u general reduction consolL,lates til
opposition ard prevents a1y tarlR reforI
, whatever.