New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-06

distinctly due TO the efforts of the business men
of these cities The operations OF the Treasury
claimed new interest on Wednesday, however,
when il was announced that the usual weekly
purchases Of bonds would for the present be
tilted, and the reasonable explanation alter
wards given, with the new order from the
Treasury only made more evident shameful
Democratic blunder.
On the 1st OF January $13,ll4,O0O per
cent bonds of SCI become payable. These are
n part of the bonds which Secretary Sherman
earnestly urged Congress to provide for refund
ing at the last session. But Congress dallied
and dawded. quarrclled and dubbed, until 1t
was too late. The consequence is that no pro-
vision has been made by law for the sale OF new
bonds, bearing low rate of interest in order
to pay off the and per cents falling due or
becoming redcemable next year, and Tor inns
blunder, "a was then foreseen, the United
States may have to pay FOUND sum. AS TO
the skies of 1861, howevcI, the surplus revenue
of the Treasury for the next two months VIII
nearly provide, if ii is not expended III the
purchase of other bonds. The immediate effect
of Democratic disloyalty and incompetence,
then, il that the Treasury cannot now offer
bonds at a low late Of interest, nor continue its
purchases of any bonds offered, but is com
PEELED to hold its surplus revenues for the re-
demptlon of bonds due in January.
Incompetent management in the Treasury
would have left 100000 in gold to ac-
emulate there, besides all the interest accru-
ing during the two months, and payable
January l. The interest will be about
$13,490,00O. A withdrawal of nearly
$26,900,0 900 from the market might have
caused some Inconvenience. TO avoid this.
the Treasury offers to purchase at once all the
& per cent bonds due on the 3lst Of December
that may be offered at not over 1929. In
effect, the Treasury proposes to anticipate the
payment whenever the bonds may be pre-
sented, without loss to the holders. 1t is not
known how many of the maturing bonds may
be presented, but Controller Knox telegraphs
that 50. O64 900 of the bonds payable in Jan
uary are held by the national banks, and 1t
may be presumed that these will be turned IN
as soon as possible. 1t is reported that con-
siderable portion Of the bonds payable in Jan
uary is held and will he Immediately presented
by an association of dealers and bankers. In
any case, strngency in the money market In
consequence Of a Withdrawal aud locking up of
funds will be prevented, rs far as 1t Is III the
power of the Treasury to prevent it, by this
STEP and the not unusual prepay ment OF in
terest, if desired
Bu. it is to be hoped that the Treasury will
net fail TO urge most earnestly the suspension Of
silver coinage, ana the disCOntnuance of the
issue of silver certificates. Some real demand
for silver coin has recently shown itself. For
many economic reasons, it is exceedingly inn
p0rtant that this demand should be met by the
distribution OF the surplus silver now lying idle
in the Treasury, before any more of that metal
is coined The distribution of silver coins
cannot be more cilectually aided than by the
non-issue of silver notes. In view of the
absolute necessity of sustaining the public
credit, SO that lOw-rate bonds may be readily
marketed thio year to a large amount, the sus-
pension OF silver coinage must be considered
an essential step toward further refmding of
the public debt. If Congress will also
authorize the retirement OF small notes, the
changes made within the next year may be
very important and useful.