New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-05
A POPULAR LOAN.
rEf,ysNpo wooD's PLAN ron -REFuSDiSG TIiE
MATURING DEBT AT INTERNATIONALLY PER
BY TrLEoRApH TO TnE TRIpuNE.l

MATURING DEBT AT IHREE-AND-A-HALP PER
BY TELEGRAPH TO THE TRIBUsE.l
WASHINGTON Jan. 4.-Fernando Wood is busily
engaged In perfecting the details of his bill for the
rofunding of the public debt at gle per cent. Mr..
Wood informed TRIBUNE correspondent tonight
that he hopes to have the bill ready to bring in
early this week. and to secure action Oh II by
the Committee on Ways and Means at
early day. He says that the more he studies
the subject the clearer his conviction that the plan
he proposes is feasible one. and that information
which he has lately received from prominent capital
lists and citizens of New-York leads him to believe
that when his plan is presented and discussed 1t
will receive strong popular support In answer to
some criticisms of his expression that divorce has
taken place between business capital and investment
capital Mr.. Wood replied that these criticisms only
strengthen the position he has taken.
"Few people," said he "realize the vast amount
of money in this country which is required to be
kent invested in Government bonds. Why, there
are over 81 900 900 tied up by the courts to await
the result of litigation. All money which by law is
required to be put where 1t Will be safe beyond
peradventure must be invested in Governments.
statement which have in my possession, and which
shall make public at the proper time, Of the
amount of Government bonds which mature next
wear, and which must be renvesed III securities of
the same kind will startle most people. Besides
investments of the kind described, there is
vast amount Of money both the saving'
of the poorer classes and the profits Of
business men, the owners OF which desire to invest
it. not so much where it will yield large profit.
where it will be perfectly safe. Thus l hear con-
stanty Of small sums being used TO buy per cent
bonds the owners having lost confidence in savings
banks Great capitalists invest money in the same
manner in order to place il beyond the hazards OF
business. Thus Mr.. Vanderbilt has S11 ,000, 900 in
registered per cents, and the other day, when Mr.
Flood the California millionaire. gave his daugh-
ter present OF a couple of million dollars it
not in money. but in registered per cent bonds"
Mr. Wood saws that under the plan he proposes
he hopes to reduce the principal of the S7G 100000
Of bonds which mature next year to 100000. 000
and possibly TO $500, 100000. He does not ndi-
cate how tins reduction is to be effected but.
is known that he is an ardent advocate OF the pol
| icy of populaTizng Government loans by providing
| % way IN which small savings can be invested
therein Ii s inferred that bis plan Will provide for
the issue of $40 certificates for a large amount
saw sixty to eighty millions,-with provision
as to interest which will prevent specqlators from
buying them up, At any rate, Mr.. Wood - sam
puiue that the new bonded PRINCIPAL will not eX-
| ceed 800 900, ,OO0 and that the Government will
he able to pay it ut maturity, say hlty years hence
GENERAL MOSBY'S HASTY CHARGES.
Il
NoUNCED FALSE FACTS IL REGARD TO MR..
| BAILY's CASH.
| fBY TELEGRAPH TO THE TRIBUNEl
WASHINGTON, Jan 4.-The publication OF Colonel
Mosby's letter to the State Department has caused
quite q ripple in that branch of the Government,
where it is openly said that he has overscpped the
tounds of discretion as we'll given TO the public
statements In regard 10 the action of the Depart
ment of State which not true. 1t is said that he
| has confused Mr. Baily with Mr. Bradford, and
that there are many other inaccuracies in his letter
| The facts in the case as follows Mr. Bay was
appointed Consul at Hong Kong by General Grant
| In 1870. and served at that post for eight years
without complaint from any quarter whatever.
When the troubles at the Consulate-GeDeral at
Shanghai were brought to light through the in
ouiries of C0nsuls General Myers and Wells, and re-
aected seriously upon Mr.. Seward. Mr.. Evarts in
looking for suitable person for that position,
selected Mr.. Baily, who at the time was an sppli-
cant for promotion. and sent him to Shanghai. This
| nomination lay the Senate Committee on Com
mcrce for three sessions, and through the influence
Of persons hostile to his confirmation. no action was