New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-05-28

There j. some practical difference h'tWri
red and bogus craftsmanship. Two weeks AZ
Thursday Mr.. Conhling found that lc coult
not browbcat the President nor boss the
Senate, and began TO mediate the resignation
which went in the Monday following. This
great statesman has spent fortnight in an
unsccmly personal wransc hccan>c hc could
not have lis own way. Bat the President
MEANWHILE has been attending to public bust
ness. one order. issued hy the Administration
two weeks ago, has already saved the
country over $l,OOo,ooO yearly. The honor
of this grand achievement is 20 great that the
President and all his Cabinet, who were con-
suited before this step was taken, may share
it without dctracting from the praise justly
due To the Secretary of the Treasury. Ne
other Minister of Finance, in any country or
i'm any age has ever been able 10 make loans
amounting 10 more than 5000. UOo.O 600 within
nine business days. The feat viii probably
long remain unri,allcd-thc marvellous high
water mark Of national credit and fiscal Wis
dom. The result could not have hc'u attained
had not the credit Of the Nation been ur~ur-
passed. Neither could 1t have been attained
had the plans of tie Administration been
less than WONDERFULLY -hrWd, practical AMI
courageous. 4 great nation and q wl-' GOV
eminent were both needed {" male il ro,~.-
bic to borrow over thirty millions d.! i"i
nine days.
The complete surcr., of Secretary Wulou-
plan Was virtual, reached on NondsY. Wl,n
bu-.mt-- closed on ihi: d., CSC. 500 o'.Or1
OF thr h,r pei cent, lr,d been sent 90 iot 'on-
tilnancc. but "a i-N ol them bad i.I.rd 600 4i-
rive, and tine fun amount SO. not r,,,i.,!
until ruc-,lay Eui tlric had also been 'oi-
vaIdcd, during thc SAINT nine day, o.,i
S}U,0unUOO of -iX per cents, lca'iu: oult
$IG.OOuOOO Of those bonds 10 d.. paid. y hr
amount of five per cents yet &" hc received
under the terms of tic call ISSUED two weeks
ago must be- les than SlOG.npp."uu, AID.
though the coupon boud- gre widely scattered.
il j. not likely thIt man, d,,~ VIII dap.,
before tie operation viii be- substantial, com
plctcd. When Mr.. Windon issued d.. call GA
the afternoon of the l2ih int. there were
outstanding %i5O,u~l,1OO Of the five Der
cents, of which $lU.251,IoO were covered
10y the call issued in February, aad therefore
codld not be- extended. 1t has brcn estimated
that about half of the called bonds at that
time unrcdccmcd were coupons; if 80, the re-
of registered and about Sl2l,N2 500 of COUPON
bonds. There now remain only 5000. OOO
of registered bonds which. in the language of
the Sccrctarys circular are preserved with a
view of their payment from the surplu,
revenues" The registered bonds suddenly
dropped per cent in market value on Tues
day. Is soon Us it was known that no more Of
them could he continued at 3l2 Der cent. If
the estimate of the amount of coupon bonds
which were uncallcd on the 18th is correct.
the amount now remaining cannot he more
than 81 90, 100000. because over $4,000. 900
coupon ivcs had been sent in ~ early ~ Monday
night, and they temporarily command price
which can hardly fail To bring them into the
market rapidly, even if they are held by per
sons who do not wish to obtain req
istcrcd three and half per cents Since
many of these bonds are held in Europe,
and holders were allowed until July to
present them for continuance the precise
amount of these to be paid will not be known
until carly in July. But il is already certain
that the amount will not be large The Treas
ury will get rid of all its five and six Der cent
bonds without being obliged to Use more
money than It's surplus revenue for the cur
rent year.
The magnificent success of Secretary Win
dom, therefore, avoids the issue and sale of
any new four or four and half per cent
bonds. This is exceedingly Fortunate 1t
would not have been popular step
TO sell four per cents at this time, how
ever large the price obtained, because an
additional portion of the debt would thereby
have been placed beyond the reach of payment
for many years. Hereafter the surplus rev.
enucs can be used until 1891, if it is deemed
best, in paying off the three and a half
per cents which are payable at the pleas