New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-08
TIE TREASURY And MONEY.

Secretary Window will probably reach Wash
ingt0n to-day. A strong effort has been, and
doubtless will be made, to induce him to in
terfere on one side or the other in the con-
tests now going on in the stock and grain
markets. 1t is not strange that men who have
large interests at stake, and whose judgments
are liable to be influenced by that fact, should
conceive that the course demanded by those
interests is also needful for the country. Per-
haps it may require unusual calmness and
pose for the Secretary to avoid some leaning
in one direction or the other But his duty, as
to the principles which should govern his
conduct, seems perfectly clear He ought not
to take any step for the purpose of helping
any speculative rings, whether for higher or
lower prices in grain or in securities. AS far
as he can, consistently with the laws, the Sec
rotary ought to so conduct the Treasury that
it shall not interfere with the markets in any
direction. What the public interest demands.
he ought to do, avoiding as far rs possible
any act calculated to benefit any set of spccu-
latorS at the expense OF any other
Assuming that Secretary Window will sin
ceTely endeavOr to govern his conduct by
these principles, we may perhaps infer that he
may TO some extent modify his recent order
for the purchase of bonds. The Treasury did
last month. Its receipts were UNEXPECTEDLY
large. and exceeded 10y about $1,000, 900 the
amount disbursed for ordinary expenses and
for bonds. Hence the Secretary might think
it proper, if the public interest should not
forbid, to return to the market as soon as
practicable the money thus withdrawn from it.
The public interest permitting, to do less
would be to Interfere 10y withdrawal OF money /;
to do more would be to interfere by initiating
the market. The Secretary must judge
whether the public interest permits larger dis
bursements than he has contemplated. We
cannot now see that il would be other
wise than beneficial to the Government to stop
interest, one or two weeks earlier, the
bonds which it has proposed to redeem during
the next three weeks. If the Secretary should
offer to take at once the whole or any part Of
the %6,0O0,00O which he has proposed to
take in October, the Government would save
some interest, and ut the utmost would ap-
parcntly pay out only about the sum which it
withdrew from the market last month. So far.
then, if no public considerations which we fail
to see prevent, the Secretary might go without
subiecting himself to any suspicion of inprop-
crly influencing the markets. 1t might be said
that bis original order would thus be aclnowl-
edged to have been mistake. But it is not
discreditable to modify plans when "A change
of circumstances requires modification.
1t is probably great mistake to suppose that
any sum which the Secretary will think him
self warranted i'll disbursing will have Il great
effect upon the markets. The vast spccula-
tiOns in grain and cotton would swallow IN
four millions of fresh money in II very few
days. AS long parties are trying to take all
the grain that comes to market, in order to
support the price, and grain comes into Chi
cago alone ut the rate of more than a thousand
carloads each day, the Treasury cannot prop
erly undertake to save spectators from any of
the consequences of their own acts. IL can
discharge It's own duty, without fear or favor
and that the country expects Mr.. Window TO do.