New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-09
THE QUESTION OF A CALLED SESSION.

ApyIsABILITY or sUMMoNiNe THE hooeh i' ~
To pgyIsE PRACTICABLE FUNDING MEASURE
AND cuRTAm INTEREST EXPENSES.
,sY TELEaRAPH TO THE TRIBUNEl
m,suNaroN. March S.-One reason in support o
.hs;, noaitou gwen by those who advocate called
.as.,on of the XLvIIth Congress Is that FUND
;,v hin should be passed as as practicable IN
oer 10 reduce the annual interest charge upon the
,nbl;c debt. The advocates of an extra session
srgne that the failure of Democratic Congress 10
,,osa practicable bill is alone sufficient reason
wby a Republican House of Representatives, soouiu
ha convened as early as practlcaoie ior
tbat uurpose. They think, too. that the
Democrats may be able to make eoDsiderahie pohti-
Gal eapital out of any failure by the Republicans 10
taks prompt action in regard to the matter
Several statements have been published to show
what the amount of the extra interest VIII DC III
case funding shall be postponed until next "ln'er.
Assuming what is reasonable, that pOstponement
o legislative action until that time will involve the
payment Of higher rates Of interest for tweVe
months longer, the amount of extra INTEREST whlc
win be required to be paid is shown in the Following
abatement prepared in the Treasury Department To-
day IN responce to the request OF TRIBUNE cor
respondent:
..nt ~ Ave ner cents OutsandIng... 459,329,63O
Twelve months interest on SIX per eents' 90 tS 3S
Interest on same amount at per cent?. 29ldzel8
interest on amount at 39 per cent
SAVING OF interest Ut per cent 1929 1929 ag9 ag9
savns OF interest at GIG per cent
But the difference will be somewhat less than
that here indicated because OF the purchase OF
bonds to meet the requirements OF the sinking
Fund IL is estimated that the amount required
for that purpose from March i, 1881 TO Marcn i,
1882. will Be $43, ,443,622. Interest on this sum
to to s2.I72. ISL Of course: the SAYING Of
interest in this way will amount to less than that,
because purchases of bonds account of the Sink
inc Fund will be made from time 10 time during the
year. and not all at once at the 1egannng oi ,ne
of infArest by purchases Of bonds made out OF the
surplus money in the Treasury and cancelled under
the authority Of the Bayard amendment ~ is npos-
sble 10 estimate what amount OF interest w1ll th us
be saved during the next twelve months IL Is per-
haos fair to assume therefore, that the extra inter-
est 10 be paid ON account of the failure to pass
Funding bill before next winter Will be about
SO 900 600 on gig per cent basis. or $13 OOOOOO
On a rer cent basis Of refunding. There remain
unsvId 81 652. 200 of per cents, winch fhe Sec
retsy me dxesspg Way sen. an1 ~ ner oepts
he will think il Wise TO do TINS may De re-
gsrded as very doubtful. ..
There has been great deal OF tSlk IN washington
during the last two days respecting the probability
of n extra session. Thus far it has been impossible
TO discover that there is anything more than con)ec-
tue IN this talk but it has nevertheless Deen some
what noticeable to-day that the advocates OF an
EXTRA session evinced more confluence than
herefofo-e while those who are opposed 10
: one betrayed more uneasiness than usual. Members
cf the Cabinet who have been approached on the
subject profess to have no lnforinatlon OF op5oH
fairfield has said nothing dehnlte concerning u.
Probably the most that can be said now IS that
arguments pro and con being urged and that the
snbect Is nder consideration. What the result Will
be possibly not even the President tell at pres
ant.