Daily Republican., 1881-04-14
RsDAY. APRIL "a. 1881.
Mindom's MisdSna 1.

appointed to the head of the Treasury
Department there were many even
amongst the Republicans who doubted
the wisdom OF President Garfield :
choice. Secretary Sherman had made
such an able Secretary that It was
doubted if his equal could be found IN
financial transactions and hence the
little diStrust with which the nomlna-
tion of Window was received. Besides
it was feared that he was to certain
extent affected by the Western intia-
tion sentiment that prevailed and hence
could NOT be safe custodian of the
National treasury. All these mlsgiv-
ings and fears have been put at rest by
the wise policy Secretary Wiudom has
pursued the short time he has been in
Office and by his recent astonishing
stroke OF financial policy. 1t is well
known that the late Democratic Con
sress passed Il retunding bill on the eye
OF the expiration Of Congress- to refund
the outstanding six and five PEI cent.
bonds coming due this summer At three
per cent. rate OfintereSt 50 low that the
holders OF the bonds would demand the
principal rather than to accept the in
tercSt, and which would also only have
crippled the hands of the incoming ad-
minist ration. President Hayes very
wisely vetoed the bill and there being
no time left for passing any other bill
to meet the emergency thr incoming
administration was lett with no pro
vision made to refund the loans COM
ing due. Had the Democratic Congress
fixed the rate OF interest at three and
halt per cent. in their retundinS bill II
would have become a law AMI then the
holders OF the loan would have been
enabled to realize at least three per cent.
after deductins the costs OF negotiation
This, htwever, Congress would not do,
As that would have made easy sailing
ever, where there is will there is A
way and Secretary Window soon tound
the way out Of the threatened difficulty.
After proper deiberation he has deCid
rd to call for tn" six per cents and to
redeem and cancel as many of them a.
may be presented at maturity. At tn"
same time he announces that Ahouid |
any owners prefer to hold their bonds |
another year, he will rrstamp them and |
pay interest thereon at the rate Of three /
and a half per cent. OF course the !
holders held the offer at their option
They could accept or they could reject
the offer.
The Drporrats who would not pass a
dcraut rfunding bill are new coming
to the front and predicting all kinds OF
dire caamitieS to follow, and question
the right of Secretary Window to
adopt such a course. They say it can
not succeed, but the wish is father to
the thought To show that these Dem. !
Ocratic wise-acre> are mistaken; it is /
only necessary 80 state there has been
such general acceptance of the plan
that it is believed thai rs many as four
tfths Of the six per cent. will BE- stamp
ed at the desire Of the hOldess within
the present month. Others l6Sss conf
dent believe that ee-fourths or two
thirds OF the holders will enter into the
arrangement proposed. 1t is said TO be
we'll known amongst bankers who were
consulted by Secretary Window, in re-
gard to his course, that the holders Of
one half Of the old six per cents. would
request a continuance even at three per
cent. The Secretary has wisely chosea
Il rate at which IL is far more likely
that his resources will suffice to secure
a settlement of the entire amount out
standing, both Of skies and fives which
become redeemable this Summer. At.
present, however, he is dealing only
with the six per cent. interest bearing
bonds, but if seventy per cent. 0:
the holders of maturing bonds assent to
the new arrangement, the Government ,
will have not single Ave or six per
cent. interest bearing bond outstanding
when Congress meets.
With this arrangement tue Demo
cratic press generally is tAking issue,
and while not doubtiGo the honesty
and ability of Secretary Window, it has
doubts of his legal right to make the
arrangement, That a secretary of the
Treasury should strain Il legal point in
behalf of public credit fills these patri-
Otic gentlemen with the deepest concern.
If there is any thing which Demo
crat respects above all things, it is the
majesty Of law They illustrated this
twenty-five years ago in their frantic
efforts to force slavery upon Kansas,
and they have been illustrating it ever
since in the same fashion. The ohiec-
tions of such men go to illustrate the
profundity Of Democratic thought
They do not like to see the holders of the
six per cent. bonds coming in and vol
unfairly surrendering them in exchange
for three and half per cent. after their
failure to compel them to accept three
per cent. 1t is plainly evident that
Secretary Window will not suit the
Democrats which may be taken AZ an
unmistakable evidence Of his success AZ
Secretary of the Treasury.
PROFESSOR JAMES H. GROVES has