, 1881-04-10
conkling Cannot Fight Robertson as
Effectively as He Fought
Merritt.
Another Deadlock Caucus to Be Held
by the Republicans Early
This Week.


LAUNCHING; TIL. PROGRAM
Speetof Dupotch to Tx Chicago Tribune.
WASHINGTON, D. C., April a-The Treasury
Department uil not deem it proper to announce
whnt fs called its rcfuudny policy to-day. 1t is
said that the statement may bc furnished to the
public To- o-suorrow night, and that it has been
thought advisable to select Sunday for that pur-
pose ii. order that tho publication might not
have All Injurious effect upon the market What
the actual policy is to be is, therefore. still
1nntter of speculation. From q source that
should be trustworthy it is ascertuined that tie
followlngis probably the policy: The Secretary of
the Treasury will soon issue cali for S101 900 600
OF the 5l07 900 GG OF maturing per cent bonds.
and be will make Il conditional proposition to
the holders Of these bondsviz: first, that they
can have these bonds paid In full at maturity Of
the opuou, June 80 ii they desire: second, that,
II they prefer to hoid thcla until Congress shal
pass Some Refundins law, they can do 50,
PROVIDED THEY WILL. AGREE TO CONSENT
to Il reduction OF the interest from to 81 per
cent, the agreement to he stamped upon tho
face OF each bond. In the event that the
holders do not wish to retain their bonds at ~.
per cent, then the Government will redeem
them. The Controller OF the Currency, Accord
ing IN statement prepared to-day, holds as Sc
curty. for Nationnl-bank circulation $i1, 1850
OF the per cents The Treasury authorities
have little doubt that tho oanks would be glad
to have this amount. at least, Of the & per cents
remain NJ 81 per cent interest for the very cvi-
dent reason that by such arrangement, they
would be spared the necessity ur purchasing
per cents to that amount US security for circ.,
linton.
THE GoyEESs1I:Sr. AT THE OUTSET.
would ttas be a,lc to make provision fur nearly
out-half or tl,c call of e7tsi Coo nm Whether or
uot the private holders OF the bonds and tho
banks whose circulation is secured By bonds
that are no, soon to be called, would be likely
to consent to the reduction Of interest remains.
Of course, to be- sccu The banks have now de-
posted Us security bonds off, per ceuts s1:s5-
s15,sy, ,.nd OF q: per cents s4,a.3,,50, The ~
per cents to-day ure quoted ut 1U4,=Gl0i75, tho
per cents ut Ill., whereas the per cents Of
tsS1 copmonts only n frac+inn o.or IN. The
. .os- -" oa.' - ~ .@ ~ - .ne
oaNas. IL eaes suoo1o c0oose 10 tcaI'1e tne
premium upou the 43 nnd y. per cents. could
substitute the called 6s with interest reduced
n "a: nor conf and r,,roi, n na,5.o,,o rroft he
- s ~. .,. - ~ fN~1 -
1no e1'Aa'sc iao, "ouI'+ y. e.'utse'
=, at. con ~. ,,,ro1;.,a 20 ,to ea ,,t
hcy nay M oc in al bond WHICH e eeeta rr o
would command much less premium taau the
, ant, II. ncr cents nov. f1, There Is :, s-ood
5aot ,f digarorcc nf on1on o,nnno T,roncur1.
aeai VI o1nefe'c' u opo"n sAtno"s 1teAsu1s
oHlc'o5 as 10 the propfle9S OIL tn's p:opoSltion To
reunce the interest upon tue d. some OF them
insist TINT tho bonds CAN be paid In full without
,,aaar..r- Tha. ,,-,., cs.r+ IT,. T. r. .,a-s,t,o
rs. 80 I'@.&1an.' 'Aa - 80 po7'
Tor tho treasury between no" nnd
December. to redeem 35D031,00 tpossbly
$i12, ,0Jop 900 o. the maturing debt, without re-
course to nv s,,ch n,arcshift ~ rho renc nm
Ut sca1tne OF 1ote1es'- 1hes' say enat 1ae GOV
ernnent can redeem that amount of bonds, and
SAVE ALL INTEREST. II
LUG 1teasuis oepat coa,u SCI. 'ne oouos
winch It now mas pract'caly ut the price which 1t
might tx. Itcould tell Wall street to come to
1yashfnr.on and Washington need mt On
ro VII st.a.+ ..,a,nnr-c.ua.,, ~
Wu., " a = se, e,eea, tolne h",sa edn Aas
" eSgn IS sAtca 10 nave mace q re-
port whivh lakes very s1rong grouua in
favor Of :, reduction or tho interest to -.
r.. Trnasnrc s ~as:nH ,.tti, nn,ntu a1th,r;fs ~
d., ttis Oifs If t,c an tt1icc uf rhn Marley ~
General there nse grave doubts expressed by
eminent lawyers us to the legality OF such re-
t, uueG9n oi 'ntSrst ana 1ear re expresSca tnat
~, tna @ sa:,sa 'eoa M u e
shn rn.;1osa,;nn - .e , -. -. ~ ~
rie @ sfnc Excn. ~ ,n1 pt',' no,;n13 ond se ,sth ~
st,. stamp up,n H. Is not Eoou de-
he.fii te,fi ;.'.H' N m.sss ..1ese rules
M sono!n Q! uc cnanEcu, ny, coupon bonas stamped
70 - Sota ny- w 'olu u,o lue
se S1osA E1cnat!se. Ing I9ie aocs nol nola Eooa,
et' US ~ otes'steeeo ooaos' 'tis su2Restca
7uE. Al AIlotSia GENERAL BASES HIS OPINION
us to the right to reduce the interest upon Il |
joint resolution approved March Il. 1861. which
provides Tint tue Secretary Of The Treasury
lie authorized to anticipate the paymen: Ut in |
1ercst OF, the public deut by period nut exceed
amk one se:l1 aIo!,t tinle 10 t'c. eltner Win or
f., him n,nr s..,.m rSnct}rn, si;D;;t'," "n
1ha1 this nroyisjoT of law Furnishes, tho
tfv 1i,t. made nf nr,u.Ht,rt. wn1 l,c IN tnTor,,
hcidrrs f,f mar ram Inn,ls r1,e, m J,,,,. thc
1rc.s,,ry .xnuiI ,,., in ,,Ir.,r. q ona rn,r's ~
rares1 wfth a rer,,1e of ~. T,rr t4.f, Ha.-i,,r
.innc 1hts u1,,t nssu,tyo th:, frnrrc:s viii ,"s
:, refuninr measure 1,ey7 ,yi1,1n, ,,,,1fe cniId
bt. tyycn lrxt Anrl 1i,at tha n,.ts,.ndSnvE 4 nor
s.,F- hn1s ,xo,,it ~. ro.1aon,n,, ~, 1,rsanf.ip
sn, 1nat s,,tr, valid .,s, w. ~, -, tl'o,n f.I
innc IA 1s.s. ~ 1onrsn rhis rroc,.nds ,,.on ~ rI
vss,,,nntIon ,haf rnn h,dnuf - - lt annt at
M,,,ds XIII" a.-r ~ cn.'s ~: ~ , o,,s ven ,,or ea1 .,
MIN ,t,;.,, aTrc,r IN 1ho ..en nf - ~, psiant ~
1i, =. ~ eaSsp -! itG easG ~ .ue .eaaoual
panas T. ~. ccttu. - Is st'!, lha.nsainen "
l T. @ o.sts i 1. ...nt tnS .eI.hellt
@ ae lug .as ~ io9t: 70 oofso"