New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-16

when money is usually most abundant in the
market, is not likely to cause any neon
vcnience. If any should arise collections OF
revenue can by order be temporarily placed III
the designated Repositories, 80 rs to remain
available in the market, though at the COM
mand Of the Secretary. Immediately alter july
I, not only the accumulated surplus, bnt
$4,000. 900 10 Sl5.OO0,OOO from funds now
locked up, will bc disbuised in redemption 81
bonds This will make money more abundant
M a time when the market IA naturally well sup
piled.
II will be observed that If the proportion OF
bonds continued should loo larger, Say nine
tonths. tho amount To be disbursed before May
10 would be increased while the smaller dls-
burscmcnt after July ! would cause no prarti-
cal inconvenience. II the proportion shouIu
bc smallrr-t seems hardly possible that pay
mcnt Of a much ~ One-third of the bonds VIII
be dcsircd-thc only practical difference would
be diminution of million or two IN
disbursements for interest prior to May
10. and AN increase from thirteen or hfteen
to forty or possibly fifty millions, in the amount
di>hur,cd after July | in anticipation OF the
surplus revenue for later months. The Jndg-
mcnt of competent fnancicrs is that the amount
of six per cents to be redeemed will probably
fall short of $25, 100000
But if this part of the plan should prove 40
successful. the Secretary would doubtless issue
"A call for part of the five per cents not later
than the middle of May. 1t may be assumed
that this call would also allow about one month
for the filing of requests for continuance.
Hence. by the middle Of June the Secretary
t,aI ,,,Vf of
the called fycs are to be continued. Let us
Suppose that he calls $2O0,00O,O00, and that
81 e, 900 900 desire continuance. In that case
Disbursements for interest on these bonds VIII
be- made during the Latter part OF May ana the
first half of June, diminishing the Withdrawn
of funds from the market 10y retention OF
the surplns revenues. On the other hand the
amount to be- disbnrsed July /, in advance of
SURPLUS accrued, would he cOrespondngy in
creased Upon the suppoSiiion that the
plan should succeed thus far third call
for the balance Of the fiycs would naturally
follow about the middle of June. From that
time until the middle of July, disbursements
for interest would Dc III de upon bonds of the
last call that are Ia he continued. Thus, from
now until the middle of July, the success oi
the plan will insure large payments from the
Treasury i'm excess of collections, ana III an
t,ptiou Of surplus revenues later IN the
yrIr
Finally, if any sales of four or four and a
| half pcy cent bond, become necessary, IT can
hardly bc until the first call for five per cents
| ha, nearly expired. Ninety days notice VIII
/ be- given on these bonds hence sales woald
not become necessary until August. By that
| time the Secretary will know what part 1t VIII
! hr necessary to scll of the lOl,OOOOOO
authorized. a, thirty days will have elapsed
| after the last call for iiycs The sale OF ne"
/ bond, can then be- arranged, rs similar sales
wo,r in 1879. to avoid Withdrawals OF monry
! from the market until old bonds came III tor
! pap mont.
Hence. it appears probable that no strnScncy
can result. even temporarily, from ihe plan oil
Secretary Window, and that its practical effect
upon the money market viii b" to increase
the amount of funds seeking loans or invest
mrnts by the disbursement of S7O,0OO,ooo or
$50. 600 900 from the surplus revenues TINS
wear. and the displacement Of like sum now
| invested in United States bonds. lhlr DIS
punishment i, likely to be made between jay
and september -. ii the plan succeeds
| completely.