New-York tribune., 1881-09-14
NEITHER "BrLL" N0R "Br1R.D

Secretary Window states that he has not yet
decided III what manner to use the surplus
Icvcuuc. In other words he states that the
dispatch announcing his intentions, which was
published in another paper. was without foun-
dauou in fact. Nevertheless, there has been
much speculative activity in Wall street, based
upon the theory that Secretary Window was
going 10 initiate the market 10y large purchases or
calls Of bonds. Putting out Of sight for the
moment the question whether the Secretary
ought to call or to purchase bonds, it may bc
said with safety that hc is not going 10 do any
thing to promote speculation of ahy sort. If
lie buys or calls, he viii simply cxpcnd the
money taken in by the Treasury in excess of
its requirements. and thus prevent an accumu-
lation of idle funds which would bc hurtiul to
legitimate business.
The Treasury is collecting from the people in
taxes about SlO. 900 600 a month more than il
needs for public expenses and payment of in
tcrcst. The accumulation of so larg>. sum in
the Treasury would cause mischief mt any time
in the year when the money market could be
made excessively stringent Hence the Sccrc-
taIy will naturally and properly take such steps
rs TO prevent any disturbance of the market by
means of the Treasury collections. The Treas
uTy takes in money solely for the purpose of
diSbursing ii again on public account. II has
no reason and no right to disturb the markets
10y delaying its disbursements unnecessarily
If it has means for the reduction of debt, the
sooner such means are applied 50 that interest
ON the public debt may bc diminished, the
better for the public interest. Secretary Win
| dom understands this, and certainly will tax,
no step to cause needless disturbance.
| The surplus revenue OF the past thrcc weeks
| 4 4 Il.
| bonds. Probably the surplus for at least q
week more can be expended in like manner
! After that the redemption of bonds will b,
slow, aud the Secretary may with reason con-
| slider what ne is going to do to avoid an incon
vcnicnt Withdrawal of mon. y from the market
at the very season when money is most in de.
mand, and when the interests of farmers an,
merchants are most seriously affected 10y {
| period of ,tringcncy.
It is safe to say that the Secretary will not
pay ont reserves ON hand. For he has ON hand
no more than he will deem necessary for tn,
protection Of the public interests. lie will tax,
measures to prevent any unnecessary accumu.
! lation of reserves, because that would work
wanton harm to business interests. Hence ",
assume that he will arrange to pay out, in ex.
tinguishmcnt of debt, about the same sun
which wonld otherwise accumulate week b,
week, through the excess of revenues over cx.
pendltures of the Government. This cours,
! Will neither initiate nor contract. It will merely
leave the money marker free, rs if the Trcasur,
| had nothing to do with it.
On this theory we have deemed it probable
that the Secretary would prefer to purchas,
| rather than to call bonds. For he can d,cid,
| beforehand, if he purchases, just how mucl
money he can cXpcnd, and can make his pur
chaSeS lit his actual surplus. If he calls bonds
ON the contrary, he cannot get at them until IN,
calls expire, except by prepayment of interest
and cannot be sure in any case that he will ee
the amount called within any fixed time. Al
his sole object i'll calls or purchases is To max,
wise use of an inconvenicnt surplus in In,
| Treasury, il is probable that lo will choose tho
method which will enable him to graduate TN,
expenditures most closely and most prompt,
to the ascertained surplus on hand