New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-15
party, bat they have become thoroughly Disguised
with the shotgun Democracy"
THE REFUNDNG PLAN.
IIIT
ABUNDANT ASSURANCES OF sUCCEss-ABsURD DEM
OCRATIC OBJECTIONs-THK NEW FORMS.

OCRATIC OBJECuONs-THE NEW FORMS.
IBY TELEGRAPH TO THE TRIBUNR.l
WASHINGTON, April II 1t quite exceeds all our
anticipations" said Secretary Window to TRIB-
correspondent this afternoon, referring to the
prospect of success in refunding the called skies.
g have offered 10 bet hat said high Treasury
official that we do not pay ont ten millions in cash
under the last call" "Therc Indications" said
third Treasury official, that the movement will bo
like that when the fours sold that it will be-
come a rush before the limit cNpines.'
No Trustworthy estimates of the amount of skies
offered mp ~ this time for conversion into thrccand-
a-halfs can be made, even at the Treasury Depart
mcnt. Banks telegraph for blanks upon which to
make their requests for conversion, and say they
hold large amounts Of SKIES.
The fact that new bonds, hearing new numbers,
are to be given to the holders Of the skies who wish
10 accept the Sccrarys offer Of three ana half per
cents. is being made Of by those who wish to
find fault with the Sccrctarys plan establishing
the truth Of the assertion that Secretary Window
is actually issuing series of bonds
without the sanction of law. As
matter of fact the operation is that which has uni
formly been followed when registered bonds are as
signed by one person 10 another The Treasury al
ways in cases of assignment issues new bond In
place of the old one. The act therefore in this case
will only lie equivalent to an assignment of the
bonds; and in fact thc greater portion of the bonds
are assigned by the original ownors before they
reach the Treasury.
In regard tc the recall Of the Sccrearys circular,
which has most ahsnrdly been interpreted in some
quarters as n reversal of Secretary Windows
recently formulated policy it may be said That
af;crthc call wa, issued accompanied 10y the formof
call to be used by houihodcrs who wished to accept
the three and half rate it was decided to make a
verbal change in the form of the request. providing
that the seal of the person making the request
shonld he affixed to the document. For that reason
the first fors were recalled and the new ones were
sent ont to-day
Those who are likely to he called upon for advice
as 10 the method of meeting the outstanding rvcs
ar, giving the matter some personal consideration.
There is a general opinion that It'll" or no difficulty
will be experienced in converting them all into three
and-a-halfs. and perhaps lower rate
may bc practicable. One of the SUBJECTS "i
consideration in this come, tion Is how 10 meet the
provision of the law which requires the call 81 the
bonds bcaring the highest numbers first without
giving an advantage to the holders of the high num-
hers to which they are not entitled. The holders
of the low numbcrS-that Is, the earliest IN
yestors in fvc>-have an advantage which
is perfectly Legitimate n the fact that their bonds
un0cr the nrdiIarV operations Oi the law, VIII hc
the last cncs 10 cease drawing the - per cent nj
terst Should the calls lee issued for larg" amounts
and ~ short intervals, as now >9in. lI"hi"'' u
wilI he possible for thc holders of high numbers to
reyerSc the order by getting their bonds m earliest
and thus getting ~ exchange the lowest numbers oil
the r,iS-icd bonds.