National Republican., 1881-10-22
WILLIAM WINDOW.

To the Editor of THE REPUBLICAN:
The Secretary of the Treasury having
urged the early acceptance Of his resignation,
brief reference to his services to the Republican
party and the country while occupying that re-
sponsible position may be OF some Interest at this
time. When Mr. Window became Secretary of the
Treasury there were aud per cent bonds Of the
United States about falling due and redeemable
to the amount of S671 5S7 200, which the annual
interest charge payable by tho Government was
s35, COZ, ,0255O. within tho short space OF seven
months the whole of this vast sum OF Indebtedness
has been surrendered to the Government, and In
stead thereof s57s of bonds. bearing but Sl
per cent interest, payable al the pleasure Of ne
Gorsn9en have been freely ana Eang aNen oy
land The annual interest charge upon this newborn
of Indebtedness is but $40 262, ,S7s.5o, saving of
s1533g 6i7 on that refunded part of the debt for
each year that the entire amount remains unpaid,
or proportionally for any part of II outstanding.
This great work was accomplished without any
statute to mark out for Mr.. Window the path OF
financial policy 10 bc pursued. Congress had
passed n hide bound measure, intended partly to
coerce national banks and partly to cripple the
Republican administration charged with carrying
out the plan of Democratic Congress. The rate
of interest was fixed at per cent, but the bonds
were not payable at the pleasure OF the Govern
ment, and when once issued would for
large sum to be raised by taxation TO
Fortunately for the business interests OF the
country and for the Government, this measure
was vetoed by the outgoing President The new
Administration found one Of It's first great ques-
tions to be decided was, How can we meet the vast
Indebtedness redccmable and payable In May,
june, and JulyP Very powerful influences and
very wise counselOrs advised ana urged that Con
gress must be convened in extra session to point
out tho way. Mr.. Window successfully solved the
question, however, without the aid OF Congress,
and Congress was not convened. Perhaps the
clearcst exhibition Of the results Of Mr. window s
policy can only be seen bycomparng II with SINH
inrwork accomplished by hispredecossorduringth the
four years of his term During the four years
from March l. 1877, to March l, 1884, the interest
bearing Indebtedness of the Governmontwn re-
duced S36762,500 or from Sl,1llRW,5 300 TO Sl.6H,
gSJ 900 During the seven months from March |,
1881, to October !, 1881 tho interest bearing in
debtedncss of the Government was reduced
SSl SI2 $50 from 81 TO 81 b93 25O nearly
two and one-third times S much reduction MS
during Mr.. Sherman's four-years' term. The an
nual interest charge was reduced during the four
years above specified Sl7,55I7OS, or from s0i403,-
6i550 to SI6Sij, $3.50. During the past seven
months tho reduction Of the total annual interest
charge was St4 708 1880, and on the LIST of October
amounted 10 S620i7,75S. The statement for No.
vember l will show n further reduction
item The reduction of the total debt, less cash In
the Treasury, amounted during the four years
mentioned to sos "a or from 81 0SS l430i
to Sl,s799j6A Al2,T. The reduction during the last
seven months was Ssl l0)iS, the total debt, less
cash, now standing nj Sl,IySS SSbj,925.77. Neyor dur
ing any single month prior 20 september 1851, was
| ing to Sl5,00O0O0; but last month the reduction
amounted to sl7,is36ilG6. seldom, if ever, has
the monthly reduction Of annual Interest charge
reduction was S5b57,ij0,7 and during August II
was s6897 93i2j These imperishable results speak
in more powerful tonesot commentator thanany
members OF the Legislature OF Minnesota cherish
the record OF one who has shed lustre upon his
State there will be no hSsitation he or doubt about
what action that body VIII take when 10 comes 10
elect q United States Senator. H. j. H.