Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1881-05-16
A GREAT ACHIEVEMENT.

Beyond question, the plan of Secretary
Window, which recently eliminated, is
magnificent success. 1t is not yet
known how large portion of the out
standing six per cents has been forward
ed with requests for continuance. The
applications have recently been far
beyond the clerical ability of the De-
partment to open packages, count and
record the bonds and enter the proper
orders, and several hundred packages of
bonds with accompanying requests for
continuance are now at the Treasury
awaiting examination. AS it is prob
able that many Of the latest applications
are from banks, and therefore for an
amount larger than is usually held by
private investors, the prospect is that
the amount finally brought within the
terms of the call will be larger than
present reports indicate. The foreign
holders are yet to be heard from. aud,
moreover, it is announced in Washing
ton dispatches that Secretary Window
has extended the time for applications,
being satisfied that the public interests
can be served thereby, Certainly no
private interest can be injuriously affect
ed by such change. Those who have
secured an extension of their loans at
IL per cent have done so in the be-
lief that nearly the whole of the out
standing skies would be thus extended,
and it can do no harm to them to have
the amount of three and half per cents
slightly increased.
1t is now certain that nearly the whole
of the six per cent debt has been extend
ed at the request of holders to bear IL
per cent interest during the pleasure of
the Government. In many respects this
is the most remarkable and creditable
financial achievement on record. Mar
vellous as the financial triumphs of the
United States Government have been,
in the opinion of the most competent
observers abroad, this latest success
ranks above all others. 1t is we'll for
those who have been carping at Secre-
tary WINDOWS plan to consider that he
has saved the country within the past
thirty days, and by mere exercise of
common sense, about 81, 100000 a year
in interest, besides retaining power to
effect similar reduction in the interest
on large proportion of the five per
cent bonds. The Administration of
President Garfield, though only two
months in power, has entitled itself to
public gratitude in two respects, in its
management of the finances and in its
exposure and reform of postal frauds,
and Senators who mediate controversy
with the Administration may as well
have that fact in mind. What similar
proofs have they given of zeal for the
public good?
1t is already certain that large part
Of the surplus revenue for the current
year will remain unexpended, after all
! the called bonds that may be presented
for redemption shall have been paid
t The Treasury still has at command the
remainder of the surplus revenue, and
as much as $12O,OOO,OOO which may be
: obtained by the sale of four per CEN
bonds. The probability is that those
: resources will be Immediately employed
to reduce the interest on the five pei
cents. Perhaps it will be deemed wist
: to call in at first only part of the fv'
' per cents outstanding, allowing fo
t these, as for the six per cents, month
t or more during which requests for con
. tinuance may be received. There ar
, many reasons for believing that tn
r notice will meet with a more genera
D and prompt response, by the holders O
q the five per cents, than it has met fror
d the holders of the six per cents, and tn
: Treasury can undoubtedly achieve an
$ other triumph as valuable to the peopl
:, as the one which is now recorded
Tribune.