New-York tribune., 1881-03-29
rprAsuRY PLANS AND spECULATIoNs.

TREASURY PLANS AND sPECULATloNs.
AZ orr,crar ANNOUNCEMENT EXPECTED sooS-A
poUR or FOUR AND a HALF BosD-nMITA-
r,oS OF THE sEcRETARY's PowERs-THE SUR
r1Us REvRSUEs
lBy TELEGRAPH TO THE rRIBuSE
wAsHrSoroS, March 2S.-The action OF the secre-
fary Of the Treasury, upon the questions raised py
the failure of Congress to provide Tor tue retunng
Of the bonds which become redeemable in May and
yulv il awaited with great interest and speculation
Il rife as TO what that action will be. 1t is under
stood that within three or four days, Secretary
Windom will announce officially his Intentions
Theae has been some discussion as to whether, IN
case the Secretary shall conclude to issue the
g1O4 CSC. 200 which remain Of the 81, ,50OOOO
authorized by the act of July IA, 1870 ne will de-
eide IN ;ssue four or four and half per cents On
four per cents the option of redemption would not
mature until thirty years after the date OF their issue,
wbile four and a half per cent bonds would become
recemable fifteen years after the date OF their ISSUE
II is generally considered probable that secretary
Window, If he decides to sell bonds az all, VIII
choose to issue those with the shorter option Ihere
Fan be NO doubt that the Secretary of the Treasury
a "a fully authorized by law to issue four and half
psr cents as be is to issue four per cents This au-
thorty was conferred by Che act of July IA. 1870.
and has never been repealed. Officers of the Treas
urv Department say that the act Of January 70,
ts7a aoes not affect that authority In any way.
The fun text of the act of 1879 is as follows:
7sas hs secretary Of the Treasury = hereby BY, sTtnSr
bod Of the asDs ss SoSds
sss y ss sss nsd states bearing ptsrest per centm
per snnun authorized by law for the noaas oi Ine
Ssifa snsas sssso sDs nncsied and whenever
~ bonds sha have been 1os o a~
ozng thc refunding Of the National debt saal, apply
y bonds q the Uted sieSs bearing ghs NAV be
assmshe IN any exchange made nSusI tGe on ys
bonds redeemed for g period OF three months.
Az win be seen. this act was designed simply to
provide for an exchange of rev bonds for old bonds
which had become subject to redemption. and did
not touch the provisions of the act of July ID 1870
which authorized the Secretary Of the Treasury to
issue $500 600 600 of four and half per cent
bonds. OF the amount thus authorized, only
Sa85 ,00O, 900 have been issued, the remainder OF
The $3.50, 900 900 Of four aud half per cents now
4 outstanding having been sold for resumption
4 purposes. and not issued under the authority OF
+ TIE Refrnding act of 1870 In addition to the
z fl55.000,000 of four aud half per cents, there
have been issued $500,000000 OF fyes ana
e710,345. .950of feur per cent bonds and refunding
segtiGcstes
II reported that tho attention Of the President
and the Socs<,ary Of the Treasury has been called TO
titled "-An act to provide ways and means for the
snppcrt Of the Government and for other purposes"
and that II has been suggested to them that under
The section referred 70 the Secretary Of the Treasury
lsaothofiSed TO effect Z temporary loan TO the
sanount of s55o .ooO. 900 " rate not exceeding
pes cant per snnun, by receiving dsposts Of legal
eenders or Natopnl bank notes and Issuing ntArest.
bearing certifcatss therefor. In the opinion of
Treasury officers, who arc thoxoughIy familiar with
ihe laws regulating looms and the currency the
& BecrstaFy has no power to act In accordance with
Z the aboye suggestion. AN examination of the RI
tissd Statutes cfntho United States shows that
FbiDe several OF &b provisions ofathe oct Of june
~ 1894, ass stu in zorce ths fourth section of
nat ha,been repealed ~ subseqnsnt lsgialssiop.
that socticn were still Ia forco IL would atm
be ~ doubtful whether the secrstary Of the
sVgpid BssempoYered 10 call reasemablo
Ponas 80 pay for them with the proeeeds Of tenn
9<fy iozii <sstpd In accordancs wish fhs: sectioa.