The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1881-10-22

WINDOWS Windw0rk.
The Secretary of the Treasury in his |
letter to the convention of bankers re-
Gently assembled at Saratoga says: |
1.-The saving to the Government
through the continuance of these bonds |
is very gratifying. On the six per cents
continued the annual saving hereafter
in interest will be "a. 45l. $3.50; on the
five per cents, assuming $500, 600. 600 to |
be continued, the annual saving will be
about e6. 900, 900, making total annual
saving hereafter in the interest of the
public debt of SO, 451, S7S. 75." MIR.
Window is naturally very anxious to
make good showing for his work be.
cause there has been much criticism OF
the manner in which it has been per-
formed. and more especially because he
has proceeded without warrant of law.
Hence he seizes the first opportunity to
exhibit to the public the merits of his
achievement, taking good care. how
ever, not to institute comparison with
any other plan for the refunding OF the
overdue bonds.
It will be remembered that the late
Congress passed bill authorizing the
negotiation of q new loan for the re-
demption of the FIVE and six per cent.
bonds falling due, which fixed the rate
Of interest to be paid by the Govern
ment at three per cent. This bill was
vetoed by the late Mr.. Hayes and the
consequence was that no provision was
made by law for the refunding OF that
portion of the public debt falling due
during the present year. The Repub-
licans in Congress generally opposed
this bill and sustained the veto. 1t
NAV. therefore, be fairly claimed that
the Republican party is responsible for
its defeat and for placing the country in
the anomalous and humiliating position
of permitting one-third OF its funded
| debt to fall due without any preparation
| to meet its creditors. !,
Secretary Window having concluded
| to be law unto himself undertook the
task of negotiating new loan with the
| intention Of asking Congress at its next
session to indorse his action. That he
assumed power which only Congress
possesses is not to be denied. That he
exercised that power for the best inter-
ests of the country is doubted by finan-
ciers far more experienced and capable
than himself. In proceeding to place
the new loan he simply followed the
beaten path of his predecessor in Office.
He made no effort to disarm the criti-
cism of his political opponents by pro-
posing q three per- cent bond, but arbi-
trarily placed on the market the paper
of the Government at three and a hall
per cent interest. The same syndicate
OF bankers which piled up its millions
through the favoritism of John Sher-
man was again permitted to be ''the
| power behind the throne greater than
the throne ITSELF
| Mr.. Window cannot plead in justin.
cation of his three-and- a-half-per cent.
bond that it was impossible to float the
Government paper at a lower rate
How does he know that three per
cent. bond would not have been sue
cessfulP He did not try the experiment
and therefore is estopped from entering
that plea The clique of bankers il
whose interested counsels he contidet
NAV have assured him that q three-per
cent. bond could not be fioated, bu
other bankers interested only in thu
general financial welfare of thu
. country have expressed diferen
opinions. The memorable logi
of facts and events is also against thu
view Of Mr.. Window and his syndicate
of Government-plucking bankers. Tn
credit of the United States is at leas
equal to that of Great Britain who's
public debt is largely funded at two
and-a-haf per cent. The four per cent
bonds of the Government sold ut
handsome premium and since the
money has become more abundant an
, easier, while the revenues increase i
volume from year to year and the sta
| bility 9th Government has been mad
more certain by the almost complet
! subsidence of sectional politics. Indee
the whole course of public events an
the general condition Of the countr
prior to Mr.. Windows action on tn
subject of the new loan were such as t
indicate most clearly the success Of
! three per cent. bond. At any rate th
: proposition OF q loan at that rat
: of interest was entirely just
fed by the financial outlook 1
the time when the Secretary of th
Treasury proposed his three-and-a-ha
per cent. bond, over the success I
which he is so extremely vaingloriou
! His day of boastful pride will. howeve
I prove short-lived enough. He will
2 called sharply to account in Congrcl
: for his usurpation of a power which II
= Constitution vests explicitly and sole
! in the legislative branch of the Cover
9 ment He will be asked to demonstra
why he did not make the effort to sa,
q an additional 81. 600. 900 in annual j
= terest by putting three per cent. Dor
. on the market. He will be required
e explain the relations of the interests
y syndicate of bankers to his three-and-
. half per cent. scheme. Let him the
9 indulge while he may in the vanity
le his empty boast. Doubtless in his pl
:, losophy s'sufiicient unto the day is Il
q evil thereof. - Harrisburg (Pa.) Fl
y riot.
n Securing the Spells.