New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-08-24
A GREET WOPK WISELY ENDED

secretary WINDOW has put the money market
out OF danger. His order, issued on Monday,
provides that par and interest to October 1 will
be paid at any time upon presentation for any
OF the five per cent registered bonds on which in
terest will cease on that date In effect, this
notice puts about $50, 900, 900 in money at the
disposal of the market whenever the demand is
such that the holders of the bonds please to
surrender them. AS they will get precisely as
much money by surrendering them to-day as
they would get by holding them until October
l, it is probable that enough of the bonds will
be presented from time to time to prevent any
serious pressure in the money market This
step was suggested in THE TRIBUNE last
Thursday as one which the Secretary might well
consider, and after proper inquiry he has evil
IDENTIFY satisfied himself as to its wisdom. 1t
can take not cent from the Treasury that it
would not be obliged to pay October /, or later
and Will avert the inconvenience which might
nave resulted from continual accumulation
of money in the Treasury until that date
SO long as holders of the registered five per
cents could get interest at that rate until Octo-
Der l, by holding their bonds until that date.
they had no effective inducement to send the
bonds in for payment. Higher interest has
been paid, it is true on call loans, but with
much less satisfactory colaterals than Govern
ment bonds. Holders were not likely to part
with the very best form of security, in order to
get for single month a trifle more interest.
but upon a much inferior class of securities.
Now they can take their interest in full to Oc-
tober 1 whenever they please, and employ
their money as they see fit in the meantime,
and The proposal will probably bring in bonds
enough to defeat any attempt to produce a
serious stringency in money.
Secretary Window virtually closes up by this
order the magnificent work of refunding which
he commenced in April. The unextended skies
were called July l 4; the coupon fives August
IL ; ana the registered fives are now made pay
able without rebate on demand. Technically.
some of the registered fives will remain out
standing and drawing interest until October /,
and the fact that only about 81 SOC, 900 of the
$11,OOO,OOO coupon fves on which interest
ceased August II have yet been presented for
payment indicates that part of the registered
bonds may also fail to come in for redemption.
The registered bonds however, are much less
widely scattered than the coupon bonds, and q
much smaller portion of them is held abroad so
that they are likely to be more promptly for
warded. To the Treasury the useless accumu-
lation of money which is virtually due to
holders of bonds is merely an evil, and the
Secretary does well to get lid of it as soon as
possible.
Throughout this difficult period, the course of
Secretary Window has deserved high praise.
lie has taken no step without care, forethought
and complete success. When he came to the
Treasury, Democratic unwisdom and disoyalty
had done its worst to cripple the Government.
Over 500, O0O,0 600 was due or payable to cred
ltors within a few months. Democratic Con-
gress had refused to make any provision for the
payment of any part of that sum, without rob-
bing those public creditors whose means were
invested in the M tional banks. The attempt
to drive those banks out of existence, without
regard to the public welfare, had caused a
sharp panic from which the money market had
put partially recovered 1t was the daily boast
OF Democrats that they had placed the Republi-
can party in false position, since its President
had vetoed three per cent bill Though that
Dill would have proved as ineffective as it was