Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1881-05-18
A Signal Success.

From the contest of rival ambitions ant
wranglings over the distribution Of offices
which have occupied the senate since March
4th, and which have severely tried the pa
thence Of the people, whose first and great
interest is in an honest and efficient admins
tration Of the government, it is agreeable and
refreshing to turn to one of the departments
where business and not politics has been
the chief official concern. At the outset Of
his administration, the secretary of the
treasury set himself resolutely at work to de-
wise means for providing for the payment or
redemption Of the bonds which would be re-
deemable in May and June,--a duty which
the last congress had neglected to perform
in a manner satisfactory to the highest well
fare of the country. As the result of his
deliberations, the one hundred and second
call for bonds was issued April 18th. The
bonds which were designated in this call
were the six per cents, due June Both, 1881.
The call contained the provision that such
holders of the bonds as should, on or before
the 10th of May, indicate their preference to
have their bonds remain on interest at three
and half per cent during the pleasure of
the government, to such this privilege
would be granted. To accommodate for
eign holders, the time for indicating the de-
sire for continuance has been extended to
May Goth, and the result is that nearly the
entire outstanding balance Of the issue,
about s1900O000O, will be continued at
three and half per cent.
Encouraged by the success of his scheme,
the secretary issued on Thursday, May 10Th,
the one hundred and third call for bonds,
embracing the FIVE per cents, redeemable
May 1, 1881, of which issue about $780,
100000 are now outstanding In this
call the secretary extends to the holders of
the entire amount of coupon 6ves, about
S12S,0O0,000, the option of continuance at
three and half per cent interest during the
pleasure of the government. The same
privilege is granted to the holders of $780,
100000 of registered fves, leaving about
TS,000,000 to bepaid from surplus revenues.
The time for presentation for continuance
will expire July LIST. Holders of bonds will
be required to pay expense of transportation
to Washington, but the government will re-
turn the new bonds, which will be of the
registered class, by paid registered letter,
unless otherwise directed. Bonds are rap
idly arriving at Washington under this last
call, and it is certain as anything in the fu-
ture can be that complete success will
crown the plans of the secretary for paying
a portion of the maturing bonds and read
justing the rate of interest on the balance.
The success of the plan for continuing the
six per cent bonds will effect saving to the
government at the rate of over four million
dollars per annum in the matter of interest,
and if an equal degree of success attends the
offer to continue the five per cents, an addi-
tional saving exceeding seven and one-half
millions per annum will be effected. As
this continuance of the rate of interest will
hold during the pleasure Of the government,
the administration will have a decided ad-
vantage when the consideration of meas
ure for the permanent funding of these
bonds shall again come before congress, and
the advocates of the old bill with its pro-
scriptive fifth section will be taken at
corresponding disadvantage. With the bonds
already practically refunded or paid, gov
eminent can patiently await the disposition
of congress to enact just and impartial re-
funding measure.