New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-28
4 SUCCESSFUL POLTCY.

4 SUCCESSFUL POLTCY.
The complete success of the Administration
in its financial policy, so far as that policy has
vet been announced, is now universally adj
mitted in financial circles. Even the carping
criticism of political malignants is hushed.
The Democratic journals which prophe>icd,
barely a week ago, that nobody would care to
take "Sccrctaly WINDOWS personal OhIiga-
tions," and paradcd long arguments to convince
people that the plan was Illegal, are forced to
chronicle its assured success. The requests for
extension of bonds, which have already been
received at the Treasury, suffice To insure the
success of the plan, but even these are less
convincing than the market price Of the SIX per
cent bonds Prior to the announcement OF The
Administration's plan, these bonds were selling
for lO2Is-little more than 100 cents ON the
dollar and accrued interest. That part of
them would he paid in July was considered
certain Hence no one cared to hid for
them much more than par and interest.
because he could not be suro that the
bonds purchased would not be among
those redeemed. As soon az the call
issued, the bonds advanced about thrcc-quartcrs
of one per cent, and are now selling at about
1O4. As no purchases are made at that price.
except for the purpose of getting them ex-
tended, with prepayment of 3 per cent in
tercst due July /, the buyers are virtually
paving little less than 10l for thrcc-auda-
half per cent bonds rcdecmablc at the pleasure
of the Government. AT this rate it is evident
that substantially the whole amount of six per
cents outstanding will be presented for ex
tension.
A few holders of the six per cents, who fail
10 hear of the advantage which the market
offers them, may neglect to forward their re-
quests for Continuance in season. OF course,
any holder who does not wish to obtain the
three and -a-half per cents, If he understands
the matter will take care to sell his six per
cents before May 10. After tInt date. "a
purchasers cannot have their bonds extended,
nor get the interest prepaid, the price will
naturally fall again to about 1924, and the
holder can only get 1903 for his bond and interest
in full hy waiting until July. Hence there will be-
steady bidding for the six per cents up to the
10th of May, and the price might perhaps adj
vance still further but for the probability that
about s 100, 900, 900 more of the extended three
and One-lalf per cents can be obtained by
holders of the five per cents.
AS III lS IIbDdbf NIlt wv ll'hNhll wiz
he requested to extend nearly all the six per
cents, the Secretary will sill have at command
after May TO- for the possible redemption OF
five per cents, nearly the whole surplus rev
cnucs for the year, and the sum for which
S1O4, 900, 900 Of the four Per cents can b, sold.
The surplus revenues, 1t is estimated, viii
amount to $70,OoO,OOo or S-0,0o0,000, and
il is not unlikely that $60, 0o0, 900 will re-
main for application to thr liy' per cents.
The sales Of four per cents, if deemed adVisa-
Lle, would yield about $l1 9,G00,O00. The
Secretary can therefore call $4,000, 900 or
5000, OOO,O 900 of the five per cents, with
certainty that the money would bc ready
to meet them, even if none should he
continued But the result of the expert
nent with the Fix per cents, and assurances
which Secretary Window has doubtless received
from holders of a large number of bonds not
vet called, may perhaps induce him TO call at
once larger amount. In any case, there is
little reason 70 dOnbt that all the outstanding
five per cents will be either extended at gig per
cent or paid off before the summer has ended.
The plan will prove a magnificent success if,
as now seems probable, continuance of all the
six and five per ceuts eau be secured without any
sale WUhltNcf VI How DOlluNs II H'lh'iN vi hN
much as $iOO, 600 900 of the five per cents, out
of about $465, 200, 900 now outstanding, should
request the continuance of their bonds at 3l2 per
cent. this splendid result would he attained. So
long rs the market is virtually paying overpar for
the three aud hale per cents, the five per cents
will probably re converted AS readily and
promptly as tho six per cents as holders who do
not wish to receive the stamped bonds will find it
advantageous to sell to others who do. The
railing of disappointed partisans will not blind
the public to the success of just and
wise policy. If Secretary Window is able
to meet Congress next December with the am
nouncement that, though a Democratic Con-
gress had refused to make any honest or
practicable arrangement for refunding he had
been able to reduce the interest on all the five
and six Der cent bonds to 3l2 per cent, while
retaining the power to pay any part of them
at any time, the contrast between the course
of the two parties will be anything but help
full to the Democrats.
THE BRADLAUGH CASE.