New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-21

| this thing. 1t proves that If we are all soyer-
eiens. as we are fond of being informed upon
| the Fourth Of July, wc must accept the nsKs'
MT the same time that we do without the
enloluments, of the profession.
SHOULD AN EXTRA SESSION BE cALLEDF
Most of the arguments tor or against an
extra session are of the sort to have weight
rather with the partisan than with the patriot
| The Republican party, unlike any other, has
powerful support of such q character that it
cannot afford to consider Its partisan advaT-
tage, when there is any public end to be
gained by doing OF not doing things. 1t will
always get more votes if it thinks never OF
votes, but always of duty. If the interests OF
the country render an extra session desirable,
the Republican party viii lose strength by
deferring &ction for any partisan reasons and
If an extra session is not desirable for public
interests, the party will surely suffer il Con-
gress is called together for party ends. The
Democratic party retains most of its support
while constantly subordinating the public in-
terests to partisanship. But the Republican
party depends for its existence upon different
class of voters.
An extra session of Congress involves a
| large expense, causes some Inconvenience to
business, and is unpopular. The latter is
consideration which the partisan cannot afford
| to remember. If the session is neeaful. the
people must be trusted to uphold the Presi-
! dent who calls it, Whether inconvenience
| results or not viii depend upon the majority.
If they agree at the outset to cOnfine atten-
! ton strictly to certain topics, aud rpOn those
prepare themselves to act promptly and
| wisely, the business of the country will not
be disturbed. Certainly it would be materially
aided and stimulated by the speedy adoption
of practicable and wise Funding bill. As
fer the expense, as all know, that would be
insignificant compared with the sum to. be
saved by effecting reduction OF the interest
on the public debt year, or even six months
earlier.
1t has been shown recently that the Treas
ury, even by straining to the utmost laws not
intended to be used for present emergencies,
cannot meet either class of the bonds which
become redeemable this summer without sell
ing thirty-year four per cent bonds nor can
it, even with such sales, meet the bonds Of
botl. classes. Whether it is desirable for tho
public interest to issue any more long term
four per cents when the country is able to
clear off its debt at the rate of 800, 900, 900
a year, is doubtful. Yet Secretary Sherman
fairly stated the fact that 1t "would be
the duty" OF the Secretary, in the absence
of any other provision, to sell four per cents
of the kind now authorized by law. If it is
not deemed proper to do so, at time when
either three or three and half per cent
bonds could unquestionably be sold, the call
ing of an extra session may become q public
duty.
But the commercial and industrial prosperity
of the country would be intellectually promoted
| by wise and speedy action on this subject, and
| this is also consideration which the Presi-
| dent may feel that he cannot properly
overlook More than 5000, 100000 of money
have been absorbed in holdings outside of the
| banks and the Treasury since the day of re-
| sumption. Nor is this strange, when it is con-
sidered that in New-York alone, with only
oue-tenth of the population of the country,
the addition to deposits in savings banks
was over 100000 in 1879, and over
| S45, 000, 900 In 1880. In most of the States
| no such banks exist, nor are there any insti-
| tutions to serve the same purpose. If
| 5000, 600, 900 of the capital of the country
| has become idle, unproductive and tempsra-
rily useless by lodging in these private boards,
| there il need Of such legislation as may invite
the investment of these savings in the
public funds. BY calling out this idle
| capital an equal amount now in
vested in Government bonds by larger
holders will be dislodged and these persons
| of larger means will be pushed TO employ their
money in the support Of productive industry.
The public benefit to be gained by speedy
release Of the millions now locked up in smal
boards all over the country would be incal-
calable; the effect would be felt in every
branch of trade aud industry.
/ Great good may be gained ii the work Of
| refunding is undertaken in the present favor
! able condition Of the worlds money markets.
There is a strong prospect that the situation in
| that respect will be changed before
| next year. Shrewd observers throughout the
commercial world believe that period Of
higher rates Of interest Is approaching. II the
opportunity now offered should not be en-
| braced, the loss 10 the country may be several
| millions ysafly for twenty or thirty years.
| -
THE Luck or WlFE-BEdTgBS