The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-04-13
Mr WINDOWS New loan.

ca, after the las, Congress expired there
~rss a GOOD deal Of talk about an extra SEES
riou Of the next or present congress AZ.
~, ex,rs session was proposed to be called
an o,aer that provision might be made oy
,sw for reducing the rate Of interest upon
snnoe hundreds OF millions OF dollars OF tne
national debt from and 5 per cent. 70 Q
or 81.
Eu, Mr.. WINDOW has found out that there
a. 40 necessity at all for Congress 10 pass
any law on the subject. lie proposes 10
reduce the rate Of interest 10 The absence Oh
any law authorizing 1t. or course, as we
have said heretofore, be has the i'got 10
nav the bonds. There Is no doubt as 10
that. But he has no right TO make new
copirsc, for the Government. lie has, new.
eriheIess, undertaken TO reduce the rate OF
interes, 10 81 per cent. Recoleet thai II nc
has the right to reduce the rate OF interest,"
nj all, he has the right TO reduce IL 10 per
cent. RecoIIcc; that the 4 per cent. bonds
are now selling at such price as prac'
tical,y 10 reduce the rate OF interest
upon them TO 3 per cent. Then thlnR
of The Secretary OF the Treasury binding
the Government to pay "a per cent. upon
the outstanding bonds. Had he right
thcs 70 bird the Goyernmentf III he bad
he had the right to fix the rate OF interest al
4, or 5, or 6, or IL per cent. Congress has
the power to bind the Government to pay
I. per cent. OF course, Mr.. WINDOW has
the same power, IL he. has any power at al
20 make new loans and fix the rate OF IN
tercst upon them.
X Is desirable to have the rate OF interest
upon the Government bonds reduced; but
NJ is much more desirable that Government
officials shall not be permitted to assume
powers that do not belong 10 them. Let
Mr.. WINDOW redeem as many OF the bonds
as he can-and we think j, would he saie
for him 10 redeem almost all the 6s-and
there stop. lie has no right to sttempt 10
bind the Government by a new contract su-
fhorized by no law. II when the banks
present their per cent. bonds he pays them
of, we'll. IL not, the banks have the lega!
right 10 hold the bonds and demand per
cent. interest upon them so long as the Gov
eminent fails 10 redeem them.
When we wrote our article OF yesterday
Oh this subject, we did not know that any
body else bad seen any improperly in Mr..
WINDOWS proposed self-Icgi.lation. The
New York Graphic OF Monday afternoon,
however, talks out as follows:
awe are in favor OF reducing the interest
on the public debt; hut we are opposed TO
the Administration taking any action ia re-
gard 10 that debt which could be interpreted
into usurpiDg the functions OF Congress,
whose duty it is to legislate upon refund
ing. We might apparently save interest,
and might lose other advantages which we
nov possess. Secretary Windows plan APP
pears 10 be very plausible and satisfactory.
but the fact that the banks have so strenu-
.ousy pushed 1t would seem 10 indicate that
II is not puie gain for the Treasury Depart
ment. In any event, the President and the
Secretary OF The Treasury should carefully
examine the whole ground before expert.
meDiine upon the finances in 'tbe absence OF
congressional legislation. Refunding be-
longs 10 Congress, and it should await con-
eressiOnsl action next winter"