Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-04-21
The United Suites of Windom.

For nearly SIX weeks this government has
apparently consisted of the United States Of
| Malone. So far as the Legislative department
of the government is concerned-one of the
| three great departments of the governmental
has, unquestlonably, consisted of the United
States of Malone. The executive department
of the Observation-Disclosures of the three
great OBSERVATION-DISCLOSURES not been able to dc
ANYTHING, or has only been able to do next t,
nothing, because the wheels OF this depar'
ment have also been stopped, that II eel tail
| illicit contract with Malone should be fulfilled
SO that, till recently, in respect to two OF thu
| great departments of the n ltional government
it has been the United States of Malone. Some
journal in the country has very cleverll
said that the Republic IN majority in the
Senate consists of Mahon,, who is not Re
publican, and Arthur whD is not member
of the Senate. But during the week it has
appeared that The govern nent is the United
States of Window, and the American mind
like the great apostles, is in strait twix1
two: Does the government belong to Malone,
| or does it belong to Win lom?
Promptly upon the announcement of the
great financial policy of Secretary Wndom, al
the beginning of the week, the Enquirer rost
| to point of order. 1t was the opinion OF
the Enquirer then, as now, that Congress
alone had the power to borrow
| money on the cred of the United
States; that the secretary of the
| treasury, without the authority of Con-
gress had no power to negotiate loan on be-
half of the government, or to renew loan,
which Is in the effect negotiating new one
| fixing the new rate of interest on his own
responsibility; that the secretary of the treasu
ry was an agent to do only the things he hao
been authorized to do by law; in word, that
William Window was not the Con-
gress of the United States, and was wholly
destitute of legislative power. The only argu
ment that has any where been adduced against
this position is that the secretary of the treas
ury, if the parties with whom he contracts
consent, has the authority to save money foI
the government. It is admitted by those who
make this point that the secretary of the
treasury would not have the
authority to increase the rate OF
interest in issuing his new loan, because hi
can pay no money out of the treasury without
an appropriation made by Congress. hi
entire argument in favor of the Window
usurpation of authority is that it produces 6
saving to the government. This logic would
permit Mr. Window, touching these $195, 900,
| 900 of 6 per cent. bonds, to name 5% pei
| cent. instead of 3H per cent as the rate of in
terest at which he would renew the govern
ment Indebtedness to this amount. This rate
| of SIX per cent would cause a saving to thu
| government, as compared with per cent.
and Mr.. Window had as much authority t.
offer 57s per cent. to the holders of these
bonds to the amount of S195, 100000 as h
had to offer 81 per, cent. Te
admit that Mr.. Window has discretion
| whatever In the premises is self-destructivt
proposition. Congress alone, in this business
has discretionary powers. Mr.. Window car
| not vet have forgotten-for he was a membe
of one branch of Congress during that discus
sion-that this subject was under the consiI
Grafton OF Congress for several weeks, ant
Congress reached conclusion upon the sub
ject. Congress proposed to refund not onl.
these S195, 200, 900 of bonds, but nearly $500,
600, 900 more of bonds of bonds at 8 per cent
President into vetoing this great measure o
economy, and now Mr.. Window, withou
a shadow of authority of law an
in absolute violation of legislative pr
negative, proposes to refund S2OO.OOO,OOO o
bonds at rate of interest one-half per cent
greater than that upon which Congress agreed
MIR. WINDOWS policy, if carried ont, woul
put more than 81 ,0O0, 900 in annual lnteres
into the pockets of the bondholders in add
ton to the amount directed by the bill whic
passed both branches of Congress. That is t
say, the United States of Window will give t
the bondholding class the interest of nearl
$40, 000, 600, in addition to what Congress, th
only authority Qualified to make terms in thes
premises, proposed to give; and th
banks that intimidated President into veto
ing this measure, and the bondholders tina
reap tue benefit Of the generosity of the Unite
States of Window praise the financial sagacit
of the United States of America from Mime
sofa If the secretary of the treasury had O
tered upon his (Windom) loan $40 per cent
which he had an equal right to do with hi
right to offer x per cent, the same bank
and the same bondholders would have bee
more enthusiastic in their laudation of the vii
dom of the new government-Mr Window.