, 1881-03-30
FINANCIAL,
FEIEff.EN1TlEA 1T TIE TREASURY,
Special iHspateh 10 The Chicago Tribune,

rEtEff.EStrlES AT THE TREASURY,
= Special IHspateh 10 The Chicago Tribune,
WAsltlSoToS, u. G., Mnrch :.0.-Thc Treas
ury authorities appear 10 DO divided In their
councils with RESPECT to the resources which
TIE Treasury will liaye to meet tue maturing
obligations Ut tho Government Il, t,le absence
of n Funding bill. Son.o clntMi tint, under an
old law. tho Treasury ca,, borrow Sl50 ,uoU,000
Mt = per cent OH Treasury certificates. Tile
argument III support Ut this clNEm ,y,ls re-
Gently outlined In thesu dispatches. 1t Is
HOW denied, md also by the Treasury otli-
c1als, that sucll power exists. TIsu following
Is the argument IN opposition to tl1s claim:
AL examination nf the Revised Statutes Ut tho
United State5 nhuWs tllat, wllile several Ut
tho provisions OF the net ot 1854 are still iii
force. lhe fourth section OF TINT net Inns been
repealed by subsequent Legislation. Even II
tllat Bectlun wuro still III force,
IT. WOULD Still. he VEEsY noUDTFC1.
whether tho Secretary Of tin Treasury wp,,dl
br empowered to call redeell.lb1e bonds alul
ray fur ttse.m with thu proceeds Ut u tcupo-
lnrY loan effected IN naccordanco with tint Sec
tUn. Al! Ut the bonds which bucutl.e re-
deemabEu this year arc payable after tho
optl0n natures, Mt "tle pleasure OF
tho United Statas," nr mt the pleasure
of tho Government" They Gull bu ra!lu.l Ii
Unlt"d S,atcs,' Or by .tke Dl, Gosern;nrtst." NJ ~
Congress llsS authorized and ployidad ti,reo
ways ln .%lucl. tho Secretary Ut tho Treasury
nny cali y, aisl retre,!a or 20 Into thu 1aar-
for ulo sinking .fll,s! undur the alts Vi Fcb
II, lst}!, md July II, 1870. Second, lu may
sell thu sloi, ,'isa.:atM III lonts authorized by
tho hstu'a'nK net uf 1870, Md, with thu
N1lA redemption; third, hu lIny, under thu
provisions Of this Daynrtl amendment to tho
Sundry Civil bill, passed ut tho lust SESSION
gt Congress. HISS my surplus ItD,ey In tila
ruuectIAbIu. THIS alt,ulldusunt w,ls draftel
III thu Tlensltry Department., and wns DE-
signed to authorize tho Secretary tU call re-
deu.nabte oo,ats wllunuyer lIo found tlat tho
reserves Ut thu I'rcasnry would enable hlm
to pny for sucll bonds IN audtttnu to the
Alnulnt required fnr tho sinking fluid.
nY NO KrisETcn or CONSTRUCTION
could funds derived from thu Issun OF inter
cat'bvnttils certificates uf deposit Or tnlubt-
etlMess DO Considered s'surpllls III tho Ttvas-
l3ayatd amendment. II! brief, aysn Mfter thu
bu,nls becolnu ret!eefnablst The Secretary Ut
tlg ItsAsury snn eail .len ~ 9nl p9y then,
by faw ST, IL lu. Aud tho only authority tllat
lias beon conferred nlHlu him !n this respect
y t1ust ~ tho ucts nboso mentioned, and tl
them gAly to, tho extent .nboyu .tUscriboll.
ThIs Is tho opinion of III officer Of tho Treas
tu thu subject, u1lu Ii sca1lls to
lu founded OIL cntllllloll s1llse, us we'll us Oh
law. There has also been stle discussion III
tn whether. III case the Secretary stlult cu,!-
eu1a to lss,!n tllo Sloi, Nfa w Wlllca! remains
uf TIE II ~. 0U tA authorized by tho Act Ut
July II, ls7U. Au Will decide to iss,lv Or II;
,or cents. On t.per-cents thu out!u of rG-
lemption would mt Maturo Until tkllrty
years attrr the .alo uf t|lelr Issue, willis "
lNr cont bonds would bccolno rcslceislublu
ilfsecn yeArs aftcr,. tho tlato Ut their
lssue. It fs t,e,!ernliy considered probable
tlAt hccretary WI,,loi,,. Il i.u .leciles to sell
bonds ut al, vii cllonsn to Issue thosu with
the sltortrr Optin!l. Theirs casl bu III, dDuLt
TINT tl,e SECRETARY Of thu Treasury Is as fully
l.o Ii tn ISSUE per cents. 'f[ls authority
W4s conferred by tllu lrt Of July Il, 1870, ant!
l!as never. ttelt revcals4. OtllceIs Ut tllD
Treasury Department 6ny That tlle nct uf Jun.
Is, ls7e does not ufcct that authority III any
way.
SEVERAL. ESTIMATES
have been published to thu elect that tho
surplus rgsr4uu fur the ten n0u.lls eudlux