The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-04-13
REFUNDING.
Secretary Window Confident of the Sue
cess of His Plan.

cess of His Plan.
WASHINGTON, April 12.-Secretary Window
is very confident that his financial policy will
be successful. The call is so arranged that he
will have fifty days before the skies mature to
ascertain the amount of cash that it will be
necessary to have to redeem the portion of Tire
skies which will not be extended. The Treas
ury, however, has already received informa-
ton which iustifies the conclusion that a very
considerable proportion of the skies Will oe
presented for exchange under the terms OF the
call The amount of isixes now deposited by
national banks to secure circulation is about
$45, 100000. Probably most OF these bonds will
be exchanged, and the Secretary undoubtedly
anticipates that many holders OF the remaining
skies will prefer 81 per cent. interest to their
money 1t is thought that 100000, 900 in all
may thus be taken care of. On the first of Ju-
ly the Secretary of the Treasury will probably
be able to pay all the bonds presented for
redemption at that time, provided 800, 200, 900
ton should be realized the Secretary would
still have at his command $104 900, 900 of 4 or
Al per cent. bonds, which he might sell and
with the proceeds beg in to refund the fves.
Whether, in case it shall be found necessary
to sell bonds to meet the demands under the
call issued to-day, or a per cents. will be
sold, is question not yet decided, and regard
ing which the Secretary declines to express an
opinion.
Mr.. Window this morning declined to state
whether, in the event that it should become
necessary to sell any bonds, the or a per
cents. would be used. That question evidently
still remains an open zone: Speaking OF the
legality of the measure, Mr.. Window states
the lawful limits of his discretionary power.
The law makes him the judge of the advisa-
bility of redeeming the bonds or continuing to
pay interest upon them, and he simply exer.
cises that discretion in a way to save two and
one-half per cent yearly interest, while at the
MI kapninU the honaS a n0SitiOn
where they may be redeemed at any moment
when Congress shall provide the means.
AS to what will be done in regard to the
fives, nothing appears to be decided, and the
general opinion is that the subject will remain
undecided until Secretary Window shall have
an opportunity to forecast the result of his &C
ton of to-day 1t may be that he will find it
practicable not only to provide for all the six
es, but also to redeem or extend the hVes be-
fore Congress assemblies next December. The
Secretary expects that the effect of his policy
will be conservative, SO far as the money mar
ket is concerned, and that no sudden cont rae
ton or expansion of the currency will result
from it.
kilograms were received from national
banks and other holders OF six per cent. bonds
during the day announcing their concurrence
iu the plan proposed by the Secretary and say
ing that they preferred to have their bonds ex-
tended at 81 per cent. rather than have the m
redeemed. A number OF congressman, in
mittee, called on the Secretary this afternoon
and rendered congratulations upon the course
adopted.
Senator Sherman did not call but it is said
at the department he favors the course the
Secretary has concluded to pursue. All prom
inent Treasury officials, including Treasurer
Gilfillan and Comptroller Knox, endorse the
Secretarys action.
The text of Secretary WINDOWS call is as
follows:
TREASURY DEPARTMENT, |
WASHINGTON, D. c., April II, 1881.
By virtue of the authority conferred by law
upon the Secretary of the Treasury. notice is
hereby given that the principal and accrued
interest of the bonds herein below designated
will be paid at the Treasury of the United
States in the city of Washington, D. c., on
the LIST day of July, 1881. and that the interest
on said bonds will cease on that day; provided,
however, that in case any of the holders of the
said bonds sail request to have their bonds con-
tinued during the pleasure OF the government,
with interest at the rate of 81 per cent per an
mum, in lieu of their payment at the date
above specified, such request will be granted
if the bonds are received sby the Secretary of
the Treasury for that purpose on or before the
10th day of May, 1881, viz: Six per cent
Coupon bonds, $50, zoe, $50; registered bonds,
$1O9,S3 600; total, $140, 544, $50.
Six per cent bonds of the act of March 3,
1868: Coupon bonds, $685. 500; registered
bonds, $45.600,250; total, $50, 145, $50; .aggre-
eating $l90,690 400, and being the entire
amount issued under the above mentioned
acts which remain outstanding. The request
above mentioned should be in form substan-
TALLY as herewith prescribed; and upon the
surrender of the bonds with such request, the
Secretary of the Treasury will return to the
owners, registered bonds of the same loan with
the fact that such bonds are continued during
the pleasure of the government, with interest,
at the rate of 81 per cent. per annum stamped
upon them in accordance with the note.
Upon the receipt of bonds, to be continued
as above provided, the interest thereon to
July /, 1881, will be prepaid at the rate the
bonds now bear, and after that day tho semi
annual payments of interest on the continued
bonds will be made by checks from the depart
ment, as in the case Of other registered loans
be continued, should be forwarded to the
Secretary of the Treasury, Loan Division"
with letter of transmission, setting forth the
purpose for which they are transmitted, and if
they are to be continued they must be accom-
panied by the request above referred to. Reg
istered bonds for redemption or to be contin-
ued should be assigned to the Secretary of the
Treasury for redemption or continuance as the
case may be, and when parties desire checks in
payment of registered bonds to be drawn to
the order of anyone but the payee, they should
assign them the Secretary of the Treasury
for redemption on account of (herein set the
name or names of the person to whose order
the check is to be made payable). The de-
partment will pay no expense of Transports
ton on bonds received under the provisions of
this circular, but the bonds returned will be
sent by prepaid registered mail unless the
owners otherwise direct.
WILLIAM WINDOW, Secretary.
The following is the form of request for con-
tinuance of bonds: