New-York tribune., 1881-03-31
A CONSULTATION WITH BANKERS.

n y
SECRETARY wINpoM 10 b IN Ntw-YoRS To-Day
ApsuRp,ry OF SOME RuMoRs-R REDEMPTION OF
CALLID ID BONDS
Inr TELEGRAPH rHg rRIBUNEi
WAsBIt GToN, March 30.-Secretary "Inuo'n' As-
s;star, SECRETARY Upton and Controller Knox viii
90 10 Nsw-YOrk tom mnrrow. The MAN purpose OF
this visit is unders ood TO be to have free confer
enee with leading business men and hnanclerS Oh
that city with - view to detefmB'ng what pohcV IL
will be most * .r-;ient and wise for the treasury
10 adopt in regard 20 tine bonds which VIII become
reCes ,nabe after Nav and June 80 next. mere
is ground for the belief that Secretary Window is
now strungly of the opinion that lt VIII he goon
pol,cy to sell four and half per cents instead oi
four per cents.
Nobody could be found in the Treasury Depart
meut TO-DAY who would say that he thought the
Secretary had any power TO issue floo'Oou'VUV o.
bearing certificates for Tefunding purposes
The author OF this brilliant theory, whoever NJ may
be has no vet explained by what process the Secre
tary Of the Treasury could, after he should nave oo
famed possession of $l5O,000ODU IN gTeenbaekS ana
National bank notes, transmue them lhio CON- ~
order to redeem bonds which are paVaOle III colh
or its eaniv dent Oi course The Secretary heht "e
cline TO receive anything except green acRs I'D TX
change for certificates, and he would nave t"e
mower 10 keen the greenbackS al par by selling
bonds TO strengthen ulS COIN IVS ifN ~
bnt the fourth section of the Act OF June 80 4Sof'
which authorized temporary loan 10 he elected Oy
The means dcscri bed ais required the secretary 81
The Treasury to keep hatd eOi $30ooo'ooO
In United States otes against the certificates sSel'
In the language of the Act: Tine Secl otary OF tle
Treasury NAV issue and shall hold IN reserve Ior
payment of such deposits, United States hoieS "oV
exceeding S5O,O00,O00."
The Ia W required the secretary OF the treasury u
maintain this reserve. As present laws do not per-
nit the issue of greenhacks, the Secretary Ol the
Treasury would have no option. but wonIc oe IT,
puired 10 Withdraw from cifculatioE, ana hou III re-
serve against the certificates O,OOOO OoO OF legal
tenders, This won d produce an immediate con-
traction of the currency about three times as great
ns that caused by the National banks ist month ana
winch came so uear preclpitalug hnanclai panc'
ftls hardly probable that Secretary WluuOm mas
ser,ousIy taken Into the feat OF huancaI
iegerCemaIn suggested by those VINO thlhk ,hey
have discovered Obsolete law 4 power WhlCh
will enable tae Treasury Department. 10 reinnd the
pubhc debt without any help from Gong ess' II,
The following cIrcular tO hO ders OF ca led bonus
was issued by the Treasury Department t~daV:
Notice 10 hereby gwen that this Department WIN
Redeem and ~ APri 1, 1881, ay OI thr ca
ing United at nVe per tehl uuueu @ loan vouu NJ %
81 1891 at the rae i hundred ana On ana
twenty fve hundr-dth S1Ol 25l dollar, ID uupaym III
for each one hundred dOiars ot me b'hus- -,
AL bonds oTwarded for redemption eh'''" =
addressed to tho " Secretary OF the Trrasur --,a an
DIVISION washington D. Co." aid all reSIstcrr, bonus
should be assigned fhe secretary of the Treasury
for RedeuptO" Where persons desire obecks In pay
ment for registered bonds drawn 10 order 0I az one
but the paVee they ehOnlG sssIgu them 10 Tue ere
fhefe insert the person or persons 10 whose
order the che ok sh tlild br nade payabfel.