New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-15
TO PURCHASE MORE FOURS.
SECRETARY WINDOW MAKES KNOWN HIS
PURPOSE.
HE WILL ALSO PREPAY THE INTEREST ON THE
SIX PER CENT BoNDs-Hls VIEW OF
THE CAUSE OF THE MONEY

II
SIX PER CENT BoNDs-Hls VIEW OF
THE CAUSE OF THE MONEY
srWINGENcY.
Secretary Window rested on Saturday evening
at the Fifth Avenue Hotel and turned over in
his mind the various suggestions offered him by
the heads of the banking firms and large business
houses with whom he had had prolonged con-
ference during the day: After breakfast yester-
day morning he left the hotel at 10 o'clock and
spent the greater part of the day visiting friends
Among his callers at the hotel were Cyrus w.
Field and Senator Hiscock. Mr.. Window left
the city in the afternoon for Wiliamstown, Mass.
where he is spending few days vacation with
his family Before setting out he announced his
intention of purchasing $l6. 900 900 Of per cent
bonds end preparing the interest the per cent
bonds in order TO relieve the stringency in the
money market.
When asked his opinion to the cause OF the
present financial situation, he said: will tell
You what. In my Judgment did not cause 1t.
do not attribute 1t to the manipulatlons OF wall
Street, though IL may be that in some cases ad-
vantage has been taken of the conditions TO in
tcnsify the stringency. Nor do / attribute the
stringency to general speculatons throughout the
country, though it is doubtless true that they
have contributed their fun Share by keeping our
products from market. 1t is certainly not in the
remotest degree charCeable to an influx of money
into the Treasury from customs duties or inter
nal revenue taxes for. as shown by statement
published in the papers, the outflow of money
from the Treasury for the payment of our bonded
debt and other purposes. during the las; year, has
exceeded by Sal 900. 900 the entire receipts.
"The amount paid out during the last twenty
.hrDa dov for hoD D6S intp rpStiS
900. and for pensions 1000. 900 In my judg
ment it is attributable mainly to the remarkable
activity in business Of all kinds. In connection
with the great advance In values during the last
eighteen months The increase in values on Sep
tember of three products Of agrculturc-whcat'
corn and oats-hased upon the crop and prices
Of 1859, amounted to over $700.00O.oo0; and II
to this be added the increased price Of all other
products Of industry. the total increase for this
year Will doubtless largely exceed 81 900. 900
This increase Of values necessarily requires q
much larger amount Of money to handle the
products and hence the unusual demand from
the South and West. Another cause may be found
in the large increase Of importauons. requiring
tme ..?aeM, of gold abroad.
What additional measures lave YOU decided ~
ado, /, relieve re sit'i::;p pa"" WAS asked.
Il sent n,,cc to Washington las, night. which
Will receive offers for Sl6.000.000 per cent
bones AT II o'cocl peXt Wednesday. have
also ordered The prepayment of interest on the
6 pcr cent bonds. ] have named SlG,ou0,oo as
the amount of As To he purchased. hecanao. as
shown by the statement published this morning,
the entire available surplus is now S52."0oooo.
and the Treasury las outstanding offers for
ionds and interest amounting to $50 100000, and
,h, amount Of IS now asked for will require about
1000 900. This, together with what will bc
r.,uirrd r,rr the PfepayJncur OF the interest ON
tie IS will CONSUME the entire available sur
Plus"
",;,1 you do any more in this directon?'
Il know Of nothing. The three propositions
Low pcnGing exhaust the powers Of the Score
tarv There is 10 doubt that they will bring
full and satisfactory rcef if the holders Of the
loads are disposed to cooperate with the Treas
uy do not think there is great danger of serious
frarcial troubles If they come. it will not be
~. fau!: Of tie Treasury Department. You
ruet remember that this offer for per cent
bonds is exceptional, and made TO meet exceptional
conditions II is not Ia I've regarded as the policy oil
tie Administration, for with this purchase, If II
should be made the Treasury would go OFT Of the
market FOR the purchase of that class of bonds.
and will hereafter apply the surplus to the pur-
chase Of the l-2 per cents.
THE SECRETARYS FORMAL NOTICE.