New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-05
DEPARTMENT or THE TREASURY
AN ADMINISTRATORS OF TIE FINANCES
INSPIRING CONFIDENCE.

When Mr.. Window assumed the once Of secretary
Of the Treasury. on March {. l--0. he began al on'r
to devote himself To- Investigation Of tic 'on'
ton Of Allan, 30 That Department. In many ~
spcci. he found the condition If affair sat-i' 'or}
in many other respect, II VA, o." revere 81 -'''r
factory The preceding Administration had been a.
odd. with the leader, a. IT, own party 10 'ontrc.r
IN regard H. the .llvcr question and The controversies
which began with the Inauguration 81 Mr. Cleveland
"a, President -in remained un-ct'cd a, between On"
executive and legislative braachc, 81 tl' Governments
The administration - the ca toms laws II va, found
had naturally swcrycd IN the direction 81 cNrh'
Nbcraluy in the ~ position of duties ON ilpoii"l
good, AID merchandise. The general administration
Of the Department in respect 10 the nnan'c,-thc ~
duciiOn Ot the public debt and Interest and the ap
rlicat!on 81 the surplus revenues az Tire Government
especially had been such a. 70 provoke mu'h pubic
criticism. Intn the assembling n Tire Lth Congress,
both the President and secretary iairclhh seem 10
have regarded in-unin,ut tn authority conferred
by Congress upon the latter to apply the -urpu,
revenue the rcu'i ion Of the interest bearing debt
by the purchase Of bonds. Despite their mssiving'
on that account. however the policy Of buying bonds
had been Initiated August >. l-s7, at which time
the deposits Of surplus revenue In favored banhs
were steadily increasing. although not at 50 rapid a
rate they did "A few months later. II was carried
for some time, in tentative and feeble manner.
and the results spondincly small and I'M
satisfactory, might have been expected under the
circumstances. Under a Treasury circular 81 August
3, 1897. IL per cent bonds were purchased to the
amount Of Sl1 ,5Gj.3OO, which the net premium
amounted 10 sO22, 100 making total 81 2f.7.iJ5.
Under Treasury circular issued september -. l--7.
bonds purchased follows: Four and one half
per cents, principal - 100. which the net
premium paid was sG33.77l total. $5523 -7i 4
per cents, principal. g $50 80. net premium. ~
99G.o $50; total, sJ.G-5.3Oo. The aggregate amount
paid out Of tho surplus revenue, therefore, prior 10
the issue Of the Treasury circular dated April Il.
15r for bonds including accrued interest thereon.
was S27 .G0G.GGG.
Bat during all that time the condition which con
fronted u.s. steadily growing worse the danger
surplus continued to accumulate To large cA-
tent it accumulated in the vaults Of the favored Na
tiOns banks for the amount Of deposits If surplus
revenue therein In April. I--- almO, go 900 600
more than fouriftl,s Of the security for which con
sisted Of per cent bond The increase I'm deposit,
since August, 15-7, has exceeded By S5OO0,O0O
the total amount paid account OF the purchase Of In
bearing bonds including the net premium. Tho
natural effect Of this dual policy Of the Treasury De
parment 10 enhance the price Of per cents, the
secretary of the Treasury began to cut hgure as a
bu7 in the market The lowest price he paid for
per cents l3f net on october 20 z, 1888 tho
highest, l29.1O. on September 90 Ia--. The total
amount paid for 4 per cent bonds down to March 4.
lS-9 was: Principal $50. 72G5 $50: net premium.
$1,000 $40: total 73.JO. $50; cents. p'in-
F cipal sol O73 200; net premium. S73l2129; total.
s0s .525, 800: aggregate, Si70.3iG,1-3. Of which
47.79975o principal and s2S,lI6,f39 net
premium.
From March .. 1850, to February %. 1890, bonds
were purchased by Secretary WindDm a. follows -Four
per cents. principal. s634O5. 100 premium, Sl60i3..
IA total. SsO.3Is.-0l; IL per cents. principal
s4240s $50 net premium, S2,605,5ll total S43 ola.
Gel aggregate. Si25 333.1j2. Of which SOB 100
was principal. and Sl0.5i9,052 net premium The
t,,jsn maid A mar
Farchild was 1914 october 10 g. 1887 the highest.
1910. september 20. 1888. The lowest net price
paid by Secretary Window for per cents was l2344.
February 90 1890 tho highest. i2S.J3 April 6 le-0
The lowest net price paid for IL per cents by secrc
tary Earchild 1866 on August 3, les5; The
highest, 1924, August 10. 1907 The lowest net
price paid for tho kind OF bonds by Secretary
Window was Io3.6o February Fl, 1890; the high
est 1924, March 8, 1850. 1t viii be seen that the
ret premium paid per cents Increased BIO per
cent between october /, 1887 whereas between
Marrh a. 1885, and February 81. 1890, the net
prcnlum decreased 5.4S per cent-a difference OF
1880 per cent In favor Of the present Admins
traon II will also be observed that the net premium
paid on IL per cents between August 10 1887. and
August g. 1898 decreased 245 per cent while between
APPEL g. 1889. and February II, 1880, 1t decreased