New-York tribune., 1891-01-30
SECRETARY WINDOW DEAD.
0Con,iuued from First PaGe.)

pean Governments in this respect. and he believed
that such an organization would result in the en-
couragement and promotion Of all the great labor in
tess of the country and be Of greater value than any
short-llved committee OF congress,
Although his career in the Treasury Department
was n short one he achieved splendid triumph. his
car. and forethought having carried the wor. OF
rehndng the National debt with complete at
a difficult period. When he entered the Treasury
Democratic unwisdom and dlsloyalty lad done its
worst TO cripple the Government over 500 100000
was due or payable TO creditors within few months.
A Democratic Congress had refused TO make any pro.
vision for the payment OF any part OF that sum with
out robbng those public creditors whose means were
invested in National banks. The attempt TO drive
those banks Of existence, without regard 10 the
public welfare, had caused sharp panic, from winch
the money market had only partly recovered. But
secretary Window though set TO work 70 make bricks
without straw, every difficulty. lie paid or
called III for payment all the B and @ per cents that
the holders had not Voluntarily asked him TO extend at
3 l2 per cent and retained for the Government tie
power TO pay of any the extended bonds at pleasure
doing all this with the surplus revenue, and WITHOUT
depicting the held for the redemption OF notes
senator Window candidate for the Presidency
before the Republican Convention OF 1850. the MIME
sofa delegates casting their ten votes for him until INC
twenty ninth ballot, when some Of the votes were
transferred TO Senator Blaine. Three delegates voted
for him until the close OF the balotng A1er MS re
trement from the Senate in 1859 Mr. Window spent MS
time between Minnesota and New York practising law
and attending to business interests.
When President Harrison formed his Cabinet, he
chose Mr.. Window for the Treasury portfolio. MT
Window had been in office only little over one MONTH
from March until April a. when he had made all
apparent saving to the Government OF over S2'ooo'
600 through his bond-buying policy The Treasury
surplus shown by the Official report Of July J.
1889, was S714s4,042. and of this sum si7,z32'37'
was In actual circulation and USE
On November 80 the Department decided to reduce
the number Of National bank repositories. and the
amount Of public money therein. Accordingly
number of banks having active accounts were directed
return about 10 per cent Of the Government money
held by them.
Secretary Windom's first report presented striking
and important financial plan. 1t was document
simple and clear in statement, uneQvocal
in its adhesion TO Republican principles and highly
important in the information IT conveyed For the
reduction Of the surplus 1t was recommended urst 10
apply sums in improving foreign mail service ana
enlarging foreign markets and, second, In coast ana
naval defence, through which money would be re
turned to the people The repeal of the tobacco tax
1892 900 O0O was advocated and also Of the tax on
100000 gallons of alcohol used in the arts (So,4Oo
O0O) The tariff question was discussed ably, with
most earnest advocacy of the principles Of protection
and the necessity of correcting antiquities and errors
in the act of 1883 was strongly urged. The secre-
ernment and an overwhelming public sentiment just
fed liberal expenditures for the encouragement of
merchant marine and the extension of foreign
commerce. Discussing the silver question, he held
that unlimited coinage would only result
in enormous contraction by driving gold
and gold notes out of This Nation"
he sad lis not strong enough rich enough to alb
sorb the OF the world without placing the country
wholly upon the Asiatlc silver basis Instead OF
further coinage the Secretary proposed the issue OF
silver notes against all bullion deposited at its market
value on the day Of deposit. such notes to be re
deemed in silver bullion at its market value when re-
deemed. at the option Of the Treasury.
Secretary W1ndoms second annual report, made in
December last, public document Of great educa,
value. BY the free purchase Of bonds In order
relieve the monetary st1ngency, the Treasury De-
partment had put sos 100000 in circulation with
in three months. lie attributed the rapid advance
of silver which eliminated in August, and
the subsequent decline in the price Of silver
bullion largely to speculation ia bullion in New
York, and in part to importations' iSesaruihg
the new Tariff law, the secretary heid tha'
material departure from the policy adopted by
Congress would be unwise and unjust. on the gen
eral question of protection he held that the home
market in this country had come 10 be larger ana
better than the market Of all other countries Gem
bned, and country so situated could aii0rd u
allow it's producers TO be driven by foreign
competition out Of their largest and best markets
The secretary reVe"eu,"li !usapie soloia0uon' o'o
policy pursued in the use OF the Treasury surplus
TO avoid monetary troubles.
Secretary Window commanded the fullest respect Of
the financial world for his efforts to lessen the strin
gency In the money market last fall and early this
winter. He used the strong hand Of the Treasury De
partment to increase. much consistent with
sound business principles the amount Of money IN
circulation He did this by applying available
funds to the purchase Of United States bonds.
ON December last he advertised for proposals for
the sale to the Government OF S50O0,o00 Of the 4
per cent bonds Of 1907. In the two months previous
about S6 had been applied to the purchase OF
bonds On December 13 Mr. Window 10 this
city To discuss the financial situation with leading
bankers among whom were George s. Coe. George g.
Williams John Jay Knox Henry W. Cannon, ]. Pier
pont Morgan and Jesse seigman. AT that time he
had done all he could he said TO relieve the pressure
n the money market