Show 1 How to Redeem Bonds Washington 6 The proposition mado by a gentleman attending the recent financial conference in New York namely to extend the maturing 5 and 6 per cent bonds at a lower rate of interest is very generally approved by treasury officials with the exception of the secretary secre-tary who will not express an opinion OK the subject as the most feasible pUn which government can pursue The secretary of the treasury is not required to give notice before calling outstanding six per cent bonds for redemption These bonds amount in the aggregate to 105690400 and are redeemable > on June 30th next After that date any that may ha called will cease to draw Interest Officials in favor of the proposed extension I exten-sion of the bonds of a lower rate argue that the secretary might issue a call for the redemption of say SlOOOnOOOO of these bonds on June 30th next and make it optional with the holders of the bonds so called present them for redemption re-demption or have them extended at a rate of interest not exceeding 3 25 A Urge majority if not all the holders of bonds would it is i maintained prefer the latter course This action with regard to 63 according to the ideas of those advocating ad-vocating it should be followed immediately I im-mediately by calls on amounts of outstanding out-standing 6f equivalent to the amount of tile series extended Thee calls an official suggest should be made conditional to the persons desiiing to continue their bonds until Congress passes the funding bill it a lower rate of interest rather than have them redeemed may do so by complying with the conditions necessiry within a specified time The aggregate amounts of 5 par cents redeemable on May 1t are 453400 Should this method prove successful it would not be necessary to sell any bonds whatever White nothing can be said officially alto al-to the course which will be adopted there is good authority fur the statement that this plan is receiving thorough consideration con-sideration and the indications appear to be in favor of its adoption Washington Important financial conferences between some New York bankers and the President and Sneretanr Blame have been held It is urged that whatever arrangements m y ba made for extending the 6 per cent bonds uf a reduced rate the honor of government requires that the 6 per cents wbich ro payable on June 30 must be paid on that day The 6s are on a very different basis fiom the 5 It the former are redeemable on June 30 without notice the latter cnrot be redeemed until after three months notice Government can give that notice on May let and that 5i cannot can-not be paid until three months ner that The auount I of 6s payable on June 30th without further notice is 187000000 Whenever the others upon the same terms have become payable it has been held by the treasury that any failure to make prompt payment would be stain upn the honor of government and it was urged that government has 180000000 from which to pay these bonds Through sale of 1WOCOOCO 4 or 4J PT cents and the surplus revenues reve-nues obtainable 47000000 could be obtained ob-tained under toe Bayard amendment by I anticpating surplus revenues lor tbree or four months These gmlemen urged tbat the 63 be paid ani mean bl provided pro-vided in this manner The conditions are diflereni with the 5s Notice need not be given until three months before the present Congress will bo likely to be able to take care of them MtT |