| Show THE government BONDS thin THE great financial event of last week was the maturing of of united states aj per cent bonds and the failure of the secretary of the treasury to refund the whole amount at 2 per cent per annum the total amount refunded was at first the secretary fixed on september 2nd and as the date for the expiration of the privilege of extending the bonds but rater later on announced that the time would be continued indefinitely bitely it to is thought by many of the news papers hostile to the administration that there is no money in the treasury to pay the bonds without entrenching on funds pot legally available for such a purpose the secretary of the treasury however says he la Is prepared to pay the whole of the bonds and has so eo far paid it la Is thought the treasury will have to pay the whole before the close of the month it is admitted on all sid aid 9 that there is no money at present in the treasury specially intended to meet the payment of these bonds but there is plenty of money which can be used for the purpose without injury to any department part ment it is also admitted that the secretary felt somewhat disappointed at the fail are to refund it was thought that the national banks would buy the bonds so as to in increase creise their circulation several of the leading new york banks combined about two weeks ago to form a pool and take at least of the bonds at 2 per cent they could obtain only about subscriptions so the plan was abandoned it to is true there were a number of prom anent banks which openly opposed the extended refunding scheme but not from any political motives the belief prevails that the redemption of the bonds would ease the money markets and make business better the paid last week for bonds helped trade considerably it increased the supply of money available for loans in new york it was the means of reducing the rate on call loans from 5 to 3 per cent then if such a perceptible benefit was wrought by how much more would have been wrought by the payment of the whole |
