Show A THOUGHTFUL SUGGESTION Under the caption The Surplus and the Maturing Debt the New York Sun saysThe The best thing to do with the surplus in the Treasury is to buy bonds with iL Besides the few 3 per cents which may be called at any time there are 250000 000 of 42 per cents outstanding which I mature in 1891 and which can be had i now at a premium of less than 10 percent I per-cent The four years interest on them yet to accrue amounts to IS per cent I and any premium less than this would i leave a profit to the Treasury That the Secretary of the Treasury has the power to buy these bonds at whatever what-ever price he may think proper nobody disputes The statutes giving it to him i are numerous and explicit The latest of I them was approved March 3 1SS2 and in these terms andJ The Secretary of the Treasury may at I any time apply the surplus money in the Treasury not otherwise appropriated or so much thereof as he may consider proper to the purchase or redemption of United States bonds Provided That the bonds so purchased pur-chased or redeemed shall constitute no part of the sinking fund but shall be cancelled It has been objected that the attempt of the Secretary to execute this provision would enable holders of bonds to fix their own price and thus fleece the Government Gov-ernment We can see nothing in this ob jection Of course a price must be offered that will induce holders to part with their property but this price could I not possibly exceed par and interest to ii1 iv f > io 1 1 maturity and as we have already said anything less than this would leave a profit Of the whole 250000000 of the bonds in question about 70000000 belong be-long to national banks that have deposited de-posited them as security for circulation and for the Government deposits and the remaining 180000000 are in the hands of numerous holders part of whom cannot fail to be willing to accept for them very nearly the current market rate The above suggestion for the disposition of the surplus of the Natipnal finances and its elaboration is very good It points out a way for the investment of the excess of the peoples money on a business basis which is in full accord with the policy of the present Administration Adminis-tration Mr Cleveland has made it a future maxim of the American Government Gov-ernment that the peoples money should be as carefully guarded and as judiciously handled as that of the private pri-vate individual This money can be carefnlly guarded but not judiciously handled by locking it up in the National Treasury vaults Our administration is seeking for the best and most businesslike business-like method of utilizing for the Nations benefit the Nations surplus wealth and the suggestion of the Sun is worthy of i careful consideration I |