Like a general who has advanced too far, Treasury Secretary Humphrey, generalissimo of the Administration's war on easy money, decided it was time to dig in.

Secretary Humphrey's original plan for refinancing the $265 billion U.S. debt as it comes due was to put as much of it as possible in longterm, higher-paying bonds. But his last two issues at high rates so upset the market that Government bonds dropped below par.

Last week Humphrey temporarily abandoned his hope of floating new longer-term issues. For $4.9 billion worth of refinancing required for June,...

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