Ravings over savings bonds

DEAR HARRY: Is the federal government trying to discourage the sale and redemption of E and EE savings bonds? Has funding for the Treasury Department been cut? Are future cuts pending?

Redeeming the old paper bonds has become a nightmare. We no longer can buy paper bonds, either. The Treasury says they will be issued only as part of a tax refund. Now, it appears that you can buy "electronic" bonds only online through a ridiculously complicated process for even the more-savvy computer users.

Existing bonds cannot be redeemed at a bank. Instead, they must go through the mail. It used to take five minutes to redeem bonds at a bank with an immediate credit to your account.

I was told that it takes three or four weeks to do it now. I sent in several bonds certified by my credit union Jan. 3. After four weeks, no cash was deposited. These savings bonds have been such a huge part of saving by ordinary Americans. If they intend to kill the program, why don't they just say so?

Thanks for letting me vent.

WHAT HARRY SAYS: I think we are seeing the "law of unintended consequences" here. The Treasury says that it is now easier to buy and redeem EEs. It isn't-It is a little easier for the Treasury only. That's part of our spending-cut philosophy that rarely considers the results of the cut. We are virtually certain that sales of low-denomination U.S. bonds will decline.