The Virginian. [volume] (Lynchburg [Va.]) 1822-1829, 1826-12-28

| 1888.
II, The snm Of ~. 227 3C3 o.. ut 4 IL per
c'nt, being one hall ofthe amount subscribed In
g change for six per cent stock Of 1918 unde,
the aet of May the 26lh, 1924 aud redecmabic
Ia 1888.
IL. The sum of -. OF 1903 % NJ 1 II ,c,
cent, being the other half subscribed under Inc
oct last above stated, and redecmahlo IN 1924
10. The sum Of s 1s31 2Dd 80 at five prt.
cent, being the amount of stock issued un,let Inc
act of March the Sd, 1891 aud redeemable il,
| 1898.
l} the foregoing enumeration 1t apnears TIM Tho f.
mount o' d'hl fadeemablo At the pcfods spaadad is
That the amount rcdromahlc at tho plea.
sure OF the 6otnnmtntE 9upg6IT 20
Mating the falai amount Of tho funded
| debt On the 1t OF October lbl6 75pp4I5 IA A.
This amount viii be reduced by a payment 10
be made ON the dfsi % January, 1877. SOFAS to
| s'dhu on ihai diy @73,92U,sI4 20
The amount ot Treasury Notes outstanding on
the first Of October, 1895, Is estimated fNo. ~
| at y 1000 aud lhenmount OF Mississippi Stock
| unredeemed ON that day, including awards not
J applied Tor tNo. Dat 81. feO II
| II "iil next be proper 20 state the operations
! that have been had IN relation to the debt since
the last annual report from tins Department. In
that report II was stated, that the unpaid loans of
| 1913, bearing an interest OF six per cent amour.
ted to the sum Of Hl6,3IO797 u. The whole of
which was fedeenable ~ 1926 IL was thought
TO be incumbent upon the Department 10 recon.
| mend 10 the consideration OF Congress such pro-
| VISION Tor paying of tins sum dur.na the wear
| 1896, as in the Judgment of the Department
gave promise OF being most advantageous. The
| exhibition IN detail of the entire public debt as
| contained nbnye, serves 10 SHOW that consider.
| able savings IN interest had heretofore accrued
| 10 'h' nation by exchanges effected under the
| authority o Congress, of stock bearing an inter
| est ol SIX pei cent Ion stock hearing II lower IN
| tcrcsi o. by loans, under the snme authority
| Tor the purpose Of paying on portions Of the debt
contracted II ~ per cent, when the TINE for re-
| drhpt'on hhd arrived, by the cfenlloD of new
debt 20 taf same amount subject 10 an iptarest
OF less than siS PEI cent. Under the snnc-
| ton OF past legislative appreciation Of thls econ.
omiea process IN relation 10 the delt, ii wa 10.
| commended thata loan should be authorized for
| 1870, 10 the amount Of nnc millions 81 dollars.
| icdecmnble IN 1922 and 1880, al n rate of IN.
| leicsl moi exceeding FIVE per cent, 10 ektmgnsh
| tins debt OF sixteen millions and upwards hem.
ing an int est Of SIN per cent which the Govern.
| mcnt was thus nj liberty TO extinpnish IA 1926
provided II Ind the means. Nine millions IL wns
| believed, would have formed n sum adenu,te 10
| thiS operation, IN conjunction vim the other
| "''"'' NihAh ~ hhHAhplpafH tit | ttHNtiFN would
probably hive bad at command iot The service of
| the debt IN ls2G. There Is reason In think t.,,,
! the prices which The public STOCKS bore Ia the
| course ofthe last Winter, and subsequently 10
| the Winter, lint, lad Congress sanc lonrd a
loan 10 that amount, the efforts 10 obtain il woul,
not have proved unsuccessful, and the hole Of
the stock in question mad consequently been oniJ
Oh. But rs no loan was authorized il brcame
the duty oithe Department 10 proceed otherwise
m as measures ior extinguishiag as larpe- a Dor
non OF tins sls per cent stock rcdcemablp within
/ the year, Is the means 81 the Treasury wilhout
the aud OF the loan, rendered practicable. Tins
" rs accordingly done, ia the manner following ,
! he stock consisted of the residue unpaid A.
mounting 10 f3,p6t 1872 %, of the loan a seven
/ million five hundred thousand dollars under the
act OF the I'd OF August 1919 and OF the resi-.
/ due unpaid, amounting to n II ,211 ~ l6 of the
/ loan OF sixteen millions under the net OF Fcbun.
! ~ the 9th, lsl3. The former oi iAesp balances
was wholly paid OF with tn moneys which Ia.
! Treasury bad n rs disposal, on the frsl Of last
| Jnly As egards the latter, thr commissioners
OF the SINKING fund. at IA meeting held un the
9Th Of September, resolved that W. millions
Of dolla.s 91ud be ap died towards is rcdnc.
ton at the eni ol the present year. The hold.
| ers OF this stock 10 amount fepresenfing two
| millions Of dollars, have, accordlnglv had no.
tlcr, that, on the first olJapuary 1927 tiny will
receive payment OF the whole of the pflnripal
! sum specified IN Their certificates. BIZ tho term.
under winch this loan Of the 9Th Of FEBRUARY
l5l3 was contracted, it became iedeemabIr al
the pleasure Of t.e Buitcd States utter the 3l,t
Of December, ls2b. by the reimbursement Of the
whole sum which stood crcdl I'd to any proprir.
tor of the stock, at the time when The reimburse
mcn took place. II followed that, IN paving OF
any portion OF this loan no partial payment,
could lac made Ia he bnlder If &, a,9t;Ea.,. 49,.
that he was entitled to receive its full aud alsu.
lpie amount, without deduction and also the
full amount Of all other certificates ofthis partic.
ula stock 81 winch he was N the same time own.
cf. u therefore became necessary, pg 10 prefer
cncc could be shgwn 10 one public creditor o.
yer another To determine by lot the number. of
the certificates 10 be redeemed until Their apafs-
gate amount should represent the sum intended
10 he paid Of; aud such was the plan pursued
The precise mode IN which it was cnried into eC
feet, viii be- seen by an explanatory paprr tI)
among the documents trnnsmitted. Tbs resort
10 chance terminated in giving a small exco.s o
yer the sum wanted 50 that the sum 10 be paid
of on the first of JANUARY, amounts, in exact Il.
cures, IN 5000, 300 II.
II may be proper to mention. that the nm.
paid SIX per cents Of 1873 were stated las,
year ~ &l6,27o.797 "A, when the true amount
was Ilo,3l6,5og 20 The difference was I'M
Guided IA the font aud holf per cent. STOCK. I'M
der the ACT Of March the 3t, 1928, since ascrr
tanned 10 have belonging to the stock Of lsI3
v should be further mentioned, that The three
per cents. we're stated last year AT sl3 2g6 s3l
- TO which have been added this yrar sixteen
dollar, twenty fse cents since issued for inter.
est on ihe old registered debt under the act Of
the l2ih Iune, l79S.
After proposed payment Of s. oo2 .3o671
shall have been made on the first of Japu,r,, d.,
funded aebt will have been reduced from $50
9Sj,5}7 =, us amount last year. to $1,000
sH ~, tine amount ofwhich il will stand on tbr
first Of January, 1927 Thence appears, that the
means which the Treasury was found to possess
forthe reduction of the principal Of the debt
within the year 1926. using those means as
largely as could be justified, and as the Commits.
sioners OF the Sinking Fund thought proper to
sanction, amounted 10 S7,O67 ,03o % and that
this sum has served to evtneuish by SO much
the unpaid SIX per cent, loans Of 1918 amount
IS Nv m thp annual -. :. a ~,