The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-12-09

Loan o. 1910 4.O4S,4O0 OK
Loan Of ls47 2073s70o o.
Loan oi lsis l4,4i4,49l 81
Texan indemnity 4,ss7 900 0l
Do. not Issued 600 600 Or
Debt. OF corporate cities "a 900 oc
Old funded and unfunded debt l4I1s 81
Treasury notes outstanding ll4,5II 64
ad,336.l57 81
ing and purchasing the public debt and the amount oil
premium paid Tor it, from the Isl July, 1852 10 the 81
December. 1853.
From this table il appears that $3 $50 was redeem.
ed and purchased from the July 1884, TO the 4h Of
March, 1885, and 722 779 rs IRON the 4th OF March
1888. to the ID December, 1853.
Within few days after the 4th of March, 1883 il
was ascerained lha, the OF s,75oooo had been al
vanced by my predecessor broker in New York. and
Si93oOo 10 a trim in Washington, for the purchase of
the public debt.
These accounts have been in par, by the transfer
OF the stock agreed to be purchased and Ia part by re
placing the money in the public treasury. There has
oeea no ioss ,ou these transactions but i was eonsd-
cred that such 40 advance OF money agents for the
purchase OF the debt OF doubtful policy, and mig hit
become hazardous. and lead misappcaiion OF The
pubic unds and to favorlssm II was determined nol
10 continue that method OF redeemng and purchasing the
public deb'. Public notice was at given that the
$4,000 900 loan OF 1913. bearing Ave per cent interest
and redesmabe the st July, 1853 would be redeemed
s the treasury on that day. or al an earlier PERIOD
out in the notice and that interest would cease on il
from and after the lst july 1853 The notice. marked
u, accompanies this report
pubic liabilities and The redemption OF said loan, did not
equal the receipts large surplus accumulated in the
ue.sury. and became a cause Of alarm in commercial
and financial circles. 1t hoped that the accumua-
lion IN The treasury would beneficial restraint
upon importaoDs and speculative credit enterprises and
bring the business OF the country into sale and whole
some condition; yet, under the apprehension that
snr might arise from too stringent operation Of the
uessuy was determined 10 make advances 10 the mint
iot the purchase ot silver Tor the coinage and
able the mint 10 pay promptly and in advance Of coinage
fog gold bullion.
The smount OF money on deposite IN the mint on the
th OF March was I'd o9s ,22o and increased by the
st oi July 10 SS5i7,sg0 O5, and the 23th Of No
senber. 1888, St43i 039 30 This enabled the mint TO
give gold, which circulated money for silver that
out OF cteuiaiion because OF the premium upon IT, and
Tor gold bullion tina, could circulate as money until
coined
believed that this operation tended 10 lessen the
ensc ot the accumulation but the accumulation still
eonnuins il was though advisable further 10 lessen il
BY the purchase OF another portion OF the public debit
The cursen msks, price, IN the cities OF Phadelpha and
made with broker, at each Of those places 10 make
such purchases 10 be paid for The and de-
livery OF the stock at the treasury These purchases
were continued and the i. July 1883 and ceased after
thai date Ihe amount still continuing 10 accumulate in
the treasury. sppsshensons entertained that
uscuon OF discounts by the city banks OF New York
would fseai from the weekly statements required from
hoss banks aadsr &c, OF the leg gsa,ure Of tha, State
and combining wh the fact st the large amount in the
treasury. might have injurious influence financial
ssd con"'~re's operations With view. therefore. TO
give public that money would not be permitted
70 .eesmu'ass IN the treasury II the public debt could be
had II tbs eusreni marked price, public oder made
on me soa Jsly % rsssm z. the treasury between that
ims and the Let o December. the OF Is 900 900 OF
the loans o 1857 and 1885, st premium OF 2l per cent
and Interest from the s, OF July 1885, on the principal
And on ,es aad Aseu. another pnbic offer was made for
pl.0oDO00 ot the loans payable in 1850 a,d 1884, the
iosmsf si pfsmam OF ~ per cent and the latter at
gsemum of 10 pei cent with like interest froi the LIST
Jelly. isss !hsss notices, marked and F. accompany
tns report u vas thoSght that such public offer for the
siots. Al the then carent market price. wond be expc
disnl on the OF the and Just and fair
hs Aosdsss hsvs beneficial eseei upon the money mar
kst, aud larger amoant of the public DEBT than
any other mode that eoad be adopted The result has
been satisfactory.
In. balance Of ,hs loan Of ID. three corporate cities
OF ,Ae Dssrci. ssssmed by Congress In 1898. being
e7so 90. Communication the agent sf the
trustees of the loan. and price agreed and accepted
ihs extent ct esss 900 and - expected that the bal
snee wii b. obtained. ss the sane Pf'ce, IN short
An oder aso made for par Of The O. 900 900 Tex
IN bonds beating per cent interest, and purchass ef
The Tact 10 ~sasshvd that the public deb, Of each DE-
senps,on b. ob'sned II the premiums offered and
pad. aad sha hs pFenssms nay bs ssduced ~ the lime
kssa by The ssfms ot The iaw os redemption approaches
The bslaae~ IN the treasury on The 3,h september.
with the estimated resepts ios the al 81 and 4ih guar
OF lhs pssss.' Ascs ysas, being far IN OF
the estimated expenditures ios the .sns tine. wl!I us
II the isthsf application Of si3 900 900 to the purchase
o the d~Ss. ssA leave suMeeas ssrpus in the treasury
Tor any pvs~ea purpcs~ TIE purchase Of the debt has
th~reffv oF<r toN'0aeis ana Sf~ottff1
the parchase during the ~ quarlef OF The yeAr II 10
coaersd tai the present prosperous eoad''son OF the
treasury growing Of the great prosperity OF all the
tpsass.i rofsnss OF nc county Affords opportunity
t. apply The surplus the discharge vi the public debt.
ana shoaa moi he lett 70 emtarssss the operation
o the government in any fu,ure contingency which may
fsqnife all sls enstxses ans resources.
The ~.swa~d ~evigss of the second third. and fourth
quarters OF the prvssh, h~al year have been preczed
on the present hxh pcs Of he great s'splea on good
foreign demand or our .urpia- and Large da'y-.ay
inx nporaoss ooearssed vssS Of bs large stock OF
inspirations hand and the stnngsncy In the money
market hois here ~si IN EaSand. and the sde:i OF The
she't crop there
Itt e.imalef receipts foe the 6sca year 1854 do not
reach he scss srsp Of the nscsi yesf 1881 although
the bts quarter ~ 1884 .xesst~ the corresponding quar-
ter c' The sen 1859 ~ ssa,5.xs7 20
Ihs estimated receipts of the hscsi year ending Jane
80. 1855, have hs results o IRE, quarter 70 verify
ihem nor the ungussuoosd data o geod crops and high
,rces bot the sstims'e rests upon average of pre-
c.dnr yszfs. with sAimz,~d Increase psoporonsie to
increasing population and capacity 70 pufcbas< and
pay, calculated wthoni regard 10 the chances oi war,
snofs cfos~. commercial cnssrsassm@st, 90 reduction
III the tspn-
The imports Of the hscs year 1859, nelaiinx Specie,
have beeo s2G7 and The exports have been ssao.