The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-03-28
rRnAsuRr D1pARrmssr. March 8. lisa

SIR; have the honor TO acknowledge the receipt oil
your letter bearing date the 9th ius enclosing the ol-
owing resolution Of inquiry from the Houss Of Repre-
sentslyes THAT the Committee OF Ways and Means
be instructed 10 inquire into the expedency OF changing
the present mode OF anticipating the payment Of the public
debt OF the United States, by directing the withdrawal Of
the definite offers OF The Secretary OF The Treasury and
substituting therefor invitations TIE holders o, said
debt submit proposals for the surrender thereof at rates
TO be specified according TO some uniform system in such
proposals. the lowest and most favorable OF which may
be accepted by the Secretary OF the Treasury at such
times and rates, and IN such amounts shall be deemed
sxpedent and that The said committee report thereof by
bill otherwise, referred yonr committee
my views to the relative merits OF the two modes OF
anticipating he payment Of the public debt. with such
other suggestions that might deem proper.
By the act approved the 81 day OF March, 1853
authority given the Secretary OF the Treasury 10 re-
deem the public debt al The current market price The
current market price found by the sales III these
stocks al the brokers' board IN New York and Pnilade
pha, and vac subject 10 The fluctuations growing out Of
The condition OF the money market the number OF pur
chasefs, and the amount of stock Offering
Under The authority OF this act more OF the public
debt could be purchased than the current market price
would command aud the current market price was sub
lrci to the combination OF holders who were always sp
pzed oil he ac that The government the market
The market was constantly the advance while The gov.
ernmen, was purchasing, no mode Of avoiding The con
unued advance of the stocks, and withdrawing from the
market would leave the money unproductve IN the treas
my.
IL was thought that this continued advance could he
avoided by public offer OF the stocks nj the then
market price, and that mode adopted by the public
offer stated in my annual report The amount OF socl
obtained between ath March, 1852 and the al March
1854. was 2IIs 1913 40
The effect OF the otter to withdraw all the oovsrn
meni stocks from daily sale, the brokers' board and
transfer the daily sale 10 the treasury and enable the
government TO obtain all that for sale IN This country
and considerable amounts from Europe
On The lst January, public offer was made for
100000 OF the debt at somewhat different rates of pts
mum, for part Of the debt and b. redemption has he's,
continued under that public offer and s now in ssr,sac
tory progress The mode, by public oHer has prevented
an advance IN the current market price, and h
government TO obtain all that IN matket yyi,hoot re-
ducna the balance IN the treasury low az authorized
by The act This fact proves that the premium was sniff
Gent because il secured all that was for sale and
not TOO high, because did not induce holders ia mari
with their stock faster than the government had tho
means 10 anticipate the payment
II believed that mode can be devised tina, will pn
cure greaer amount OF the deb without advancing The
premium and could be farer 10 The public credit,
ORE. or more honorable 10 the government
The debt is now redeemed at a rate which would psv
about per cent, considered an investment The le
ter and table "A" herewith transmitted exhibit the