Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1864-06-17
tFom the New York OJserver)
The U. ). Two Hundred Million Five Per
Cent. LonH.

This loan is limited 10 two hundred millions,
and is being rapidly subscribed for by the pco-
pie. A moderate portion of this amount mas
been taken for Europe, and any reasonable por-
ion of the remaining amount that the Secreta-
ry of the Treasury might he willing to desig.
nate, could be placed on the other side with or
without making the interest payable in London
instead Of New York, on highly advantageous
,ermS, thus giving the command Of larre
amount of sterling exchange 40 per cent bet
t-r than gold. as rates are calculated here)
through the Summer months. He has never
yet entertained such propositions for his popu-
lar loans. His preference is that our own peo.
pie should have the entire advantage of the
gold interest which they bear, or else the pre-
MUM on their Bonds, such as can now be had
on the 5.20s when bought for Europe. The
present object therefore, is popular distribu-
lion at home, at par, on five per cent. gold inte-
. rest, equal to Or s per cent. in currency with
gold at l50al60 per cent.
The Act Of Congress specially provides that
the principal of these Bonds shall be paid in
gold. II paid of after ten years with the eco
nomical view Of re-borrowing at three or four
per cent. interest-for ate the war of 1912
this government borrowed money in Europe at
.hree per cent.-the'rayme will be made in
gold.
On this and all other funded stocks of the
United States, there is a specific pledge Of the
Customs Revenue in gold, for the continued
Daymert of the interest in gold.
The customs and duties, thus pledged for the
payment OF the interest and gradual extinction
Of the principal-through annual purchases for
The sinking fund-of the funded public debt OF
the United States, constitute a system of indi-
rect taxation, to which the people are and al
ways have been accustomed. 1t falls upon the
people only in proportion to their ability or in-
;lination to consume foreign wares and mer-
chandse, upon which these duties are levied.
As they elect to forego the use of foreign luxu-
fes, so they tighten their own burthen of the
public debt, even while investing their means
IN it at rates and on security superior TO any
other stock, for uniform and assured income
free oil local taxeS,) in the whole country.
The last fiscal year, to June 80, 1868, this
source of revenue amounted to S69,059642.
The gold interest on the public debt then
amounted to only 524, SIG, and the princi-
pal of The old loan Of 1912, "a, 100000, was
paid off in gold, in addition.
The present fiscal year, ending on the 30th
June, 1864, will show at least 4C per cent. in
crease iu gold customs, say S96, ,6S3 ,39S, Oh
gross importation of less than 20 per cent. in
crease over last year. The gold interest on the
present funded and tundable debt, for the cur
rent fiscal year, will not exceed S47, $50,
ledring surplus Of nearly ffy millions in
gold from customs over the specific charge for
interest upon them part of which surplus the
Secretary has readily disposed of at l65 per
cent for greon-backs, the principal as well as
premium of which will go to the benefit Of the
Sinking Fund.- and TO the reduction Of the cur
rency interest on the unfunde or temporary
debt, such as one year certificates of indebted
ness, certificates OF deposit, &c.
That this statement may not seem over
drawn we annex a schedule Of the funded debt
and 7.30 per cent. treasury notes, soon to pass
into funded debt by voluntary conversion, On
which gold interest is now being paid;
Funded De5t Of the United States to March 8,