Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-04-20
Six Per Cent. Bonds.

/ We sec il announced thai five millions of the rev
81 per cent bonds will be sotd at auction, in this city,
on the l2sh May. This will be an interesting and agree
abba announcement to the putt G. IL ndiea es ip>-
ston on the part of the Secretary OF the Treasury to
raise the funds necessary for ,vernmen. purposes,
way different from that heretofore in practice of sim
ply aidrg to the issues of an already overburdered
currency 1t is prcceSd ng in conformity what
contemplated by the trainers Of the late currency &C
which soi was intended TO effect the double purpose
of reducing the volume Of the currency, and restrict
ing its amount within safe hints and at the same time
to furnish capital upon whi,h the Government could
command money at viii.
To secure these purposes the bonds offred made
as attractive as any such security be- Toe period
of their maturity s at least thirty years distant bear
ing in the meantime, interest OF six per cent per
aanum,- payable seni-anuuilly. Toe bonds may be
registered or coupon the purchaser may elect the
being secured by the pledge of the proceeds Of
aay ruure export duty laid on cotton tobacco naval
stores aud also of III impor; lies lad. Ia add
tor the principal AMI interest of ths bonds de-
clared free from s;iOa and the coupons nude
equal by Law, TO specie or sterling exchsng, for the
payment oil all import duties which have already been
| imposed
Tie sale will be made by the Treasurer, on the date
named, at the rooms OF Kent, Paine Il 90. The Las
provides that the bonds shall be for one hundred do!
lars or some multiple Of one hundred dolsrs and in
accordance che las will be made in lots to suit pur
chasers." 0ne-tenth of the purchase money will be
required be deposited with the Treasurer the day Of
the SALE which viii b, forfeited if the terms of the sale
rot complied with, aud the baancs paid in days
All Confederate issues viii bs received il payment,
ceps the hur dred dollar OF the old isus the
new notes par and the cd a. dscoun: of onethrd
Bonds, as attractive afthese now offered, should
command higSpremiun. While all other Confederate
securities have been less affected by the currency and
tax bills than any other stOcks offered in market, and
are uniformly quoted al considerable premium, it
must be apparent, upon comparison, hog much more
desirable these for investment The pledge which
the Government makes in regard to them ia such it
has never heretofore made in reference any of its
issues So binding upon the public faith of the Gov
ernment that any violation OF its pledge might even
lead international compile sOns should foreigners b
induced to become purchasers
Night it not have beel better policy to adver-
se for sealed proposals. the hgbes. or, il accepted
| fixing the market price Here few brokers, bankers
and other capitalists can, b. easy combination, On or
prior to the day of sale control to great extent the
price to suit themselves which at once becomes public
aud establishes the price Of all future ssles.-
Should the sealed proposals. have net been accepted
then public sale at auction could have been yesorted
to. But sealed proposals. cannst follow public s-ls
with any prospect of an advance OF pric'.