Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1864-05-27
tFronthe New York 0hserrerl
THE u $. TWO HUNDRED MILLION FIVE
PER CENT. LOAN.

This loan is limited to two hundred millions. and
IS being rapidly subscribed for BY the people.
moderate portion of this amount has been taken
Ter Europe, and any reasonable portion of the re-
malnlng amount that the Secretary Of the Treasury
might be wiling TO designate could be placed ON
the other side, with without making the interest
| payable IN London instead of New York on highly
i advantageous terms, thus giving the command Of
a large amount of sterling exchange 10 per cent.
better than gold, as rates are caculated here
through the Summer months. He has never vet
entertained such propositions for his popular loans
his preference is that our people should have the
entire advantage of the gold interest which they
bear, or else the premium Gn their Bonds such as
can now be had on the 5. 20s when bought for
Europe. Ihe present objef. therefore, is popular
distribution at ho1ac, at par, on FIVE per cent gold
interest. equal TO ~ per cent In currency with
| gold at I50 and 100 per cent
The Act OF Congress specially provides that the
principal Of these Bonds shall be Paid In gold If
paid of after ten years with the economical view
ofre-borrowing at three or four per cent interest
for after the war of 1912 this government Dor
rowed money in Europe at three per cent,-the
| payment will be made IN gold
On this and all other funded stocks of the United
States, there IS specific pledge OF the Customs
heyenue m gold, tor the continued payment of the
| interest in gold.
The customs and drties, thus pledged for the
payment of the interest and Gradual extinction of
| the pHnclpal-throggh annual purchases for the
SINKING tund-of the funded public debt of the
Ontod States, constitute system of indirect tax
a1on, TO which the people are and always have
been accustomed. 1t falls upon the people only
IN proportion to their ability or inclination to con-
| sunle foreign wares and merchandise, upon which
these duties are levied As they elect to fcrego
the use OF foreign luxuries, so they tighten their
own burthen Of the public debt, even while In
yestlng their means in it at rates and on security
superior to any other stock, for uniform and as
sured income free of local taxesl, in the whole
country.
The last fiscal year, to June 80, 1863, this
source of revenue amounted TO SOS, ,059 642-
The gold interest on the public debt then amount
ed to only $24 729, s46, and the principal of the
old loan of 1872, 50, 100000 was paid off in
gold. in addition.
The present fiscal year, ending on the 30th June,
1864, viii show at least 80 per cent increase in
geld customs say $50, $50, 3qs, on gross impor-
tation of less than 20 per cent increase over last
year. The gold interest en- the present funded
and tundable debt, for the current fiscal year, will
not exceed SAT, 1856 $50, earring surplus Of aearly
ffy millions OF gold from customs over the spe-
cifc charge forinterest upon them; part Of which
| surplus the Secretary has readily disposed of at
l65 per cent. for green backs, the principal as well
as premium of which viii 20 to the benefit of the
Sinking Fund, and to the reduction of the currea-
cy interest on the temporary debt, such as one
year certificates of Indebtedness certificates of
deposit, DC.
That this statement may not seem Gyerdrawn,
We annex schedule Of the funded debt and 80
per cent. treasury notes, to pass into funded
debt by voluntary conversion, on WHICH gold inter-
est Is now being paid: