The south-western. [volume] (Shreveport, La.) 1852-1870, 1865-06-14
Our National Securities.


The meaning of the terms applied to the
different national loans does not seem to be
very clearly understood by the community, albeit
a matter Of deep and peculiar interest to all.
We condeuse, therefore, from sueeinct state
ment thereof in the New York Times, an expla-
nation Of each:
'SEvEy -THIRrIEs These represent eur
repcy loan. having three years to run; then con-
vertible into a gold interest six per cent. stock
having twenty wears to run, but with the right
reserved to the government OF paying OIL the
loan, in gold at any time after five years The
term ''seven-thrties' is derived from the rate OF
interest borne by these three-years convertible
notes, viz: two cents per day on each hundred
dollars. or for 800 days 81 so on each Sl00.
s.FIvg- TwENTIEs This term is applied to
the six per cent. gold bearing bonds OF the
United States, to which twenty years half-yearly
coupons are attached, but which may be PAD Oh,
in gold, by the government, on due notice 10
holders at any time after five years, in the event
that the government should be offered the money
on a new loan at a cheaper rate than SIX per cent
"TEN-FoRTIEs. These are the five per cent
gold bearing bonds of the United States, to
which half-yearly coupons are attached, Tor forty
wears, but which may be paid in gold, on notice
to the holders, at any time after ten years, IN the
event that the government should be offered the
money on a new loan at a cheaper rate OF inter
est than FIVE per cent.
The most desirable Of all the United States
loans. as a permanent investment, is Doubtless
the long, or unconditional six per cent. gold
bearing six per cents of 1861, which is not re-
deemable by the government at all, except by
purchase, until the year 1881.
We learn from the interesting statement allu-
ded to the present outstanding totals OF the
several loans are as follows:
1---SeYen Thirties. ................S6O 0,U00,000
2--Five-Twenties. .................. 596,545,900
--Ten-Fortes. .......-........-. II ~ fo,loU
4-Sixes of Eighty one.......... 2o1, SOL 400
IOtdI. s'1'voS31a NV
Interest in currency on $500, 600
Interest on gold on 050, ST 400Sl, $3.50, SIT 400
1t is to be remarked that in addition to the
gold interest stocks, classified above, there is
outstanding S48, SOS, S9I of the old funded five
and six per cents of the United States, upon
which the interest is paid in gold, and the prin
cipal of which will be redeemed in gold, when
due.
''GREENBAcKsn AND s'LEGAL TENDER, "-These
terms are convertible. All the greenbacks are
legal tender; but about S434, O00,0o are of the
ordinary circulation free of interest, and $226.-
UOU,OUV DedF eII pit Vi COlI juuLIu AIClCnUi pay
Bile on the maturity of the notes, most of them
six per cents payable three years after 1854, the
interest compounded in table on the back OF
the note every six months.
These statements, taken in connection with
the showing made in the pamphlet recently
issued by Messrs, Jay, Cooke & Co., as compiled
by Mr. Elder, of the U. S. treasury department,
Of which we gave brief synopsis, few days
ago, demonstrate that the financial system that
has been adopted by the government is a sound
and safe one, and that no better investment
exists than that offered to the public by these
various loans.
That this is becoming every day more and
more prevalent opinion and conviction in the
public mind is made clear by the increasing
avidty with which the community is availing
itself of the opportunity thus offered by the
government. The almost daily statements ema-
mating from Washington, giving the subscrip-
tons to these loans, especially to the seven
thirties, show this most conclusively. Invest
ments may be made in any sums, from fifty dol
lars upwards, thus afording facilities to persons
ofevery degree of competency, thus, at the same
time, to benefit themselves and to aid in support
of the financial system of the government
New Orleans Picayune.