New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-07-16
Waghington, D. o.. June 26, ls6

]
Washington, d. c., June 26, 1866.
Notice is hereby given to the holders Of eertih-
Gates of indebtedness issued under acts Of Con
rress, approved March l and II, 1867, that the
Secretary of the treasury, in accordance with sald
acts and the tenor of said certificates Is prepared
to. redeem before maturity all certificates Of IN
debtedtedness falling due after August u 1856
with accrued interest thereon ii presented IQr re-
demption on or before July Is, 1866 and that here
after such certificates will cease to bear interest,
and will be paid on presentation at TINS depart
ment with interest only to said 18th OF July.
HUGH McCULLoCH, Secretary. !
With the present large resources of currency in
the treasury, the secretary has only adopted
very obvious means Of eeonomzing interest on
the public debt by thus calling in the whole issue
of certificates of Indebtedness. On the LIST INST.
there was $43, 025000 of certificates outstanding
but it Is probable that since that date portion OF
the issues of June, July and August, 1865, have
been redeemed; so that the amount at present
outstanding is probably about SS7 ,5OO,OO0
This process Of redemption will have very.
direct effect upon the money market. on the l5th
of July the interest on the third series OF seven
thirtes amounting to 1896, 900, becomes payable
From these combined sources we shal nave,
within the next twenty days an addition to the
actual supply Of currency amounting 70 about
fOrty-fye millions of dolars add to which the
fact that after the lst of July there will be large
disbursements of interest and dividends by com
panies. These facts foreshadoW an extraordinary
ease in money during the next few weeks
This condition of affairs will afford an occasion
for the conversion negotiations of the treasury so
unusually favorable that IL ID scarcely cOnCeNaple
that the secretary will allow the chance to pass
unimproved. The five per cent, consohdated loan
scheme appears to be dead; but 1t may pc that u
only sleepeth. The feasibility OF the scheme is
essentially dependent upon the clause eXemptlhg
the proposed bonds from all taxation; and to THIS
feature there is undoubtedly strong teehng OF
opposition in Congress-all the stronger perhaps
since the secretary has lost the ear OF opposl
ton" by identifying himself prominently with
administration politics. 1t behooves the secretary
and Congress, however, to determine at once upol
Hrar, irNFlifp 1F nTlt q
ecution during the coming extraordinary ease II
monetary affairs and the high premium on gold
which renders currency obligations less valuable
as compared with gold bearing bonds.
There is some reason to fear that the politica
differences between Mr.. McCuoch and the ma
jority in Congress may interfere with the Rdoptio
of measures for etfecting permanent settlement
of the debt Politics, however, should be7equall
esohewed by beth parties in the adjustment Q
great financial questions; otherwise the most vita
interests of the nation must suffer s Z
LEGAL TENDERS IN CANhDA.--In Canada q legt
tender paper money scheme is projected. M
Calf the Canadian minister of finance, has br0ugl
it forward, and proposes that the banks-shou
give up their circulation withdraw their own note
and take government notes and circulate them il
stead. Government notes are to be prepare
handed over to the banks, and as they are hande
over, the banks are to hand back to the COVER
ment an equal amount in gold for them. 81
present position Of the banks of the Province
stated as follows:
Notes circulation.
The depOsitsned by the banks 500 Es41ou
gotal.,., sI0,G79C
Against which a reserve Of gold is held, ave
aging Is per cent, or say ~, 3SO,OeO.
FIxAxc1An AND CemMERo1A1 CONDITION
SPAIN,-A valuable report on the commercial al
financial condition OF Spain, by Mr.sackyille @et
the British secretary of legation, dated MadTi
the LIST of March last, has Just been issued. n
West shows that for the years lS6a-5 reven
was anticipated of Ell ,450539, whereas t
amount reelized resulted IN de9cit of &, 222 %