The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-02-28
miscellaneous.

We are indebted 10 Hon. John Sherman
for a copy of his speech on the national d
nances.
We observe that he introduced into the
Senate on Monday last a bill to consolidate
the national debt, and provide for its pay
ment.
By the bin the authority of the Secretary
of the Treasury 70 issue bonds under the act
of March Sd, 1865, is 50 extended as to author
lie the Secretary to issue bonds of the char
acter and denomination described in the act
payable, principal and interest, in coin, and
bearing interest at the rate of 6 pfsr cent TsaT
annum, payable semi-aunually, 10 be known
as the consolidated debt of the United States,
TIE proceeds OF the bonds to be applied solely
70 the purchase or payment OF existing in
uebtedness of the Unitek States. The bonds
thus issued shall be subject 10 an annual tag
by the United States not exceeding one per
cent, in lieu OF all other taxation upon said
bonds or the income therefronl: the iaT 10 he
pledged TO the reduction. of tte hubble fisl1f
The chief Justice OF the United States. the
SectetSTS OF Inc Treasury, and the Treasurer
sioners OF the Sinking Fund The Secretary
OF the Treasury is authorized TO issue bonds
$4,000 COO, bearing interest at the rate not
exceeding per cent per annum, payable
semi-annnatly. and redeemable twenty years
from GATE, the principal and interest payable
IN tne coin OF the country where payable
Tad bonds 70 be disposed of only in exchange
United states held in Europe 80
The Senate finance committee have report
ed against the House TbIn for issuing 100000
600 greenbaeks to fund the compound notes
and in favor OF their own bill for S-65th per
cent notes But 1t Is by no means certain
what course the Senate will adopt. MANY of
the senators especially those fIom the West
favor the House scheme An atteTn pt Will De
made TO amend 1t IN several particulars.
The following answer, from the New York
Evening Podt, meets questions asked almost
daily by readers of the London and Paris
quotations OF the prices of our sos in those
markets-the latter being to 10 per cent
higher than the former: The bonds are eSti-
mated on the Paris Bourse on the basis of
nVe francs to the dollar, while the actual
value Of the dollar, in exchange tronsaciions
IS 5-lO95l3- This difference of lOal5 Confines
between the conventional par OF exchange
rate, will be found 10 correspond with the
difference OF prices In the two markets. This
may De accepted as a rough method of ex-
planning the disparity. a more strictly &C
fact that the Paris quotations are based upon
the market nate OF exchange in London, In
London bonds are estimated at Is Sd to the
dollar, which y about equivalent 10 dve
francs TO the dollar so that, estimating the
Naiue at the conventional par of the dollar
al London and paris, the price OF the bonds
would be equal The prfce at Paris, how
ever. Is nSed by the current market rate OF
hills on London, which is materially above
the conventional par. The established par
equivalent to 500 froncs; bat the actual mar
ket rate averages . francs TO the pound ster-
Ling, which makes ESS5 worth 5525 francs
Ihts dInerence between the conventional
rise 70 corresponding difference in the price
OF bonds.1