The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-12
Finances.

had very little interest in lie fnan
cial operations of the country. Il
the turmoil and excitement OF merely
political questions, we have almost
lost sight of the various measures
proposed in relation to the finances
Of the country. We regard Senator
Sherman's bill to consolidate the
public debt in six per cent. bonds, as
probably the best financial bill yet
introduced into Congress. The pre-
sent complicated system Of obliga-
tions-from scven-thirty bonds down
to non-intcrest bearing Treasury
notcs-is not worthy OF retention, for
the single reason that 1t is fraught
with embarrassment and perplexity,
and, as long as it exists, will consti-
tutc an obstacle to the restoration OF
4 sound and healthy financial system.
There should be only Two classes of
public securit tics-bonds bearing u
uniform rate Of interest, and Trea-
surJ- notes supplying. for the time
being, tic place OF . circulating nc
dunn. \ cotemporary says, III rela-
ton to this matter:
':Perhaps six per cent. IS too high
a rate OF interest for the bonds: but
unless bonds bear rate of interest
approAimating to the average value
of money, they will not be sought as
an investment The interest can be
reduced to a low figure only when
The Government is prepared to pay
Oil such holders rs may not be willing
to submit to the reduction. When 4
general system Of funding has been
adopted, and measures of this kind
have been taken, the interest may be
reduced, perhaps. to four per cent.
Under this plan, the interest on Eng
lish consols has been reduced, we be-
Heve, to three per cent. Mr. Sher-
mans bill is the first step toward
relieving the country Of its pecuniary
and financial embarrassments. It
will, however, not be called up till
the next session"
In this connection, we publish be-
low all the regulations and instruc-
tions of the Treasury Department
relative to the conversion of the Au-
gust 1905, thus far embodied in
printed form. Pursuant to these,
the department is now issuing, III
conversion, $40 bonds of July /,
1865, bearing interest from January
/, 1867. The interest accrued on the
bonds is treated as currency, and the
balance over, on adjustment Of inte-
rest accrued to date Of conversion.
must be paid by the party presenting
the notes:
When notes transmitted for set
tlement are payable to order, and are
held and transmitted by the payee,
they must be endorsed by him, ''Pav
the Secretary of the Treasury for re-
demption," over his signature, and
bonds will issue in his name. Notes
payable to order and held by other
parties than the original payee must
have the endorsement Of the payee.
ard also be endorsed, PAY the Sec
retary OF the Treasury for redemp-
tion," over his signature, bv the
holder presenting them.
In all cases of notes payable to
order, satisfactory evidence of iden-
tlty of endorsers must be furnished.
When notes issued in blank are
forwarded for conversion, they must
be endorsed, PAY the Secretary of
the Treasury for redemption" over
the signature Of the party forwarding
them.
When notes transmitted are en-
dorsed by an attorney, administrator,
executor Or other agent, they must
be accompanied by the original OF
duly certified copy OF certificate Of
the authority under which he acts.
All letters should state the kind,
''Registered" or Coupon" and the
denomination of the bonds wanted
in exchange. When registered bonds
are ordered, parties should state at
which of the following places they
wish the interest paid, viz: New
York, Philadelphia, Boston, Balti-
more, New Orleans, Chicago, Cincin-
natl, st. Louis Or Charleston.
Express charges on 7-30 notes for
warCled for conversion, and on bonds
sent in return, will be paid by the
department until March 81.
A o,Nan;oi 4hA D.1