The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-08-04
The Treasury Policy. and the Debt.

From lie TriJVHS Of TuC5day.
We learn that MI. Boutwell,, Secretary
Of the Treasury, had an interview with
several Of our leading bank officers to-
day, and talked over in familiar way,
and compared notes on financial matters,
and especially as to the new loans Of Gov
eminent bonds, bearing respectively 8, Al
and per cent interest, now in course OIL
preparation Ut tue Treasury Department.
After IN interchange Of views, Mr.. Bout.
well suggested 10 the banks to take one.
third OF : per cent bonds, Onc.third Of III
per cent, and one.third Of 4 per cent bonds,
ior the $3.50, 100000 of $40 bonds now
held BY the banks for circulation. This
would give them 41 per cent interest, be-
side the commissions allowed By the Sec
Rotary in making the subscriptions for
the new bonds. It seems 10 lis this sllg.
gestion Is altogether fair and reasonable,
and with the release Of the one per cent
tax on the circulation, now paid BY the
banks to the Government, It would give
the banks a bond equal to 81 per cent us
basis tor circulation, ind leave them TO
be taxed the same as now for all State and
local purposes. This subscription by the
banks would start the new loan, would
take away all opposition that has been
raised against the banks in regard to the
. per cent bonds, and would create good
feeling and perfect harmony between the
Government, the people and the banks,
and put these valuable institutions, SO es'
sentlAlly necessary TO oil our business re.
lations and prosperity, upon u sure and
permanent foundation. We trust the sug'
gcstion Of the Secretary will be ut once
accepted by the banks, and then, between
them and the country, there will be peace.
The banks would pay TO the States about
$9,OO0,000 Of taxes.
From Tie " y. TTUltT Of 4Hesduy.
The 1st Of August schedule Of the pub.
lie debt, tclGgr0phel from Washington
this afternoon, shows a further decrease
in the principal of the debt since
July OF $17,O34t 4O5, making the whole
reduction under tho Administration Of
President Grant, from March 4, 1869,
$3.50, 1858. The 5.20s purchased with
in this period Of seventeen months have
been cancelled to the amount OF $120, G99,-
600, and the circulation or unfunded debt
of the Treasury, in the same period has
been reduced $28,H0,559. The annual
gold interest charge upon the funded debt
OF the United States has been reduced
from 1924, 254, $40, rs on the 4tlI Of March,
1860, to $116,112,996, us on the 1st OF
August, 1870 In another year we deem
IL reasonably certain that the uniunded
debt or circulation Of the Treasury will
be further reduced by the sum Of $45,.
100000 by the withdrawal and cancella.
ton Of the 3 per cent certificates, and
that another $100000,OOO of the funded
stocks will be purchased and cancelled
with the surplus means Of the Treasury.
Since the first Of July, the gold coin in
the Treasury has been drawn down 80,
84G,243. The Treasury sold during the
month $685. 900, and paid out gold in
tcrest over and above the receipts in gold
from customs about s., 444, 900, so that Of
the $102, 9S0O00 now on hand, after allow
ing for the amount held for thcrcdemptiOn
of outstanding gold notes, $SS, 7sO, 900, the
Treasury is in the present ownership Of
$G4, 10000. The Secretary 0dvcrtiSes to
sell $5,0O0O00 in August, and he will re-
ceive in the same month $4,000 600 from
customs