, 1870-12-07
MONETARY AND CON nERCIAL.

TuEspAY ETHIxd. Dee 6.

u |
-
FnNrTapy
"A'
4ossoAt E' kSiS"' noc
Tie prominent points in the report OF the
'ecrets'y Of tue Treasury may be briefly sum-
ned mp ~ followt:
II ethttt tbe tof@t amount OF fhe pf1octnAt
u the public debt-not aadueting essh 10 tne
lretsnfy -on hoE. ~. !stus - ~ ~ 4t11o a'',os4s
u ~. amount, s3so, 26s.2H W fepfeseh'ea
y ltestury no,es aaa fIaet!oma' nn en- Snsfene5: @
ll+o +sfimates that 1t lasst Ea93. 900 oo9 o. tue
!sunted debt Will s'e required bY the Nau9nal
BACKS ~ permanent depossL Il 70 a. secure tnslt
c'tcH1a'on tnas ieasing S4'ooo,ooo'oooo o1 aeot
Enh1est 70 .. pasmen.. H.. oo.o..- o,,.,
e maze M Ie1ne51nn o. oo no g. tne pa1cnase o.
tOa:ee0 or s3uo*'.aNu OF oonee dafinE INC 70
mai! der OF the cufEeet n.cA Feas eno'nS 1qoe
~, !nh, ain OF Anout ~ .,n nao1e oa1aoB
the 6sc1l sear ending Iune ~, let@- It,
Secretary opposes anv further reduction Of
taaation by the present Congress.
les report admlte tnAt the senelne oi seu-
ing the and ~ per cent hoads, ,urov'ded TOR p9 |
the Funding bill. pared last July. is failure,
and recommends that the amount OF PCT |
cent bonds prorited for ~ tue same Aot W
inert ased <3C0, 600. COD, and that An additional
intucement be offered to tnseators ny making
the interest pay abln quarterly insteAd Of seml-
Annually. ~ .,...... s
ago. condemns the practice o: the Nr'foi2l
1}2uk8 paying interest on deposits. It also
renews the Recommendation Of tbs crotehssy
~. w. - ,ar tSn c;,rni.t;nn ~ III tha NJ.
Ne~ io,k y, iot 'ne ciealA@4'u VI @t @u' A*~
As far as the report presents Mr.. Dout1elFs
views snd proba. 10 financial policy. /: sho~s
nothing but uis adherence to the ido1s that
n*se , - s ~ -: 49, .st n;rt,,oa,
LAuonAl H3Apces uutHE lue past e'SuAo.Tu
people .ili besr to seli the surplus gold, aud
10 kuy bonds Wills they 1re At 4 discount, 70
~ 10 re,iuce the deht md tho annual iaterest,
Telthsr tue tfeaosns nof t9o Z; o. tne
AEeasuty A1 20 ee.1oau ~ - y. nan;6
paz.'euat r.us .i ~ ssuh .As1 -as- ~,
pasmfnss ~ mee -, a. 80 ~.
suu "na,ess1 % ,, s'ee .ney sso ~ ~ .,,.h,;o
1T. "nt p1,;s ~, ;.,rano.a r, so,aa n,ar.,.ar
oe'J @ u ooae w ma,1, ~ p.os,ssnt ,n9 NJ
y. Sfa SonEteEs; . lon .na ta'.e - .ha 80,
nout"Gn ptpoauss a... et"' ,,nst -. -. - -
70, ssas'1 P,a II ;ha a7eenbseEa: al as sau,sor
e. ta =, ~ .Ie i,s.6 ~ nrnmnt n eeeoni sir.
lsontst.fs recommendation to increase tue
amount 2, sno ea e5 Son ernt ea - aoon IN IN
wv 49, ~ - ~ Inst ~ .1sn ssenss
H. .;ors ~ ~ sdm;ni.trtton In h,s iii;
n.rIs ~ nns Te,.ax,nr ti,ena rhen thos VAR
- "'A 4e"'"'A' ~s''AA "As4 'A8' VISA
@n.; po,..,, -
:sTaa ~tr N Euro1c has rrntsrrt, II ,nnraet,-
cahit 10 rsiund Ine ua'issos. dsis. sa auiaprzs,t
" lie act arnruyed July ii, ls.n a por1i1u Of
Inc paper has heen Manufactured, and the prep.
ars.it OF the plates h.a been 70 tas adeaa:ed
that Wnete7er . 14yorshle onponanMs enses tnc
an my os :. ~ ~. vs Wor ~ Ee.oor mn; ina
sen.ou. y, .san sns1 for Or money maze ~ ,ioaasia
ssSms 10 me Vic 70 authorize an lssie at 500,
tsa WG addIousl nj honds, b. arng interest At lac
. rae "t rrr etnf. 1ne ia'ens. caH ~ nai qnss'
le!! Mithcas tncnnse1tch % ~. sassi' ~ - a. =
.hst H. NE n,aat ~ in,.r,.t m.r r.
,t.,ir tn.,.s, ~ ami. .nnnaslr. s7oui
its ri great imp 'rtauc- th.t An net authorizing
| the charge be nsde without delay"
] The above il al that tbs Seereta9y OF tht
Treseuty has to sig in regard 10 his fuodlnl
: .el'eme. It ia nov I'VE months since To.
j Fnnuirg bill Tas passed. aId II aesus that h'
l,ss not aold OF exchanged sioglo bond Al
I tho1ized hy it. There is no dnuht whateye
! that al! the $50 bonds can be exchanged 10
rev per cents, II they are fehovea 9
= ssop,iops Of redemption, and tho interest I
{ made payable quattetly instead Of semi N
> nuAiiy.
q Tho Pacific Rs.lr~ad 6 per cent bon1s
! drawing onIy currency interest, but h,yin
! thirty Years 10 run, without Any "optlon, hr
! Dedncting a5{ per cent for sccsuad ,otsrest,
/. | leaves ito prieo Of the bond l0sA. wh.le th
. 5-eos Of lso2-s aro worth but 107, &od th
4 | 1O-ios sell for almost ~ much, because thai
"optiun" is poatponed fiEe yeara longer
No bcliev0 the holders Of SO bonds wou1
}c Nilli1 & to exchanges them for etraigt
,lists-ycsr fve per cert b7nd. II ttere is N
chance to CONVERT 5-cOs into ~ per cents, {
per cent?. Il can only be doue b. taakiu
n them 'tlorg" and "etraiSht." a dGT.ses
~, or ninety nine ye.s1 ps! een.. A. .ata az =
nv tnirLt find eomC for&iCn holders OF our 5-Yt
? wiling to exchange THO latter for the forme
I'd and rome dome.t.c holders ~ho wanted sus
h. aonas f.. ecdo*ment or uosteesnip p1 pr
hot aosd bfe5s ut .uy nxn1 s,"s'1' ,
tbirtv.Tesr ptr cent and s.e bow It vii Il
il With ca, italist+.
" II al the 5-oos could be converted ssfnto
os PR cent?, it would re: uls in L Swing OF SlA
" 470.oc0 OF interest. Such saving would =
ID ford a. mnch relief from tho harden Of taxati
nn n tho payne Mt Of F24l, ,0O0, 600 of $50 eoKd
Ia. Mr.. Boutwell, boattr that by virtue OF cx4s
as stve tax2tion the debt has been reduced elA
In ISL. .765 siuce March !, 1862 and that thu d
le teteet has been relnoed in consequence Of Il
~ esroo amount Of reduction Of ioterest Gnu
- effected without paying of single bond. II:
10 By the simple process Of tssuiug 5tns 8
10 ct reicmn.ion attached. i i not fnorol
On bic that, in year or two, 81 600 o00, ,oD +
NJ such per cept. which would sase tho s
At pasers ten millions OF annual insc1n:t. r
In In loes1 finances, and IN trsde Eeners'l
IT, maftets are N E,taeF a. ensasetaesory M qEsn, ~
TO ion oo ns u a, .na .r1 ~ -,
ke ness, aso 1tn @ .ae @ mose ns.eh'gts " fs.tnr
"a .Sso'ste asss..iis i Keeping ap tf.ds g =
r. l noune ru.tcrnrrs who ara "s1oH pay" 4