The New York herald., 1870-04-11
TREASURER SPINNER on THE riAyCEs.
TREASURY OF Tna UNIfED STATES. !
WASHINGTON. Apll q. 1870.

WASHINGTON, April 0, 1870.
DEAR SiE- Your letter OF the 9th lust. was read by
me with certainly as much "surprise' as mine to
the President OF the National Park Bank could by
any possibility have caused you. i was certainly
very unfortunate in stating my views in that letter II
you or any one else could draw nom 1t the conclu
sion, or even Inference, that favored bu that
would add to TIC confusion that already exists"
YCu say IN answer to your assumption OF my views,
1--WE now have three descriptions OF bonds. which
have from I've 10 thirty years to run The new bill
proposes TO add three more. We then should have
descriptions Of government bonds five OF them et
different rates of interest ana ell maturing at d1er
emf periods
Now. II you VIII be so kind to look my letter
over again which, by the way is badly bungied by
Tie typesyou will Uotce That all the way through IL
spoke Of but one Kind OF stock and that four per
cent stock. Ny idea is American consol at uni
form raie Of four per cent having say from forty to
Gfiy years to to maturity, free from every kind
OF taxation by the general government, States. mn-
inequalities, or any other authority whatever, with
interest payable quarterly snd in the coin OF the
country where registered. There should be agen-
ces at various points in this country and In Europe
where such stock coulu at any and at all times be
registered on the books Of such agencies aud trans.
fcrred 10 purchaser. That such q stock could IL
Congress would authorize it and allow commission
Of say one per cent 10 The national banks and other
agents in thIs country and Europe Tor placing it,
be readily negotiated Is believed by many, and
confess myself 20 be one OF them.
] agree with you entirely that the most simple
aud easiest TO be understood system would be the
most popular, and render the bonds most readily
negotiable, AMI That nothing is to be gained br their
various rates oflnerest, and hat they will only tend
to confuse ana mystify the finances ana debS Of the
couutry.n Next to the facts that uniform four per
cent stock would, on account OF tss low rate OF In
teresf be more acceptable 10 the people. and more
desirable TO capitalists on account OF the inrercst
being payable one per cent every three months In
their own countries aud ID lug coin your reasons
the very ones that brought me 10 The conclusions
that satisfy my mind OF The feasibility OF the proposed
pan OF negotiating the new stock. | feel satisfied
that this plan would have been preferred by Gov
ernOr Boutwell, bat Tor the assurances Of bankers
mat such stock could not be negotiated,
Now that he has yielded to their suggestions, they
turn upon him and bis project and insist tnat Sher
banks must be 'let alone,o aud tlat the Cover ~
nen must not redeem the stocks held by II IN trust
For tDem but must continue to pay them their six
per cent interest in gold The government has now
The right 10 redeem the most OF The stock so held by
u for the banks. On the ist day Of March last the
st-beariug bonded debt was redeenfpe at the
option OF the government, OF To become so redeem
abe az follows:-
option to redeem already maturel.... 1887 1893 coo
MatuEing during present year.......... 5i334S,000
Wnulu ole year eaf........,....s......... 1922, 900
Mltbin TWO years. rs....4,................ 37y592ODo
Mitmh three years. is.,...........,....... 425iD.QO0
,. W,uin lour years.. 2ls,507, 900
N''hih eeVen years. rs.................. 2S3 C770 900
Totsi god lnteres, Bearing bonded
or these stocks there are hci, iy a =, sr9
I0f tae national banks $3.50 e2p lLo, OF which
tlS5 o466 600 falls within the FIRST two items OF the
foregoing table,. e., the government has already
'se epn2A VI WV PAVE ~ " ysdeea wtttiD " car-