The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1871-12-14
Concluded from first paQe.l

and TO other branches Of the public service
uuder control Of this department
on the 28th of February last, public
notice was given that on the 6th day OF
the following March, books would be
opened in this country and in Europe TOR
subscriptions to the national loan. under
the act approved July IA, 1870, and the
conditions on which the subscrlpticn n,
could be received were also made known.
A large number Of bankers, both in this
country and in Europe were authorized
to receive subscriptions. The first pref
erence was given to subscribers to the
five per cent. bonds, within the limit OF
$200,000,000. On the 1st of August, the
subscriptions amounted 10 $65, 775 SO,
chiefly by the National Banks Under
date Of July Il, 1871, dispatch was re
ceived from Hon. VIM. A Richardson
Assistant Secretary of the Treasury, then
in London, stating that certain bankers
in Europe proposed to take the remainder
Of the $200,000,000 Of per Gems on GER
tain conditions. This proposition was
considered, was modified, and early in
August an agreement made with Jay
Cooke & Co., representing bankers in
| the terms of the agreement the parties
represented by Messrs. Jay Cooke & Co.,
had the right to subscribe for the remain
der of the $200,000,000 of the said bonds
| by giving notice here at any time previ-
Gus to the first April, by subscribing for
$10,000,000 at once, and for an average OF
at least tive millions of dollars per month
during the intervening time, subject to
the right Of the National Banks to sub
scribe for 100000 within sixty days
from the 25th day of August. 1t was also
agreed that the subscription should all
| be made through the national Banks, and
the certificates of deposit hetofore issued
by said banks to the Secretary Of the
Treasury,to be lodged with the Treasurer
for the amount IF the deposit. By a
printed circular issued on the 10th of
August, 1871, it was announced that Ma
tional Banks making or obtaining sub
soriptions payable IN coin, would be
designated by the Secretary Of the Trea
sury as repositories of public money on
the usual condition of placing liz the
hands of the Treasurer of the United
States bonds Of the United States for the
security Of such deposits, and that, at the
commencement of each month, notice be
givena of the redemption of the amount
of bonds equal to the amount of subscrin
tiOn in coin for the preceding month,
interest to cease in ninety days from date
OF such notes. It was also stated in the
circular that, as the bonds called should
mature tie deposits would be drawn from
several banks proportionally 1t was
further agreed that subscribers to the
loan should receive as commissions what
ever might remain of the half of per
cent. allowed by law upon the $500, 000,-
600, after paying the cost of the paper
for the bonds, for engraving, printing,
advertising, delivery and all other OK
penses of the same. Under this agree
ment the books were opened in this cOun
try and in Europe, aud by last August
subscriptions were obtained for the entire
amount offered. On the Ist Of September
public notice was given that certain five
twenty bonds, to the amount of 100000.
600, of the issue of 1862, specified by
number as far as practicable, according
to the provisions of the act of July IA
1870, would be paid on the 1st of Deem
Der, and that the interest would cease at
Chat date. Ofthe bonds so called more than
$50, 100000 are now in the possession OF
the department., of which amount ST. 00,-
600 have been paid in coin, and the re.
maipder have been received or deposited
in exchange for the per cent bonds
Previous to September, 5 per cent. bonds
to the amount Of $62, $50 had been
issued and payment made therefor. The
work of delivering the bonds subscribed
for at that time is now going on under
such circumstances as to leave no doubt
that the Whole business will be concluded
IN a brief period of time. Bv the act
establishing the National Banking sys
tenn, the Secretary Of the Treasury was
authorized to make them repositories of
any public moneys, except receipts from
customs, and the act authorizing the re-
funding of the national debt, directed
the Secretary of the Treasury to give
three months notice of the payment of
any bonds which in such notice might be
specified and called for payment. In the
same act it was provided that the money
received for the new bonds should be
used only in payment of bonds outstand-
ing known as $50 bonds. The statute
proceeded upon the idea that the holders
of 500 bonds should receive three mouths
interest upon their bonds after the notice
should be given by the Government, as
this notice could be given safely upon
subscriptions already made, or secured.
The general necessary result even in case
the money were paid into and held in
the Treasury of the United States, would
be loss of interest for three month. On
the first of August last the demand for
the new bonds had nearly ceased, but by
the agreement referred to tina necessary
loss to the Government, incident to the
refundlng of the public debt, was made
the means of securing subscriptions to