New-York tribune., 1871-05-04

august, ana November, in each year The intr,s,+
on tie Registered stock of this loan il ia dctr,n,
by the Treasury Department. win be maid aa Con-
veniently to the holder as on the Common soch ard
personal attendance, attendance by PROXY At tho
Treasury to draw and receipt for the Interest viii
be dispensed with, whenerG The check Of IN. U.i,ed
States Treasurer, mailed pHHctaay TO The addre., ana
order Of each holder before eroy quarter dan 4.
preferred to such attendance This check, payable in
Gold Coin at the Treasury in New-York Tor such
other office as the stock is registered a will be ne
gotiable or colectabe on the ndorsement Of the
owner or owners of the Stock. In pursuance Of ths
arrangement, the subscribers to or purchasers Of
the stock in its registered form (which is complete
protection against theft or other losses Incl
dent to Coupon Bonds payable to bearer advised
to give their Post-ofce address in full and to notify
of any change in the address between quarter days.
The whole proceeds Of the new loan will be applied
to the payment or redemption and cancellation Of
the $50 years six ~ cent bonds, and, in addition to
these proceeds the 5-2Os are now being reduced by
purchase at the rate of S1O,OOOOO0 per month.
The entire effect, therefore, Of the New Loan, in
connection with the existing Sinking Fund process
of the Treasury, is to reduce both Principal and In
terest of the Public Debt of the United States The
Loan creates no additional supply Of Government Soc,
while the application Of the surplus derived
in Gold from Customs is constantly lessening, as it
has been doing for two years past, the Funded
Stocks bearing six ~ cent Gold Interest
The list of May schedule Of the Public Debt which
has just been published by the Secretary of sho
Treasury, shows a reduction in these Stocks since
the April schedule of S1221570 and further ess-
ening of the yearly interest charge thereon Of $780,
949 This leaves the total yearly interest charge in
Gold, Sill, ,9S2O3i In the same month the Treasury
paid and Cancelled $4,000 of the Three ~ Cent
Currency debt reducing the whole of this debt bear
ing interest to S5l,O23OOO, and the yearly interest
charge thereon to S1,537,470.
The proposed further reduction Of the annual in
terest charge upon the Public Debt by refundDg is
as follows
BY exchange Of s5OoocoNO United States SIX
per cents for new Ave per cents Of 1861. 100000
By exchange OF s30OOO,O0) UHited states six
per cents for fonr and half per cents OF 1906 InOco
BIZ exchange OF s7OOOp0,OO0 United States six
per cents for four per cents OF iooo0eo
Total saving per annum by refunding. 100
The large and rapid accumulation in the last few
years of private capital now retired from active b
ness and of the cash Savings and Life Insurance
premiums deposited with or intrusted TO the proyi-
dent institutions of the country-al seeking the
mott undoubted security pledged to be kept free Of
all taxes under national local authority ard
tent provided this object be assured with moderate
rates of interest-will no doubt ultimately absorb
so much of these new stocks as may net no
taken in voluntary conversion Of United States 5os
or marketed abroad. &C NoRyELI,
In charge of United States Loan Advertising
Treasury Office. Ncw-York, May 2, 1871.
PROGRESS OF REDUCTION OF TIE NATIONAL DypT,