New-York tribune., 1871-07-11

Register of the Treasury.

ID
WAsHINGToN, ........--, 49, E
Entered ....... Recorded ........
Register of the Treasury.
Registered bonds will be issued of the denomna-
ions of $50, 500, $500, $1,000, S5OOo and Sloooo
aud coupon bonds If each denomination except the
last two. The interest will be payable in the United
States AT the cfce of the Treasurer, any Assistant
Treasurer OF designated depository OF the doVe'h-
ment quarterly, on the First days of February.
May, August. and November, in each year.
The interest on the Registered stock of this loan,
it is determined by the Treasury Department viii he
paid under the following convenient regulations,
thus bringing Gold Check for the Quarterly Inter
est to the Post Office of every holder free OF ronbe
or expense dispensing with attendance in person
by proxy at the Treasury for the purpose Of receipt
ing for aud drawing such interest.
TREASURY DEPAErNEST, LOAN DIVISION May 10 1871.
IL has been determined by the Depart meDt to pay
the interest the Registered stock of the new Loans
acts July H. 1870 and Jan. 20, 1871 by check 10 the
order of the party in whose name the stock Is regis
tered, and the check will be ransmittdt by mail to
the address OF the holder, when furnliheG other
wise it will be sent 10 the care of tpe Assistant
Treasurer depository where the interest IL to be
paid.
70 transmit these checks by mail, that all parties
subscribing to the new Loan, or having transfers
made to them. will furnish their correct p0stofce
0Jess, and GdriSe The Department OF any change, at
leqst fifteen ddys before interest days.
During the fifteen days immediately preceding the
interest DAYS, Feb. l. May |, Aug !, and Now l. the
tinsler-boOks will be closed for the purpose of pre-
pairing the checks III the stock Is not presented Tor
transfer prev os to the closing the interest wlh ne
declared the person 10 whom the transferred GER
tihcate was issued. and tine assignee must look 10
HAT party for the accrued interest to which he may
The new certificate issued upon transfer of stock
will bear interest mom the first day of the quarter
year in which such transfer Is made, ana VIII ihv%
iiably be returned TO the party who forwafaed the
TccTed. 80. ~,
Cheeks issued in pay ment of interest viii bear the
following Endorsement: This check is PAYABLE on
presentation, properly iudorsed at the office OF the
Treasurer at Nashneton, the Assistant Treasurer at
Boston New-Y0Tk Philadelphia, Baltimore, Charles
tOn Orleans, 81 Louis, or San Francisco on the
designated Depository at Buffalo, Chicago Cinein-
natl Louisville, Mobile, or Pittsburgh"
Should any checks be- returned to the Department.
aS mcalled for they will he held by the Treasurer
of the United States, subject to the order oi The
payee GEORGE ; boutwell, Secretary
The whole proceeds of the New Loan will be applied
TO the payment or redemption and cancellation Of
the 80 years six p cent bonds, and in addition 70
these proceeds the 5-2Os being reduced by pur-
choses averaging for two years past about Slooooooo
per month.
The entire effect therefore, Of the New Lean, IN
connection with the existing Sinking Fund process
Of the Treasury is 10 reduce both Principal and IL
terest of the Public Debt of tire United States. The
Loan creates no additional suppiy Of Government S0cks
while the application If the surplus revenue ~ con-
tantlv lessening The Funded Stocks bearing FIX per
cent Gold Interest.
Tho nolcy of the since the close of the
d War in 1860 which left debt upon the country OF
- i55 OCOOOO and AN annual taxation OF S5liooC"'
has been TO reduce steadily both Debt and Taxes; to
reduce the Principal of the Debt by actual payments
4 and to lessen the annual burden OF interest ana
thereby the burden OF Taxation, not oniy 'DioueiA
such payments, bat by funding tis ueo' At 'he
at,,ast rates of interest practicable from time Ia
t mill il is now ielt that the very cheapest rates
,re Jre 70 the high Credit, unblemished Pnblic
I,ai., and vast and eiowng resources OF the coun-
,. From - 755 O00Oo0 the Principal of the Debt
los beep reduced to So 260 G0 OO0-both sums exclu-
-. of occ,ned intetest-and from the heavy burden
of S151 s}2 600 ppr annum the Interest charge has
be,u reduced To Sll2,1s0,mO per annum; whlle the
animal taxation under the Internal Revenuesystem'
which the necessities If the War and the Debt there
by created rendered necessary for at least short
carries of wears has been reduced from S3ll 000tO IN
1876 70 about Sl5400Oto per year in 1901 'es,i
mating for the highest probable collections IN 'no
current month the last OF the fiscal year, Oh ''sS '
one-half of the first named sum. Ana III .l.o S'"
Isil-;2 further reduction of S2s,WoOo VIII oo',o
in under the Act OF July, ls7O. so as 10 give onAS
Sl96QOOO0O for the year, about two-h''hs vi wv
maximum of 1866.
! BY the successful refunding of the Pnbhc peo' e'
moderate rates of Interest, and by continued coo.
/ mics in the expenditures OF the Governmen'." ,s,,
in two years from March T. 1907 TO "ar'p 'a' a,
,mounted 70 sl26 zoo 9i9 OF an average SAVING pe'
va.r of S63 $780, 474-t is believed that nearly 'ns
.n,;ro svstem of Internal Taxes can be dsrenses'
With in a few years much Of il as requires 'ns
J machinery of District Assessors and Collectors
The secretary of the Treasury has just pnoi'sneo
the Monthly Schedule of the Public Debt ." juno :
from which il appears that he has further reSs''
the total of Funded Gold-besring dehs nnce may
by the sum of 100000 by purchase OF unioed esa.
b.sos for the Sinking Fund, and reduced the e~s y