The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1871-06-17
TREASURY DEPARTMENT, I
Loan DIVISION, May IS, 1911. (


1t has boon determined by tho Department pay the
interest the stock OF the Loans facts
July H. 1870 and JAM TO- 1871 by check to the order
Of the party in whose the stock is registered and
the check will be transmitted by mail tho address
the holder, whom furnished otherwise it will he to
the Of the Assistant Treasurer depository where
the interest is to be paid
1t is requested order to enable tho Department to
transmit these checks by mail that all parties subscrb
will furnish ther correct postce address, and advise
The Department Of any change at least fifteen days
before interest days
During the fifteen days Immediately preceding tho
interest days Feb. l. May Aug and Nov l. the
fer books will be closed for the purpose preparing tho
checks II the stock is not presented for transfer pre-
vous to tho closing tho interest will be declared to tho
person whom the transferred certificate was issued
and the assignee look that party for the accrued
interest to which he may be entitod
The new certificates issued upon transfer of stock
will bear interest from the first day Of the quarter
returned to the party who forwarded tho assigned
fcates by mail unless otherwise directed.
Checks issued in payment Of interest will bear the
following endorsement. "rs check is payable pre-
scntation properly inorsed at the office OF the Treas
at Washington the Assistant Treasurer Boston,
New York, Philadelphia, Baltimore Charleston. Now
Orleans. St. Louis, San Francisco, tho designated
depository at Buffalo, Chicago, Cincinnati, Louisville.
Mobile, or Pittsburg.
Should any checks be returned to the Department as
=" uncaed for" they will be held by the Treasurer Of
the United States subject to the order of he paycc
GEO. s. BOUTWELL,, Secretary.
The whole proceeds Of the New Loan will be applied
TO the payment redemption and cancellation of the
$40 years six per cent bonds and in addition to these
proceeds the 5os being reduced by purchases
aging, for two years past about per month
The entire effect, therefore, of the New Loan in
necton with the existing Sinking Fund process of the
Treasury is to reduce both Principal and Interest
Public Dcbt Of the United States The Loan creates no
additional supply of Government Stocks while the
application Of the surplus is constantly LESSEN
ing the Funded Stocks bearing six per cent. Gold
Interest.
The policy Of the Government since tho close Of the
War in 1865 which loft debt upon tho country Of
S2755 10000 and annual taxation of $3l 900 OOO
has been to reduce steadily both Debt and Taxes
reduce the Principal Of the Debt by actual payments
and lessen the annual burden Of Interest and thereby
the burden Of Taxation not only through such pay
ment but b. funding the debt the cheapest Of
interest practicable from time time, until it is
felt that the very cheapes: due the high
Credit pnblemisled Public Faith and and growing
Of the country. From 900 the Prin-
cpal Of the Debt has been reduced 81 26O 600
both exclusive Of accrued intcres-and from the
heavy burden Of $751; 900 per annum the Interest
charge has been reduced to Sll2,7S00O0 per annum;
while the annual taxation under the Internal Revenue
SYSTEM which the necessities Of the War and the Debt
thereby created rendered necessary for at least short
1866 to about 100000 per year in ls707l (esti
mating for the highest probable collections In the cur
rent month"; the last of the sca year, less than
half tho first named And in the year lS7I-72a
further reduction Of $2s 900 will in under the
Act Of July 1870 give only sl26 900 for the
year, about two-ffths the xnlum Of 1S65-66
by the successful refundng Of tho Public Dobt at
moderate Of Interest by continued economies
in tho expenditures Of the Governmentwhieh in two
years. from March l. 1909 to March 1871 amounted to
$l267oo949, average saving per year Of $6 74
it is believed that nearly the entire system Internal
Taxes DO dispensed with in few years. or SO much
of requires tho machinery Of District Assessors and
Collectors.
The Secretary Of the Treasury has just published
Monthly schedule of tho Public Debt to June from
which it appears that he has further reduced the total
of Funded Collaborating debt since May by the sum Of
Ss0O0O0O by purchase Of United States for the
Sinking Fund.- and reduced the sos 10y the further sum
Of s. 217 400 by conversion into the New n Cents
The whole Funded Delft stands 81 se4 los $50 Or
against s. lO $50 two years ago. when tho present
Administration came into office. Adding to these sums
the not Circulation of tho Treasury Chat IT, Green
backs and Greenback Certificates after deducting Gold
and Currency hand the following is the comparison
Of Debt of all kinds present. tho close Of the
War, and in 1869:
July, 1865. March, 1869. June 1871
U. s. Stocks l5O7s4ll2 $2loI s46l5O 1884 $50
Circulation. 6052l 1853 $50 545 S5l 366 33OO3