The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-17
Register of the Treasury.
REGISTERED BONDS

REGlSIEkED BONDS
will be issued of the denominations of $50,
800, $500, $1,000, $4,000, and $4,000, and
coupon bonds of each denomination except
the last two. The interest will be payable in
rer, any Assistant Treasurer, or designa ated
depositary of the Government, 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 Trea-
sury Department, will be paid as conveniently
to the holder as on the Coupon Stock, and
personal attendance, or attendance by proxy
at the Treasury, to draw and receipt for the
Interest, will be dispensed with, eohene0er tho
check Of the United States Treasurer, mailed
pstnctaally to tile address and order Of each
holder, on or before eoeay quarter-day, IS pre-
ferred to satch attendance. This check, pay
able in Gold Coin at the Treasury in New
York (or such other Office as the Stock is
registered att, will be negotiable or collect
able on the Endorsement of the owner or
owners of the Stock. In pursuance of this
arrangement, the subscribers to, or pur-
chasers of, the Stock in its registered form
(Which is complete protection against theft
or other losses incident to Coupon Bonds
payable to Bearer are advised to give their
Post Office 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 5-20 years six per cent.
bonds, and, in addition to these proceeds,
the 5-2Os are now being reduced by purchase
at the rate of $40, 200, 900 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 interest of the public debt
of the United States. The loan creates no
additional supply of Government stocks, while
the application of the surplus revenues de-
rived in gold from customs is constantly les
sening, as it has been doing for two years
past, the funded stocks bearing six per cent.
gold interest.
The 1st of May schedule of the public debt,
which has just been published by the Secre-
tary of the Treasury, shows reduction in
these Stocks since the April schedule of
ST., 2,215, 700, and further lessening of the
yearly interest charge thereon of $732, ,942.
This leaves the total yearly interest charge
in Gold $111, 1882, ,O34. In the same month
the Treasury paid and cancelled $2,47O,OOO
of the Three per Cent. Currency debt, re-
duciDg the whole of this debt bearing interest
to SOL, ,O23, 900, and the yearly interest charge
thereon to 81, 537, ,47O.
The proposed further reduction of the an
nual interest charge upon the Public Debt by
refunding is as follows;-
nv exchange of $500 900 United
states six per cents. for new five per
nv exchange OF $500 900, 900 United
States six per cents for four and half
ner cents of 1866 6...................... 4bOO 900
nv exchange OF s1O0,OOOOOO United
States six per cents for four per cents
OF 1901. 14O0OO 900
Total saving per annum by refundng s2s, 500, 600
The large and rapid accumulation in the