The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1871-05-06
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EIN1NCT1L.
. = NEW LOAN OF THE UNITED STATES.

u NEW LOAN OF TIE UNITED STATES.
tn, ,riptiuu, to the New Five Per Cent Stock Of
the rnitnsI States amount to about $1,000 OoO-
They confidently expected reach 500 Oo0OO by
the time the New Bonds ready for delivery in May.
The proposals of the Secretary of the Treasury will hen
be changed to the following programme:
Frst-Bonls to the of three hundred millions
Of dollars payable in COIN the pleasure of the United
States after ten years from the date of their ISSUE
bearing interest payable quarterly In coin, ut the
Of five per cent. per annum.
SccoHi-Bonls to tho amount Of throe hundred mill
lions of dollars payable in con at tho pleasure Of the
United States after fifteen years from the date OF thor
ISSUE and bearing interest payable quarterly in con
the rate of four and ahalf por cont per
Third-Bonds to the amount of seven hundred mil
lions of dollars payable in coin, at the pleasure Of tho
United States, after thirty years from the dato Of their
ISSUE and bearing interest," payable quarterly in coin. at
the rate of four per cent per annun.
Subscriptions to the loan will have preference, after
the aforementioned two hundred millions taken up
in the following order, namely:
FTrst-suscriptions for equal amounts of each class
Of bonds.
Sccond-Subscriptions for equal amounts Of bonds
bearing interest at the ratio of four and ahaf per cent
and bonds bearing interest at tho rate of five per cent
Thid-Subscriptions for any five per cent. bonds that
may not be subscribed for in the preceding classes.
Subscriptions to the remainder Of the 5000 900 Of
five per cents. which unconditional, going
and the bonds will be issued to tho subscribers
who receive scrip certificate advance, if thoy
desire pay their gold exchange United States S2os
at once in the registered coupon form. Registered
bonds will be issued OF the denominations of $50 $780,
$500 1000 5000 and 100000 and coupon bonds of each
denomination except the last two Tho interest will be
payable in the United States at the Office Of the Trees
urer Assistant Treasurer. designated depository
of the Government quarterly, the first days Of Feb
ruary May, August and November. in each year.
The bonds OF tho several classes aforesaid and the
interest thereon, exempt from the payment Of all
dues Of the United States we'll from taxa
ton in any form by under State municipal or local
authority.
After maturity, tho bonds last Issued will be fret
deemed by classes and numbers may be designated
by the Secretary of the Treasury.
The reduction of the public debt since the close Of the
Of the rebellion, and the relief at tn. i.ne to
the annual burden N interest, follows:
Principal Of debt S77a5 oos rs
Paid under 2oS, S9S,37l
Principal, March 4, n 81. ssS. sO4
Paid under Grant sos. H3
Present public 3Ss Isl
Interest charge 1S65................ Isl. .o51
Reduced in four years by redcmptions and
funding 80 notes. 35.flA30l
Interest charge 1864 Sl233S9 $50
Reduced in two years by payment...... 1909, 99S
Present interest $50
The proposed further reduction Of tho annual interest
charge upon the public debt by refundng as follows:
By exchange of $500 900 United States
per cents for five per cents of 1881. IS 900
By exchange of 500, 600 United States
six per cents for four and ahalf per cents
Of 1855 100000
BY exchange of 5000 900 United States
six per cents for four per cents of leOl... 100000
Total saving per annum by refunding.. $23, 500 900
The whole proceeds of the loans will DO applied
To the payment redemption and cancellation Of tho
$40 years six per cent bonds and in addition to these
proceeds, the 52Os being reduced by purchase
at the rate Of Sl0OOooo0 per month.
c. C. NORvELL,
in charge of advertising United States loans.
TREASURY OFFICE, NEw-YoRK, April Is.
apriI % lS7l-3w