New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-06-06


Syor under State municipal, or local authority.
WASHINGTON, .--.--.-.., 49,
Entered ........ Recorded ........
Register of the Treasury.
REGISTERED bonds win be issued of the denomlua-
lions of $50. 500, $500, $1,000, $1,000 and Sl00Oo
and coupon bonds Of each denomination except the
last two The interest will be payable i'll the United
states at the office of the Treasurer, any Assistant
Treasurer. or designated depository of the Govern
Inent quarterly, on the First days OF February
NAV. August and November, in each year.
The interest on the Registered stock of this loan
s. "a determined by the Treasury Department. viii oe
oaid under the following convenient regulations,
thus bringing a Gold Check for the Quarterly lute'-
est to the Post Office of every holder free Of trouble
or expense, dispensing with attendance, IL person or
by proxy at the Treasury for the purpose OF receipt
lug for and drawing such interest.
TREASURY DEPARTMENT LOAN DIVISION, May IS, 1871.
II has been determined by the Department TO pay
Abe interest on the Registered stock of the new Loans
(act July H. 1870, and Jan 20, 1871 by check, To the
order Of the party in whose name the stock Is regis
tered and the check will be transmitted by mail TO
the address of the holder when furnished; 9thel-
wise IT will be sent to the care OF the Assistant
Treasurer depository where the interest Is 10 DC
II is reouested in order to enable the Department
10 transmit these checks by mall that all par les
subscrihing to the new Loan, or having transfers
made 10 them. will furnish their correct PoS-I'c,
leqyt fffeeH days before interest days.
During the fifteen DAYS Immediately preceding tBe
interest days Feb l, May !, Aug. ], and Nov. the
trausferbooks will be closed for the purpose OF pre-
parng the checks If the stock Is not presented Tor
transfer previous TO the closing the interest VIII De
declared to the person to whom the talSlerIeu C'
tiicate was issued and the assignee must look 10
that party for the accrued interest to when ne may
be entitled. 80 - - .,.eo,. &c - col,
will bear interest from the first day OF the quarter
wear m which such transfer Is made, ana VIII luEa-
Saby tee returned to the party VINO forwarded tut
assigned certificates by Inau, Unless otHeI"lSO VI
Iected
Checks issued in payment of interest will bear the
following Endorsement: " Tins check Is payaDle on
prsrntation properly Endorsed, at the once OF me
Treasurer al Washington the Assistant Treasurer al
Boston New-York Philadelphia, Baltimore, Charles
ton New Orleans ST. Louis, San Francisco, or the
designated Depository at Buffalo, chicago, Clnclh-
lati Louisville, Mobile or Pittsburgh"
Should any checks be returned to the Department
g. mcalled for they Will be held by the treasurer
al the United States, subject to the order OF tine
payee. GEORGE > BOUTWELL,, secretary
The whole proceeds of the New Loan will be applied
10 the payment or redemption and cancellation OF
the $40 years six p cent bonds, and, in addition to
these proceeds the 5-2Os being reduced by pur-
Chases averaging for two years past about S1OOOOOU
pei 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
eres of the Public Debt of the United States. The
Loan creates no additional supply Of Government Stocks
while the application of the surplus revenue is con-
stanty Iessening the Funded Stocks bearing SIX per
cent Gold Interest.
The policy Of the Government since the close Of the
War, IN 1865, which left debt upon the country Of
S27jj 10000, and annual taxation of S3u 100000,
has been to reduce steadily both Debt and Taxes 70
reduce the Principal Of the Debt by actual payments,
and 10 lessen the annual burden of Interest, and
thereby the burden OF Taxation, not only through
such payments but by funding the debt at the
cheapest rates of interest practicable from time TO
time until it is felt that the very cheapest rates
ar due to the high Credit, mblemished Public
Path and vast and growing resources Of the cOun-
try From - 755 10000 the Principal OF the Debt
Ia. been reduced 10 81 26O OOO-both sums exclu-
sye of accrued inteTest-and from the heavy burden
Of $751; coo per annum the Interest charge has
been reduced 10 S112 10000 per annum while the
annual taxation under the Internal Revenue system,
which the necessities Of the War and the Debt there
by created rendered necessary for at least short
sere. Of years has been reduced from S3l1 100000 IN
1856 to about Sl54 10000 per year in 1901 esti-
mating for the highest probable collections In the
current month"; the last of the fiscal year, or less than
one half of the first named sum. And in the year
1911. further reduction of S28OOOeO will come
in under the Act of July. 1870 TO give only
Slz6OO0OOO for the year, about two-ffths Of the
maximum of 1866.
By the successful refunding of the Public Debt at
moderate rates Of Interest and by continued econo
mies In the expenditures OF the Goyernment-which
IN two years, from March 4, 1863, to March 4, 1871
amounted 10 Sl2G7OO 9I9, or an average saving per
year of $G3,Sj0474-it is believed that nearly the
entire System Of Internal Taxes can be dispensed
with IN few years or much Of 1T ms requires the
machinery Of District Assessors aud COLLECTORS.
The Secretary Of the Treasury has just published