New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-07-04
&C.. .. ca s1O0 ssn. s1,OOO. $500. end $1,000

tons Of $50. 500. $500 $1,000, $1,000, and Slo%y,
"a common bonds Of each denomination except 'n9
last two The interest will be payable IN the ul'.,
states NJ The office Of the Treasurer any
rreosrror or designated depository Of the "oNoli'
,nont oparterly, on the First days OIL r''''''''
Nov Anqust. and November in each en- ~. To-,
~ interest on the Registered stock Oh ''i'S U"'
- dotermined by the Treasury Depa' 'in'N'
naid under the following convenient
,hus bringing n Gold Check for inc Vu'i
est TO the Post ONCE of every no'C'l ~
or expense. dispensing WIN g roei,+
by proxy at the Treasury i.l vi. pun
mo for and drawing such interest 49,,
"'e Lol CIV" DFPARTMENr, LOAN DTvlsIoS, MAY - III
IRBAssunn, determined by the Department to pay
,b interest the Registered STOCK OF til9 III" ~ az
nv Inly IA 1870 and Jan. 20 1871 by check' 10 lne
N5cr of the marty in whose name the STOCK Is regis
,er"i and the check will be TRANSMITTED 10y mai To
,he address of the holder, when turnlshedi other.
.e ~ Will he sent to the care of the Assistant
Treasurer OF depository where the interest Is 10 oo
paid. ILL .to Dooor+ment
90 +rons,nit t1fse checks hy mail that all parIles
snbscribinr 10 the new Loan, or having transisIs
made 10 Them will furnish their correct Poscp'ott
o65ress and adrise he Department Of any "'""g" ~
Least tdeen days bC0re interest days. ..oood;,c the
Dining the fifteen DAYS immediately pIe W The
interest days, Feb l. May Aug; nnrnose of prc
naring the checks If the stock II h1t u.s.. In
transfer previous 10 the closing inc "a W
fgollV
.3fr"tc was issued and the assignee must look TO
that party for the accrued interest " "ni0n n0 may
bC entitled 20 :.,ol ,,,,o, q +ronsfor ~ stock
III bear interest from the first day OF the quarter
- i'm which such transfer is made and VIII lnya-
y;"bly h. returned 20 the party who forwarded the
assigned certificates 10y man. unless o'h'I"-Se VI
'ecks issued in payment Of interest will bear the
following ndoIseme drIe6 az tbe ofice of the
Tsosurer M Washington the Assistant Treasurer at
B.Sfon New-York Philadelphia, BALTIMORE, Chailes-
ION Ncw-Orleans st. LOUIS, or san FRANCISCO OF inc
a ;,-notcf DeDositorv at Buffalo, Chicago, CnCln-
nail Louisville Mobile, OF Pittsburgh.
Should any checks be returned TO the department
a. uncaIed for they will be held 10y the IIeasuttd
Of the United States, subject to the order OF the
payee. GEORGE > boC TWILL Te'i :;
The whole proceeds Of the New Loan will be applied
10 the payment or redemption and cancellation oil
the SO years six q cent bonds and. III addition to
these proceeds the 5-2Os are being reduced by pur-
chases averaging fortwo years past about SlcVV,OU
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 In
terest 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 essening 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
g 10000 and an annual taxation Of ll,OO0COO
has been 10 reduce steadily both Debt and Taxes TO
reduce the Principal Of the Debt by actual payments,
and TO lessen the annual burden Of Interest, and
thereby the burden of Taxation, not only through
such payments bat 10y funding the debt at the
cheapest rates Of interest practicable from time to
time until il is now felt that the very cheapest rates
are due to the high Credit, unblemished Public
Faith. and vast and growing resources of the coun-
try. From 81 755 100000 the Principal of the Debt
las been reduced to S226O OOOOOO-both sums eXclu-
sve of accrued inteTest-and from the heavy burden
Of Sl5l GOO per annum the Interest charge has
been reduced to Sic, 10000 per annum; while the
animal taxation. under the Internal Revenue system
which the necessities of the War and the Debt there
by created rendered necessary for at least a shOr
series of years has been reduced from S31 100000 il
1876 TO about S154OOOOOO per year in 1901 est
mating for the highest probable collections IN the
curren. month the last of the fiscal year, or less than
one-balf of the first named sum. And IN the yeaI
1s71-72 further reduction Of S2S,0O0OOO Will come
in under the Act of July, 1870 so as to give only
S12GOOOOO for the year, OF about twO-ffths of the
maximum OF lotJ-G.
moderate rates Of Interest and by continued econo-
mics III the expenditures Of the GOvernment-wnch
IN two wears. from March f. 1863, to March a. ls1,
amounted 70 Sl2G7OO949, or an average saving per
wear Of S62S50474-it is believed that nearly the
entire system Of Internal Taxes can be dispensed
with in few year., or so much Of it as requires the
machinery If District Assessors and Collectors
The Secretary OF the Treasury has just published
tbe Monthly Schedule Of the Public Debt to June J.,
froIa which il appears that he has further reduced
the total Of Funded Gold-beaTing debt since May
by the sum of SsOOoOOO by purchase of United States
f-gls for the Sinking Fund, and reduced the o-s by
the further sum of SS2l7,40O by conversion into the
New rcr cents The whole Funded Debt now
stands 81 sg4l2S $50. as against S2,lO7,a6l5O TWO
years ago when the present Administration came
ITO Office Adding TO these sums the net circulation
Of the Treasury that is, in greenbacks and green
back certificates after deducting gold and currency
on hand the following is the comparison Of debt OF
ali kinds at present, and at the close Of the war; and
III 1869:
July, 1873 March 1909. June l9-l
T. Stocks $500 s2I1Ts4ll2 SlO7 s46I5O H,sg412s. 20
Clrculation....... GO5,21,l6j Ss3545,s54 5663S.O4
Total g. 755925275 s249l 399sO4 s22C941753
The following table affords classification Of the
Funded Stock in gold Of the United States, as at
present outstanding:
Date CouTon REGISTERED. TOTAL
go 1867 ....... S3sZg5s,5Oo SWs7a.5OO As6932OOO