Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1871-05-31

Registered Bonds will be issued of the denomina-
tons of $50 500, $780, $1,000, $1,000 and SlO,OOO
aad coupon bonds of each denomination except the
last two The interest will be payable in the United
States, at the Office of the Treasurer, any Assistant
Treasurer, or designated depository of the Govern
ment, quarterly on the first days of February May.
August andIN oyember, in each year.
The interest the Registered Stock of this loan it
is determined by the Treasury Department, will be
paid as conveniently to the holder the Coupon
Stock, and personal attendance, or attendance by
proxy at the Treasury, to draw and receipt for the
Interest will be dispensed with, WHENEVER
OF THE UNITED STATES TREASURER, MAILED PUNCTU-
ALLY THE ADDRESS AND ORDER OF EACH HOLDER, ON
OR BEFORE EVERY QUARTER-DAY, is PREFERRED TO
SUCH ATTENDANCE. This check, payable in Gold Coin,
at the Treasury in New ork (or such other Office
the took is regi stored at will be negotiable col
lectable on the Endorsement of the owner owners
of the stock. In pursuance of this arrangement,
the subscribers to- purchasers Of the stock in its
registered form, (Which is complete protection
against theft other losses incident to coupon bonds
payable to bearer advised to give their post-oce
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 redemption and cancellation Of the
$40 years per cent bonds and in addition to these
proceeds, the $40 being reduced by purchase
at the rate of S1O,OOO,OOO per month
The entire effect, therefore, of the loan in
necton 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
derived in gold from Customs is constantly essanng
it has been doing for two years past the funded
stocks bearing six per cent. gold interest.
The LIST of May schedule of the Public Debt, which
has just been published by the Secretary of the
Treasury showsa reduction in these stocks suce the
April schedule of 1918 7OO and further cssenfng
of the yearly interest charge thereon of S732, 942
This leaves the total yearly interest chargs in gold
S1l29S2, O34. In tue same month the Treasury paid
and Cancelled g i7O 600 of the Three per Cent. Cur
rency Debt reducing the whole of this debt bearin
interest to s51 O0O and the yearly interest charge
thereon to sl,537,47O.
The proposed further reduction Of the annual in
terest charge upon the public debt by reunding is
follows:
BY exchange Of $500, 600, 900 United States
6per cents for per cents of ISL. s. 900 600
by exchange OF S5UO,0OO bOO nlted states
6per cents for Az per cents of 1866 . $500 900
By exchange of 500 600 900 United States
6 cents for per cents of 19O1.......... 1000 900
Total saving per annum by refunding... S23 5000
The large and rapid accumulation in the last few
years of private capital retired from business.
and of the cash savings and life insurance premiums
deposited with intrusted to the provjent institu
tons of the coun:ry-al seeking the most undoubted
security, pledged to be kept fiee of all taxes under
national loSa authority and content provided this
object be assured with moderate rates of interest
will, doubt, ultimately absorb so much of these
New Stocks may not be taken voluntary CONVEX
sion of United States 5~2Os, or marketed abroad.
c. C. NoRvELL,
In charge of United States Loan 4, 'ertising.
TREASURY 0FrICE,
New York, May 2, 1871. 5-3w