New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-06-20

from the payment of all Taxes or Duties OF the
United States as well from taxation IN any FORM,
by or under State. municipal, or local authority:
WASHTGToN, .....''''-, TO-
Entered ... i,cc tt::''"d :.......
Register OF ia, Treasury.
REGISTERED bonds will be issued OF the denonbna-
tions Of $50, 800, $500, $1,000, $1,000 and SOOOo
and coupon bonds Of each denomination except the
last two. The interest will be payable in the United
States at the cfce Of tie Treasurer any Assistant
Treasurer, or designated depository Of the Govern
ment, 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 Treasury Department VIII be
paid under the following convenient regulations
thus bringing Gold Cheek for the Quarterly Inter
est TO the Post Office OF every holder tree OF trouble
or expense dispensing with attendance in person OF
by proxy at the Treasury fer the purpose Of receipt
ing for and drawing such interest.
TREASURY DEPARTMENT, LOAN pyIsioE May d. ISL.
1t has been determined by the Department 10 pay
the interest Oh the Registered stock Of the new loans
lacts July II, 1870, and Jan. 20 1871 by chGcA 10 nc
order of the party III whose name the STOCK Il IcSH
tered and the check will be- transmitted by man 10
the address of the holder when furnished; othei-
wise it will be sent Ia the care of the Assistant
Treasurer depository where the interest II 10 DC
Ii is requested in order to enable the Department
to transmit these cheeks by MAIL that an p'ltles
made to them. viii furnish their correct pos'-0Bice
address aud odrise the Department Of dHy change at
least fifteen days beiOre interest ddgs.
During the fifteen days Immediately preceding he
interest days, Feb. |, May ], Aug l. and Nov. the
transfer books will be closed for the purpose OF pre-
pairing the checks If the stock is not presented for
transfer previous to the closing the interest wi be
declared TO the person 10 whom the tIallseile GER
ti6cate was issued, and the assignee must look 10
that party for the accrued interest TO winch he may
The new certificate issued upon transfer of stock
will benr int he inst q
wear in which such transfer Is made and VIII lnya-
Tiably be returned to the party who forwarded the
assigned certificates by mail, unless Otherwise III
Tected. 80, 81,
Checks issued in payment of interest viii bear the
following Endorsement: This check is payable on
presentation, properly Endorsed. at the office OF the
Treasurer at Washington, the Assistant Treasurer AT
Boston, NewYOrk, Philadelphia, Baltimore, Charles
ton New-Orleans ST. Louis, or San Francisco or the
designated Depository at Buffalo, Chicago Clncln-
natl Louisville Mobile, or Pittsburgh
Should any checks be returned 10 the Department
as mcaIled for" they will be hello by the Treasurer
Of the United States, subject 10 the order OF the
pavee GEORGE ). BOUTN ELL. Secretary.
The whole proceeds of the New Loan will be applied
to the payment or redemption and cancellation OF
the $40 years Fix 2 cent bonds and in addition to
these proceeds the 5-2Os are being reduced by pur-
chases averaging for two years past about $lO,WO0O
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 me
LOar creates no additional supply Of Government Stocks
while the application of the surplus revenue Is con-
santly essening the Funded Stocks bearing six per
cent Gold Interest.
The policy of the Government since the close Of The
War, in 1868, which left debt upon the country OF
81 1jj 100000 and annual taxation OF sSllOOOOOO
has been TO 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, but by 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 aud vast and growing resources of the coun-
try. From S2,55j,OOO,000 the Principal OF the Debt
has been reduced to S22G CO0O00-both sums eXclu-
sye of accrued intere,t-and from the heavy burden
of $l5l $4,000 per annun the Interest charge mas
been reduced to SIP, 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
series of years has been reduced from S3l 100000 in
&c to about S54OOOOO per year in lS7O- lesti-
mating for the highest probable collections ia the
current month the last of the fiscal year, or less than
one-half of the first named sum. And In the year
lSil-72 a further reduction of S2s000,000 will come
in under the Act of July, 1870, as to give only
Sl2G0 100000 for the year. about twO-iiths OF the
maximum of 1866
By the successful refunding of the Public Debt at
moderate rates of Interest and by continued econo-
mics in the expenditures of the Government-whch
in two years, from March t. 1869, to March 4, 1871,
amounted tO Sl2j 7009i9, or an average saving per
wear of sS6G210474-it is believed that nearly the
entire system of Internal Taxes can be dispensed
with in few years, much of II rs requires The
machinery of District Assessors and Collectors.
The Secretary of the Treasury has just published
the Monthly Schedule Of the Public Debt to June /,
from which il appears that he has further reduced
the total OF Funded Collaborating debt since May
by the sum of 600 by purchase of United states
59os for the Sinking Fund and reduced the 5-2Os by
the further sum of S. 400 by conversion into the
New , per cents. The whole Funded Debt now
stands 81 sol i2e $50, against S2'lO',Si8loO TWO
wears ago when the present Administration came
into Office Adding to these sums the net circulation
of che Treasury that is, in creenbacks and green
back ccrt.f,ates after deductng gold and currency
On hand, IN, following is the comparison Of ebt oi