The New York herald., 1872-12-25

the SIX per cent bonds that cSsS That Is %
rHs BANKS rnE BExRs1 o. IN m,1xsr
sI Ssn Ssys per for r..
months; S1 sc -
The CHAIa.AsThat is six per cent set Of bonds
ana an nxe per cent on the other for the amount
soyIwEiIIi dye cent extra.
nc sntsns I into
do pay ss coin and take The
Boy,wnINs the % banks Ks. subscribing for them fur
ahns Sns cent as We ad h''
Mr. BogrwEIl-Yss 50 far as the sss, 1000
s ns MAS i IL M as May OF 'nas
The CnAIa.As-wel, in the process they did not pay
Mr. sourxnII.The banks did not think, except ins
s% a Ss sns5s Ms sa 0y p
the a
u six sona e pee
transaction rested Tnere ' was 'as sAA'' ''''' - ~
FEELING PATRIOTISM
e $say
sybs p.on the loan would 70 Ss carried through that
w aS afSp s 5 s ssna o
the time being BY these gentlemen similar 70 that
many the bank ocers engaged ii this transaction in
Ths eH4lax4s-As matter Of fact in addition to the
Of interest 5 y w 70 be
bonds j we're I dsvereS % parties paid
ae tue fs e snG @ rse
and allowed them interest the bonds returned q
SGMa Mr. .0f was sas same er0a
ege Of these bonds prior to the expiration Of
Ave afs per- cent % bonds upon payment
amount in coin the delivery Of vetwcnty bonds In
ye bonds at the pleasure Of the subscrber dur
ing the ninety day As far as cash was they
1 a' ssy @ ere
SSay the d
with s that
M we that Would ca
% BANKS Ss a aS CT @ 81 Ss
they might them her snd n p TO- Sa snas
q
sSsy SsdSfa ds !
WHAT IsTo De DONE IN the a ruTvRnf r,,,
A es ey e
change the arrangement il way Their pTopositiS.
e. s sn s "a aheg
body the particulars as to which should desire to have
M a Is bSnd as md ss IT.
s SeSss i s S
the Rotschids had to go into the negotiation ana
understand the arrangement @ te
in!erests -. oo,o. .r..,,om.r. 1nnae,-
sSS wnsn sy ns arys SHss Ss
@ nes ss e ests e nD
moddsation q the 81. law v
make enable you carry the proposed ar
Mr. BOUTWELL, NOT.
The notifications Of the arrangement that have oc
tS the end % ninety s
os s 6 % & hs
The And no. upon the mt
r.t hlss s'assS he
s Win ns coin 9' sfaF IL s
make Gs a ss h
sn ies @
S this sS st e e ne ai
e the first Sf at aSs
october and subsequent mon,!iss 49,.
an e say that the entire allow
M BouswEIL understand i there was no no depart
made Subscriptions outside not to very large
u % as ns
tke money, allowed tto remain on ds-
only While s We're Waiting for the bonds which had
this arrHngs%epst mt with snna! MT I:
remain on interest in their favor for longer than three
Mr. BoUrwKIr-Thati as understand; the settlements
| have always been made upon that basis :,
lowed ne money 1s%an IN DEPOSIT than three
On
Decembcf large portion Of them we're avs cent
nIiSs
out tor hme @ ana hnS an ne nonds caeG @
thai the reduction Of to the it last July
tiaiion including payment q ave cent and IS
nney @ % DAYS ss E ssr S sSr fqfSk the
TWO s sss a
s c BY the
%s
July covers both the OF interest ana
ssS Sa S%s
H5
MI Mr. os yr N but You
cs%s xr.aTna, make. difference however =. .n.. =.
that one per cent was spent In the subsequent negota
Mr.. BourwEILTha is but the earlier date Of the
bonds You will see makes the difference % then made the
pensc on account 81 this days interest being one
and quarter per cent? was II not one and half PEE
| tional expense to be
| THE CENT BONDS
for three months, rather than the five cent
bonds because had sold the and therefore had
no right to pay interest on the old 7
Mr.. BoUrvELLThe law required us to pay interest ON
the old bonds until the expiration the ninety days mo-
| tce. We could not avoid It.
Mr.. KERR-That was until the sale.
Mr. BourwELL-The law requires give ninety days
notice before interest bond
ing and therefore, opinion is that the proper mode
OF considering the difference to put the paid
for these ninety days the new bonds additional
Mr.. kERR-You will scarcely hold that the law con.
tcmpated
! both upon old and issuesf !
Mr.; Observation-Disclosures the law in its dinerent
provisions including the provision by which the ma
ional banks are made repositories Of any public money,
except receipts from customs and the law allowing tho
Treasury stop interest upon bonds only
after ninety days notice. and the condition that we had
the right TO receive subscriptions from the banks new
bonds 70 allow the proceeds Of these subscriptions
| about that
Mr.. KEnR-T do not desire to go into any argument
upon the subject but simply ask what your
ton OF the law OF 1870 Is Whether IL gives the right