The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1872-11-21
W4sAT. WE OWE.
"A Volume eff Information About the
Public Debt-Banking Laws.

Judge Richardson, Assistant Secreta
ry of the Treasury, will soon have ready
his volume Of Practical Information
Concerning the Public Debt OF the Uni
ted States, with the National Banking
Laws. for Banks, Bankers, Brokers,
Bank Directors and Investors. Among
other information, he says:
Two hundred million dollars of the
five per cents have already been negotia
ted ; but as yet none of the four per
cent and four and "a half per cents have
been issued. These are the only loans
now offered for sale by the Government
All others, having long since been closed,
are being reduced as rapidly IS the sur
plus revenues, the money obtained from
the sale of the new bonds, and the coin
In the Treasury will permit. The reduc
ton of the public debt for the three
years last past has been at the rate of
500, 900, 600 year and the proceeds
of the sale OF the funded loan, which can
be used to redeem the 5-2O bonds, and
not increase the public debt, have still
further reduced the amount of bonds
bearing SIX per cent interest.
OF the numerous debts matured prior
to the year 1887. there are still outstand-
ing and unclaimed of the principal $57,-
Cos, and of all loans heretofore, ma
tured, the amount which had not been
presented for payment September l,
1872, was $6,17O,575. 1t is probable
that some part of the bonds and other
evidences of these outstanding balances
have been destroyed by fire. shipwreck
AID otherwise, and by reason of the
death of the owners or other causes. All
knowledge of the existence of the in
debtedness has passed away from those
who might be entitled to avail themselves
of the claims As to coin or gold certif
Gates, the amount that may be issned is
limited only by the wants and ability
of the business community and the re-
quirment of the law that they shall not
at any time exceed twenty per cent be
yond the amount OF coin and bullion In
the treasury.
Under the head of Fractional curren-
cy" the Assistant Secretary says: With
in the fifty millions of dollars limited by
each of the acts Of 1868 and 1864, the
amount kept in circulation is determined
| wholly by the wants and demands of tho
public, who, 1t appears, require fraction
al currency in the proportion of about
one dollar to each inhabitant of the
country. The amount in circulation
rarely goes above that proportion, max
ing proper allowance for lost and de-
stroyed notes, and when it falls much be-
low, scarcity is sensibly felt through
out the country.
| Under the head of Payments of Coin
the Assistant Secretary says: The cen
struction of the Treasury Department,
| contemporaneous with the issue Of the
| bonds, seems to have been, that when
not otherwise expressly provided in the
bonds themselves, the principal and
interest were payable in coin; and this
construction has been strictly followed
and maintained by the Government by
the prompt and faithful payment OF
every such bond in coin at maturity
And the question has been further sett-
| led by legislation, so far as subsequent
| legislation can effect it by the passage OF
law which was the FIRST act of gener-
al nature signed by President Grant up,
on his accession to the Presidency, only
fourteen days after his inauguration, and
was an emphatic expression of the SEN
timent Of the people of the country, ut
tered by new Congress, then recently
elected and just commencing its first
session.
| 1t has hitherto been stated that the issue
of the reserve of $44, 100000 of United
States notes is left to the Secretary OF
the Treasury, and several instances are
given by the Assistant Secretary where
the privilege has been exercised. --Ne,t
| York Times