Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1872-09-26

Total debt August l, 1s7s.-..- a,2a7, ,O99, ,sss q
The aggregate interest at these rates
is $l03,773,O93 a year, which gives an
average of little less than425 per cent.
per annum on the entire debt. So much
for the statement that ''the rest of the
debt ," 1. e., all except the 100000, 900
refunded at per cent, bears 6per cent
interest. 1t is matter of surprise that
any journal setting the slightest value
on its reputation for accuracy should
commit itself to a statement probably
at variance with facts that are so well
known to the entire public.
The statement that the Administra-
ton cannot now borrow at less than 6
per cent. is equally unwarranted. 1t is
that the negotiation of the new loan,
with the proceeds of which the present
6 per cent. bonds were to be taken up,
was temporarily interrupted, owing to
our difficulties with Great Britain; but
these are now substantially settled, and
the approaching end of the arbitration
at Geneva will soon remove the last yes
tige of the distrust to which the Ala
bama trouble gave rise. The circum-
stances will then be as favorable as
could be wished for throwing our new
bonds again into the market; and with
the bright prospect of prolonged peace
and increasing material prosperity
which is now before us, we have the
best reasons for believing that the loan
will be rapidly taken. This expectation
is so confidently entertained by the Off
GERS of the Treasury Department that
an effort will undoubtedly be made
within three or four months to put not
only the new 3 per cents, but also the
AZ per cent. bonds, upon the market.
The power of the Government to bor-
row small fraction over per cent.
even in this country, where the rates of
interest are in general much higher
than in Europe, is sufficiently indicated
by the prices of our present bonds in
the New York market. Thus on Au-
gust 10 the Ten-forty ) per cents sold in
New York at rate so slightly below
par in gold as to yield to investors only
a small fraction over 5L per cent. on
their actual cost, and during the last six
months of 1871 the same bonds sold at
an average rate which would yield only
a trifle over 5ls per cent, (more exactly
5 IA 100). The critical character of
our relations with Great Britain caused
a slight depression in the price, during
the spring and early summer, but the
tendency is now again upward as to
price, involving a corresponding fall in
the realized rate of interest.
And aprOpOs of our future financial
prospects it Is not too much to say that
they will grow brighter and brighter as
the chances of the Tri6une's candidate
for the Presidency are seen to grow
smaller. The mere possibility of his
election is doubtless equivalent to two
or three per cent. off the price of our
bonds, tor the capitalists and business
men of the country are afraid of his f.
nancial vagaries, while the creditors of
the Government, or those who might
become such, are still more afraid of
the forces that stand behind him, ready,
if occasion should favor them, to de-
mand the reputation of That national
debt which they cannot forget was con-
tracted for their own subjugation.