The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-20

fse 81 ae osss % c wh ns s snas
snt sustained and the "s c sass
s' and srsssi Ass
alone ssa's s Of
dsst be 1.S
cost ' az O.
tween I'VE and six per cent ior two years T9ald Val
the soyernment would gain BY ,rv n,,
,cular terms to have reiundins Of the debt at this
Mr.. PArrEnsos-n the purpose is not to include any
Of thu and hall n oa per 9ee esns aone
should think per cent per annSm
for lime does to ee s pTaenby Of
funding ywsr rate OF interest before The maturity OF
everything into
I Snr SoT 70 yes s1nsS
Mr.. PArrEKsoN thout repeating what said before,
LONG bonds % UNiron. AND Low xArx Or IN1EREsr,
spfn er sale OF exchange
ns q finding the debt how
the Treasury to make
ment should do its business directly, a very small
out ~ tie I, employment o. nternediae agencies
inter- agencies but as 10 how auch money you
wop authorize the secretary OF the Treasury expend
Il wGSd
lhe CnAIRhAN5fou mean 80 lar as the present incum
Mr. PArrEasoS-I know no other.
The CaAiKMAS-Woud you recommend the same dis
DEPARTMENT 40 no, moan 70 cav that would ,s.vo
ihs oSAiRaAsN%ha iimitaon Would you make,
would be sufficient it's impossible to express opin
ment The machinery Of Which am not iSmisr wth
the 0MAIRaAN-Do understand you 70 say that your
s a hs sS sy ns
impSsssle for to estimate with
% hs e an
IN that method dong business ANA would the
holders Of bonds 10 direct with the GOV
ee ae To NEW 1rh N o not a Mr. @
canf
MIR. PArrERsoN-fhe correspondence Is constant by
means o: mail or cable.
MIR. PArrnnsoS.And the money S' markets OF London
AND Nsw 90s anS in With ver
great pleasure to what you have been SAYING and there
81. sS N ii AZ I'll .s
e axes rs 4 nq some advantageous
ACTUAL ANp rERsANnsr INVESTORS,
You say this mode OF Syndicate organzadon calcula
ly CLOSE relations WIN inyesOrss ,,..,.,
lie at the .me the negotiation was made: DO NOT
United STATES bonds We're ADVISED extensively or gem
s:S 'lSs Ss Ss or
three months interest," and that information being con-
fined to limited number, the market OF was lin
tied SO tar as the terms made the market
rey would 1t not have Affected the Of the opera
Mr.. PArrrnsoN-I am of opinion that 1t would have
affected It seriously 1t was because large buyers sup
At lie time that he sales were made and il Mas
not r in X n G from what
have said nat you think the government should effect
policy to The whole world that ali people should see its
Mr.. FA1TERsos-f link that it would be more conss
tent with the dignity well a. with the interest OF the
Ss 10 DC
hat the CONDITION. Of things now aeVe eS p1 sG
Europe Will attract auention to our country more and
o' You hins now hat sa ali the cond
TONS OF the syndcae are known, that the operations
THE HELP RorHscHILpsi
Mr. PArrERsOSYes, sir to sell i've per cents only and
op@er SIMILAR a%s as no to lS b tho
home market preceding the sydicais n d
not involve the three months interest Do you suppose
wh b Una, dSney announced any consider
Mr. pa1rEasosmThe movements OF money affairs
tected by conditions and relations which you
opinion that is at all reliable. You speaking OF
MIR. KhLIHr~Yes, submitting to the American people
the option 70 take this ioan and making it clear to their
Ut The per cent There proportion Of our
home market tnat might take advantage OF suca propo
MI; far5sasoSs he existing banks for they have
mens would not present strong nducemen to small
@ ss sss Sa"ss
mem OF reduced PRICE Tor the bonds equal to the value
would undo it 6et Il would be more s az
loan now nor would limit Tue market to this coSnry
Tne indications are everywhere that
Is rising all over the world and we should take the best
Mr. BEcK-lell US how far you think were we to allow
iree banking IN This country the bonds Of the United
or iour per cent bondsf
stricons connected tn It; you establish system
pHs Of sse esr
tess aan Hxs GENT ' se, with y!; Sns
,nns wssS h. in me Eastern cues (Which
crga17ed oc aust as the nectsss
han that because they would have no great indarement
in Inc low rates q nteres; merely to make profit from
oSn, t 81 bonds To Sd be taken il would
5R.i rsa Ss
low interest bonds al long time. There would be .
ss place ss S s hf sf
that existing bankers shall exchange their
MI r.rInasos.A compulsion TO do so before the ma
| turiy oi the boLds they now hold would involve
unless il was ACCOMPANIED BY an exoneraion from
The CHAIRMANIs there any thing TO gained by the
M is equal to the
interest reduced IL might accustom the people to the
Mr. BuRcuARD-You suggested that there is no limit
under the existing law what may be allowed
way Of comm ssion.
Mr. PArTEasosI said that the authority existing
law, which could defer payment without interest Tor
three months, might he applied to do longer time
Mr.. bURcHARD-And in that way the goyernment could
pay Indirectly, large amount commission, could it
not
MI. PArrERsos-Certainy, whether in the form Of CON-
mission NOT; 1t would be large gain purchaser
oil the bond and corresponding loss to the seller.
Mr. bURCHARpDo you think it desirable THAI that au-
thority should be limited
Mr. PATTKRsoN-Ycs, sir 1t IL an unusual and objec
uonable method OF selling United sta Donas / know
that necessity Tor is said 10 the requirec mt
OF ninety days notice pay of the ured six rer
cents; but that dincuy, II IT be one, might be met in
some other way by commencing interest date OF
payment or exchange. II Is indirect method giving
y the purchaser Az advantage which does appear
| the OF the, transaction
Mr.. bvRcnARDt worked no disturbance to the bust
of the country
Mr. PArrsRsos- do not how that affects the ques
| ton under consideration.
Mr. BuRcaARp-1s IL not as advantageous TO pay the
commission directly, in that mode TO pay a direct