New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08

Interest due ana unDalu, III - - -
terest to date. '''''''0' -
ro,a, dabt ....................s2 29o $40 55S %
Less cash in the Treasury LJ''Sl'oH %
Debt less cash in the Treasury .s2l59sNo6l ~
Showing decrease during the year. as r-so,.- =.
rS asO decrease Tea:eq represented BY the ex
cess OF receipts over expenditures..- 2jfi'os@ 30
The interest due and unpalf June So 1874 81.
was less than June 49, 1873, Dy.....--.. 5A11o' ID
s57s2a47 c5
BY the monthly statement OF the public debt Issued
June So 1874 OF the debt was SHOWN To Do
a. 790472 A. The difference between tGs and the pre-
cedng statement is thus explained;
The monthly DEBT Is made up at tie close OF
business on the day OF It's date and embraces only the
moneys officially reported to the Department at the
time OF its ISSUE whereas the foregoing annual state
meut Of receipts and expenditure includes revenues
which deposited at the different places or deposit
throughout the country within the period covered by tho
accounts aud unasceralned at the time a the issue or
the monthly statement. The books from when tho
annual statement OF receipts and expenditures pre-
pared are usually kept open for period Of G days. 40 az
10 include at the OF closing the accounts all tho
revenues which may have been deposited "lthin the
year which the statement represents.
The difference between these two statements arises
from the difference OF dates at which they are made u
and by comparison Of them regards the cash Ia the
Treasury at the commencement aud close OF TIE as5
fiscal year IL will that by the annual statement
OF receipts and expenditures there was gain OF flS
975 a. representing IN excess OF those known
at the time Of preparing the monthly statement WHICH,
added TO IT, or deducted from the annual statement Oh
receips and expenditures, will show that no difference
exsts except IN the manner OF their preparation
The tables accompanying this report furnish detasot
the foregoing statements and accounis
REBUILDING THE NATIONAL DEBr
On assumin. charge OF this Department June g. 1874,
the Secretary found the balance OF the per cent loan
authorized by the acts Of July H. 1870. and Jan 20 ls
then unssued, TO be sl7s,54s,3oO.
During the month of June proposals we're received
from several parties desiring 70 negotiate those bonds
but they deemed satisfactory, and were con-
seGuently declined
on the I'd day Of July circular was issued by tie
Secretary inviting proposals, and IN Response thereto
bids from various parties at home and abroad. were
received, the aggregate amount Of which was S5355O
or this amount $40 s33 $50 comprised the domestic bias
and $500 the joint proposal Of Messrs y H. RJhs
child OF London and Messrs. j. * " seiignan &
Co. OF NewYork. The domestic bids at pa ani above.
which we're accepted by the Department agyre gated
sl0l3550, and those at less than par wnch were re-
iected, amounted 70 sl0,320 900.
The proposal for s55OJOOO} excluded the acceptance
OF all other BIDS ana provided that the parties should
purchase ten million before Aug l. 1874, aud the
remaining sl5OO0OU at their pleasure IN al
sive !nstalments, prior Feb. l. 1875 also that they
should have the option Of the entire balance OF 20
mo nths from Jan. 81 1875 and that the Secretary should
keep an agent in London 10 deliver new lives and re-
ceive payment therefor This proposition was modified.
and on the 18Th day or Jul contract entered into
between the Secretary aud Massrs August Belmont d
Co. Of Sew-York, on behalf Of Mes.rs " ~ R)tlsc1ld
OF London, England. and cia's, aud Messrs
j. & ". SelIgman 81 Coz OF N3wYJrI. fOr dos Ives
and associates, for the negotiation OF Si)0)J Ot the
tive per cent bonds, the contracting parties having de-
posted with the Uated states Treasury per cent Of
the amount subscribed for guarantee for the fd.-
OF their agreement.
Tue conditions Of The contract are substantially AS fol
lows The contracting parties u have the opton Of the
balance OF the loaH sl22 6ss,5j} u1tl La H. ts-J
to be allowed onc-luarler Of one PER cont commission
upon the amount taken they agreeing b. subscribe for
d tecn millions Of the aforementioned .modnt-si5-
OOO0OOu the Isl lay OF August. 1874 All 10 'uJScrDe
for the remaining amount ijo ooo)-AC - d. pleasure
in amounts less than i've millions each. prior u
the 3t day of January. 1915. The contract Iso allows
the parties the exclusive right 70 subscribe or tae
romafnder or any portion OF five per cent bonds
authorized by the acts of Congress Aforesaid by giving
notice thereof the Secretary OF tao lra,Hr pgor 10
81 1915 The agreement. the par OF ,ac secretary
OF the rrcasufy. with the parties before mentioned Il
10 issue calls OF dates with their suo,rp"As lot
the redemption OF an equivalent anoln 81 * p cea6
dre-twenty bonds. provided b. the ~, oi july a.
1870 The Subscribers agree To pay Of 1d 'r per cuJ
bands par anu interest accrued 30 tue dde O. maturity
OF each CALI IN s9ld eoia 3D.. "'et stats
bonds called FOR redemption they also agree 10 dcfay
Il Of,
their request and Ia Trans nlt.lug OonH,' CON. United
s.ates coupons; or god e1sn' 70 Tue lIeesury
So ,eerpu0us O, Mcssrs Rothscn.ld ana esGnaa, aad
associates and those OF home .uD,crOcls cas Tor
six per cent hye"enty bonds oil the '"A u Eco 10
Aug l. ls7i.. 900 900 nov. ,, ls74.... 100000
S ogl l. Is7i.. ioo0000O Total. 100000
Tue excess OF subscriptions over eAls-r.z. SiiS5y6-
has baeu provided Tor Dy uncall,d bonds winch have
been received by the Department IN payment ior that
amount. 49,. - -..,...t , , . So. Alma
far been ne .oated n Europe, where exchanges are
still being made'
DECISIVE MEASURES TOWARD SPECIE PAYMENTS
FAVORED.
10 much has been spoken and written within the last
decade ana especially at last Of Congress on
the financial questions relating 10 AM growing out OF
our currency system that further ex ended discussion
NJ the subject at time would scarcely seem TO be
necessary The opinions entertained ana expressed oy
publie men and communities OF people. as weh as me
sense OF Congress heretofore indicated " ne Vocs
-, ,Ie two Hoises must be accepted OF the fac
tors az the auaucla problem. Nevertheless. the great
and paramount port ance OF arrVlhs AT m ultimate
IT, NJ the matter ana OF ~ the Govern
,ent aud the people sound Anu stable currency, IN
~ Coucra So and that decisive steps bs
now laken by the Iaw-makIng power for return 10 .
10 attempt an enumeration Of the complicated mis-
chiefs which flow from an unstable or incourovertibe
currency would carry this report TO neIcusaDe length,
and after all would he bur repetition OF what has been
often said No nation can long neglect the wholesome
hold public credit without suffering financial Gisturb
ances aud br,n$ins serious conseauences upon its
people IL Will not De denied that tue existing issue OF
leglltender notes, as u circulating medium. would
have been made except IN Tue great emergency OK
a Involving iess au issue tnan the preservation
OF tao Whether the Argument 40 support Of the
validity OF the lexaender acts 90 rested upon the war
powers cUnterced tue Government by the Cons,lIu
ton other provisions OF that instrument, II is clear
could not have been Induced ~ pass such
ucts un rr any otLer circumstances than In time or
the most pressing aud urgent need. such state or
WAT only produces TIE most earnest defenders OF tho
power TO issue Government obligations. and make them
by law legal teader tor all debts public and private.