The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-12-15
5,762,447 65

BY the monthly statement of the public debt
issued June 30, 1874, the reduction o the debt
was shown to be S4,7S0,472 Al. The difference be.
tween this and the preceding statment is thus
explained: The monthly debt statement is
made up at the close of business on the day of
its date, and embraces OILY the moneys Off
eialy reported to the department at the time OF
ment OF receipts and expenditures includes rev.
enues which were deposited at the different
the period covered by the accounts, and unas-
~certained at the time of the issue of the monthly
statement. Thu books from which the annual
statement of receipts and expenditures is pre-
pared are usually kept open fora period of forty
nve days, so as to include at the date of closing
tne accounts all the revenues which may have
been deposited within the year which the state
ment represents. The difference between these
Two arises from the difference OF
parison OF them as regards the cash in the treas
ury at the commencement and close of the last
fiscal year, ii will be seen that by the annual
statement of receipts and expenditures there
was a gain Of sl,fSl, 1915 "a, representing revenues
In excess OF those known at the time of prepar-
ing the monthly statement, which, added to II,
or deducted from the annual statement of ra.
ference exists, except in the manner of their
preparation. The tables accompanying this re-
port furnish details Of the foregoing statements
REFUNDING H NATIONAL DEBT.
On assuming charge of this department, June
3, 1874, the secretary found the balance of the
five per cent. loan authorized by the acts of July
IA, 1870, and January 20, 1871, then unissued, to be
sl7S.5is.3OO. During the month of June proposals
were received from several parties desiring to
negotiate these bonds, but they were not deemed
satisfactory, and were consequently declined.
On the 20 day of July a circular was issued
by the secretary inviting proposals, and in re-.
Spouse thereto bids from various parties. at
home and abroad, were received, the aggregate
amount Of which was s75, 1888, $50. Ofthis amount,
s20,9S $50 comprised the domestic bids, and S55,-
100000 the Joint proposal OF Messrs. N. NJ. Roths-
child & Sons, of London, and Mes: rs. j. and w.
Seligman & Co, of New York. The domestic
bids at par and above. which were accepted by
the department, aggregated $40, lis, $50, and these
at less than par, which were rejected, amounted
eluded the acceptance of all other bids, and pro-
vided that theparties should purchase ten mil
hon cn or before Aug. i, 1874, and the remaining
SI5,OO0,O00 at their pleasure, in several success
sive instaliments, prior to Feb. L, 1875; also that
they should have the option of the entire
balance of the five per cent. loan, Sl22 ,6SS,55O
until the expiration Of six months from Janu-
an agent in London to deliver new hves and re-
celye payment therefor. The proposition was
modified, aud on the 2Sth dsy of July
the secretary and Messrs' August
Belmont q Co, OF New York, on behalf
OF Messrs. N. M. Rothschild & Sons, of London,
England, acd associates, and Messrs. J. and W.
Sellgman q Co, of New York for themselves and
associates, for the negotiation of Si5,000,OOO of the
five per cent. bonds, the contracting parties bay-
ing deposited with the United Stares Treasury
Two per cent. OF the amount subscribed for. as q
guarantee for the fulhllment OF their agreement.
The conditions OF the contract are substantially
as follows: The contracting parties to have the
option OF the balance of the loan, viz: Sl22, SIS, $50,
until January 81, 1915; to be allowed one-quarter
OF one per cent. commission upon the amount
taken; they agreeing to subscribe for Sl5,000,OO0 of
the before mentioned amount-S45,O 900, OO0-on the
nrsj day or August, 1874, and to subscribe for the
remaining amOunt-S3 ,0O0, 0O0-at their pleasure,
in amounts of not less than five millions
each, prior TO the 3lst day of January, 1873.
contract also allows the parties the ex-
elusive right to subscribe for the remainder or
any portion OF the five per cent. bonds author
lied by the ac-s of Congress aforesaid, by giving
notice there0fTo the secretary of the treasury
prior to January 81, 1875. The agreement, on the
part OF the secretary of the treasury, with the
parties before mentioned, is to issue calls of even
dates with their subscriptions for the redemp-
ton OF an equivalent amount OF six per cent.
bonds. as provided by the act OF
July II, ie10. The subscribers agree to pay for
SAID nVe per cent bonds, par and Interest accrued
tne date OF maturity OF each call, in gold coin,
United states coin coupons, or anv of the six per
cent. nve-twenty bonds called for redemption;
they also agree 10 defray all expensesincurred in
bonds to Loudon, upon their request,
and IN transmitting bonds, coin, United States
or gold coin, to the treasury depart
'nent at Washington, District of Columbia. On
account OF the subscriptions of Messrs. Roths-
,hud ana Seligman, and their associates, and