River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1874-12-18


Seas 6.
By the monthly statement q the pub ic
debt issued Tune 80, 1874. the reduction OF
the debt was shown to be s4,730,472 Al. The
difference between this and the preceding
statement is thus explained:
The monthly debt statement Is made up at
the%lose of business on the day OF its date,
aud embraces only the moneys officially re-
ported To the Department at the time OF Its
issIe, whereas the fOTeG ding animal statement
81 receipts AID expenditures includes reven-
u1s which were deposited at the different
place Of deposit throughout the country
within the period covered by the accouuts,
and unasceTtaIned at the time of the issue Of
the monthly statement. The books from
which the annual statement Of receipts aud
expenditures Is PREPARED are usually H. pit
open for period IF forty-tiyc days, so AZ to
include at the date OF closing the accounts all
the revenues which ma phave bren deposited
within the wear which the statement repre-
selts,
Tae difference between these two state.
ments arises from the difference OF dates at
which they are made up, aud by comparI-
son Of them a. regards the cash M The treasI
NV at the commencement and close o.
the last fiscal year, II will be seen that by the
annual statement Of receipts and expendl-
lures there was a gain OF 81 O3l.-
175 "a, representing Teycaues In excess OF
those known at the time Of preparing the
monthly statement. which, added tOit OF de-
busted from the annual statement Of receipts
and expenditures, will show that no d tf-rence
exists, except ~ the manner Of their pr para
tim.
The tables accompanying this report fur
nish details OF the foregoing statements and
accounts.
RFFUNDIN6 THE NATIONAL DEBT.
On assuming charge of this Department,
June 4. 1874 the Secretary found the balance
% the fise per cent. loan authorized by the
acts Of july IA. 1870, aud JaLuaTy -, 1871,
then unisued, TO 9 SIS, 5lS.30O.
During the mon h of June proposals we're
received tom several parties dt sIrlng TO negC-
tate these bonds, but they were not deemed
satisfactory, and were consequently declined.
Ga the second day of July A circular was is
sned by the Secretary, inviting rOpOsais, and
m respOnse thereto bids ftOm various parties,
at home aad road, were received, the aggfe-
gate amOunt 4 which was s75 933,55D. OF
this cunt, So 1888 $50 comprised the dome $
tic bids, and SIS N00, uo0 the Joint pTOpOasl OF
Messrs. NJ. R0thschil 4 sons, OF London,
and Messrs. J. and W. Sehgman X Co., Of
New York. The domestic bids at par aud
above which we're accepted by the Depart
rnent, aggregated 80, lib, so, aud those &C
less than par, which were r. iecied, amounted
TO $40 $50 600.
The proposaI for i55 OOU.CgO excluded the
acceptance OF all other bids. aud provided
that the parties should purchase ten million
on or before August l, 1874, and the remain
ing 81, 000,U0O at their pleasure, IN several
successive instruments, prior to February 1,
1875. also that they should have the option OF
the eusire balance OF the tve per cent loan,
fI22,6 $50, until the expiration OF SIX months
from January 81, 1873, aud that the secretary
should keep an agent In London 10 deliver
new ives and receive payment therefor.
This proposition was modified, and on the
18th dav of july contract was entered iutO
between the secretary and MessTs. August
Belusant 4 Co, of New loTk, ON behalf OF
s.essls y. NJ. Rothschild sons, of London,
England. and associates, AMI Messrs. }. ana
W Saheman 4 Co. OF New York, fer them
selves and associates, or the negotiation 81
$50 600 eco OF { e five per cent. bonds, the
contracting parties having deposited With the
United states Treasury two per cent oi
the amount subscribed for, a. guarantee Tor
the fulfiiment % their agreement.
The conditions of the contract are subslan
tally a. follows The contracting parties to
have the option Of the balance OF the loan,
viz SIz2, 6SS, $50, until JazuaTy 81, 1870; TO
be allowed one-quarier IT one per cent. COM
mission uDOn the amount taken /; they agree
ing to subscribe tor fifteen muilUns OF the be
fore mentioned amOunt-S45, Coz, 0G0-on the
first day OF August, 1874, aud to subscribe Tor
the remaining amount $50. 900 O0O-at their
pleasure IN amounts of no: les than i've
millions each, PRIOR to the thlTty-hIst day OF
January, 1875. The contract also allows the
parties the exclusive right to subscribe ton
the remainder or any portion Of the five per
gress aforesaid, by giving notice thereof to
the Secretary of the Treasury prior to Janu-
airy 81, 1875.
The agreement, on the part OF the Secreta-
~ ct the Treasury, with the parties before
mentioned, Is TO issue calls Of even dates with
their subscriptions for the redemption Of an
equivalent amount Of SIX per cent. hve-twen-
" bonds. as provided 10y the act Of July Il,
1870. The subscribers agree To pay tor SAID
five per cent. bonds, par aud interest
accrued TO the date OF maturity OF
each call. in gold coin, United States coin
coupons. or any ct the SIX pr cent five
twenty bonds called for redemption they
also agree to deiray al expenses incurred IN
sending bonds T. London, upon their request,
and in transmitting bOnds, coin. United
States coupons, or goid c3in, 10 the Treasury
Department at Washington, ID. c.
On account OF the subscriptions Of MessTs.
R9thschild and Seligman, aud their associ-
ates. and those of nome subscribers, calls for
six per cent. tive-twenty bJads of the loan OF
February >, 1862, have been made as fol-
lows
August l. is7s..........-.-. $2S,0OO,0O0