New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-06

with the sparrow IN one Category
THE TREASURY AND THE SYNDICATE.
Since the 1st of May. 1973 some important
changes have taken place in the Public Debt
of the United States. The Six per cent bonds
have decreased $114,O1O5OO. which decrease is
made up of the following items:
B BOND, PieeSsi WITH AaSams I55Oo0oo
Bo9, e .,5 b Igd' gsn from the syndicate ia cl
change for NsS F7e'..'..''' '''''''''''' l4otiooV
Total OlO5OO
Of the bonds of the 1862 issue, called at va
rious times for redemption, an aggregate OF
sS,17S,9j0 had either not been presented for
pavment on the 1st inst, or had not been en-
tered on the books of the Treasury az paid.
During the same period the bonds of the Five
per cent Funded loan show an increase OF
$98 Ass. 80, which is made up as follows
Alabama Indemnity ai.......''.'''''.'S7 3 99
f,e per cent bond, OF 1895 con,srtel..... 7s2sooo
Total
The net increase of the five per cent bonds
within this period has been only $19,4j3,750
The difference arises from operations on the
a20OOO.OpO loan of 1853, which became payable
January 1, 1874. OF this loan, as it enters
into the Debt Statement of the LIST inst,
1895 600 were registered bonds still drawing
interest S1,82S00O had been converted into
five per cent bonds of the Funded loan
S5.4JS00O had been redeemed i'll gold, and
s5.7l9OO0 were entered as bonds on which
interest had ceased, but which had not been
presented for payment. In the last five
months there has been an increase of S26,OOO,-
900 in that form of Indebtedness which is rep
resented by the legal-tender notes, or green
backs. This increase was made necessary by
the Secretarys extensive purchases OF bonds
at the outbreak of the panic, and also 10y his
acceptapce from the Syndicate in exchange
for the new loan of fve-twenties which had
not been called for payment. 1t will be seen
that while the Government has negotiated
only s7j130,750 in bonds of the new loan
through the Syndicate, it has, in the course
of its dealings with the Syndicate, redeemed,
or called for redemption, no less than $685.
54O5O in five-twenties. However, operations
with the Syndicate are not yet fully closed,
there being further call for five millions Of
the bonds of 1862, interest on which will
cease. we believe. about the middle of this
month.
The present moment seems to be emlnently
favorable for the conversion of the SIX per
cent bonds into hYe per centS' anu VIC uuSU
the subject will receive the attention OF Con-
gress. The arrangement with the Syndicate
under which operations have hitherto been
conducted we have always maintained to be
contrary to the law authorizing the new loan,
and in its practical operation to have occa-
stoned desperate speculatiOns III the money
and GOLD markets of London and NewYOrk.
Neither do we recede from the charges we
have repeatedly made of Irregularities in the
statements Of the Treasury Coin balances and
in the settlements between the Treasury and
the Syndicate. We should very much like to
see Congress provide for a thorough and ex-
haustiye investigation of this matter, believ-
ing, as we do, that our charges have been
sufficiently explicit, and that the state Of facts
for several months last Summer in the gold
and stock markets of this city demands in
ouiry.