Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-10-21
NO. $50.

."
assignment, duly executed, in the case Of regis
tered bonds. OF the amount originally jssued.
Sl45,S5O have been redeemed, leaving S945 600
now nov" ontstansing, which is redeemable July l.,
1881. The words "Oregon war debt are printed
on the face of the bonds, from which the title Of
the loan is derived.
LOAN OF July AND AUGUST, 1861.
On July l7,h, 1861, Congress passed an act au-
thorizing the Secretary of the Treasury to borrow
on the credit of the United States sum not ex-
ceeding $3.50 900 900, and to issue therefor coupon
OF registered bonds and Treasury notes IN such
proportions as he might deem advisable, redeema-
BILE at the pleasure of the United States aftcr
tweuty years. BY supplementary act. psssed
Aug. 5, 1861, it was provided that no bond. should
be Issued for less than $500; and the Secrstasy
OF the Treasury was authorized to exchange bonds
OF that denomination for Treasury notes issnsd
under the former act. This 10 why the loan is
known as the loan Of July and August, 1884,
the words just quoted being printed on the face Of
the bonds. In the mari ct the bonds are called
"Sixes Of 1881 and are distinguished from the
other skies, loan Of February, 1884, by The date
Of redemption, which is july l, 1881. The entire
am 1uDt OF this loan ssned SlS9, ,32l $50, ssd
the entire amount is still outstanding, This loan,
by the act authorizing it, is made redeemaSle at
The pleasure of the United States after twenty
years. The rate of interest is six per cent, paya-
BILE on the first days of January and July. This
was the first loan authorized after the formal se-
cession OF some OF the Southern states. 6
LOAN OF 1868. &t4t
The loan of 1863 is also known in the market rs
"sixes Of 1881, from the rate Of interest and the
fact that the bonds may be redeemed in 1881.
They are distinguished from the other skies Of
1881 by the words Treasury Department, act
March ., 1862 printed upon their face. Like the
other SKIES OF 1884, the interest is pay able on the
first days of January and July. The act cresting
This loan authorized the Secretary Of the Treas.
ury to borrow 5000, ,0OO, 600, but supplementary
act, passed June 80, 1864 limited the loant 49,
600 900, which amount was at that time advertised.
The whole amount is outstanding, and may De re-
June 30, 1881. Coupon and registered bonds Of
this loan of the denominations Of $50, 800, $500
and 81 900 were issued and also registered bopds
of Ss5, 900 and $4,000.
TENFoRTIEs.
The bonds known in the market as "ten fortes"
were authorized by the act Of March 3, 1854.
The amount authorized was 500, ,000, 600, and the
whole amount ssued $l96, III 800. The sct su-
thoizing this loan provides that II may be re-.
deemed in ten years. but makes it payable in forty
years from date, which makes these bonds re-
deemable at the pleasure of the Government after
Feb. 2S, 1874, and absolutely paysble March !,
1904. The bonds bear interest at the rate Of five
per cent, payable on the first days Of March and
september, except the bonds for $50 and 800,
he interest on which is payable annually en-
March l. This loan runs longer than any other
On the Governmen. list and is the only war loan
the bonds of which bear interest at the rate ofhve
per cent. The amount outstanding is S194 $685.
300. The coupon and registered bonds are Of the
denomination of so, 800, $500 and 81 600.
There are also registered bonds of 5000 and
$4,000. The face of the bonds is designated by
The words give per cent. loan, under act OF
March 3, 1864" and "Redeemable after ten, pay
able forty years from date"
FIvE-TwENTIEs Of 1865.
The act Of March 3, 1865. authorized the bor
rowing of sum aggregating not more than $780,
0OO000. the main purpose OF the act being to con-
vert Treasury notes and some other outstanding
obligations into the bonds authorized by the sct.
Under the authority of this act bonds we're sold
for money and issued to the value Of e3 327 $50.
the first days of May and November. The princi-
pal is redeemable at the pleasure of the Govern
ment after five years, and PAYABLE in twenty years
from date. The amount now outstanding is
Sl52, $50. The bonds have printed on their
face the words, "Redeemable after five, and paya-
BILE twenty years from date and "Act Of March 8,
1868, by which they are distinga shed from the
consolidated bonds issued that year and known as
"cousols of 1865" These bonds will probably be
the newt called or conversion.
CoNsoLs.
Under the act of March 3, 1865, referred to in
the preceding paragraph, and Il supplementary set
passed Al ril, 1866, bonds were issued for the
version and meditation of certain outstanding
obligations of the United States. The bonds is
sued in exchange for outstanding obligations were
to be in addition to the S60O,000000 authorized
by the act. The conversion of outstanding obi
cations INTO these loans gave to the bonds the title
of "coDsols" The bonGs issued in three
series. TIE fi,st bear date of July l, 1865, and
are known as "consols of 1865" They became re-
decmable Ju'y /, 1870, and are payable July /,
1855. The amount issued was $332 39S $50 The
second series, known as "consols Of 1861" bear
date July !, 1867. They became redeemable July
/, 1872, and are payable July l, 1887. The amount
issued was S319,6o2,3 $50. The third series, soon
nl, nfI haar data Tul. a~l
redeemabe July |, 1873. They will be payable
July |, 1883. The amount issued was S42, ,539,-
$50. All the bonds of these series are designated
on their face, Consolidated debt, issued under
act of Congress approved March 3, 1865 !" "Re-
deemable after Eve aud payable twenty years from
date = and "In God is our trust They bear six
per cent interest, payable the first days of Janua-
Iy and July. The aggregate amount issued of
these consolidated bonds was S755. o,65O. There
is now outstanding of the issue of 1865 $202 $685.
l00 Of 1867, S3l0,622, 100; Of 1868, $37 A74 900.
Total amount now outstanding, $3.50, 1884,
$50, being S204 $3.50, 800 less than the amount orig
inay issued.
THE NEW FIvEs.
The funded loan of 1881 now being 10 ucd, was
authorized by act of July II, 1870. 1t wascreattd
q lower rate Of interest the tvetwenty bonds
which bear six per ceat interest. BY the term Of
the act authorizing the loan the interest and prn-
'ipal of the bonds are made payable in coin ofthe
present standard value. II was PROVIDED IN the
original act that the Secretary of the Treasury
should barrow a sum not exceeding O0OO00OO.
for which coupon and registered bonds should be
issued, bearing five per cent. interest, payable
semi-annualy, the bonds to be redeemable At the
pleasure Of the United States after ten years from
date. Also, that sum not exceeding in the ag-
gregate $500 900 900 shall be borrowed, the bonds
for which shall in all respects be like those spoken
of above except that the rate Of interest shall be
four and onc-half per cert. per annum, and be re-
deemable at the pleasure OF the United States af-
ter fifteen years from date of issue. Also that
similar bonds, TO the amount of 81 600, ,000, ,OOO
may be issued, The rate of interest to be four Per
cent, redeemabe at the pleasure of the United
States after thirty years from date of issue. The
proceeds ft the sale of these bonds are required
10 be devoted to the redemption of any outstand-
ng bonds known as fve-twentics. An smendato-
~ act, passed Jan. 90 1871, authorized the issue
If the amount of bonds bearing FIVE per cent. to
De increased to $500, ,000. 600, and provided that
hc interest on all the bonds authorized by the Or
ginal act shall be paid quarterly. The amount OF
i've per cent. bonds now issued is $437 956, ,450.
As previously stated, calls are out for over TWEEN
ly seven millions OF five twentes, which leaves
less than thirty millions to complete the amount
of the five per cent bonds authorized BY the oct
,f Congress. The full amount authorised ($5O0,-
)0O, ,OOO) will be taken by Nov 10, the option Of