The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1875-12-16
30


Making the sum lUZ2. Eb Is
During the past fiscal year it was not practicable
to purchase the amount of United States bonds re-
bonds could not be bought at par, and the Secretary
was forbidden by law to pay more But the eleventh
Secretary, for the purpose Of obtaining bonds for the
sinking fund, to give ] office that he would redeem,
in coin at par, any bonds of the United States bear
ing interest at the rate of six per centunl, of the
kind known as fve-twenties; and further provides
that interest on such bonds shall cease at three
months from the date of notification. The amount
required for the sinking fund for the fiscal year end
ing June 30, 1875, was s3l, Os6, 5i5. OF this amount
81, 096. 800 six per cent. fve;twenty bonds were pur-
chased at the rate of sg9 s715 for each hundred dol
lars in bonds; and on the 18th day of March, 1875, a
call Was made for $50, 600 900 of the same class of
bon Is. This call matured on the 18th day of June,
1875, which, being so near the end of the fiscal ear,
presented for redemption during that year. of the
amount SO called only S2i, GI3, 800 were presented for
payment before the Sjth day of June. Therefore the
amount which appea' upon the books of the treas
ury as actually applied to the sinking fund within
For the current fiscal year it is estimated that
s32, $40, 9l4 must lie applied to the fund. To meet this
tember for ss.cS, 900 six per cent. fvc-twentyy bonds,
and on the 18th day, of November a further call for
essary to complete the total amount for this year
will be called from time to time in such manner as
is hoped that the whole amount will he presented
for payment within the year.
REruSDrSG THE NATIONAL DEBT.
Since the seeretsry,,s last report to Congress the
acts Of July 4, lsIO, and January %, 1871, has been
July %, 1874, and which is fully set forth and ex.
planned In the last annual report, was renewed Janu-
airy %, 1875, the contracting PARTIES being Messrs.
August Belmont & Co of New York, on behalf OF
Messrs. N. M. Rothschild & Sons. Of London, Eng
land; Messrs Drexel, Moran & Co., of New York
on b half of Messrs. ]. s. Morgan & Co of London,
England, and Messrs. J.. & W. Selisnian & Co., OF
New York, on behalf of Seligman Brothers, London.
England. The conditions of the contract were
slightly modified, the contracting parties being
allowed one. half Of one per cent. commission, and
binding themselves to defray all expenses incurred
in transporting five per cent. bonds to London. and
six per cent. bonds, United Stat, S coin coupons, and
gold coin, from London to Washington, besides thu
expenses of preparing the new bonds:
Under this agreement the contracting parties have
subscribed for sl22, SIS, SO, the balance Of New
Elves" then remaining unnegotiated, and the Sec
rotary now has the pleasure OF announcing to Con
grtss that the funding OF the five hundred million i"
six per cent. bonds into those bea. ing five per cent
interest has been accomplished, thereby saving al
annual interest to the Government Of i've million
dollars.
. The success which has attended the refunding o
sl7S, as,3oO of the National debt during the last six