New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-29
EOTR YEARS or FUNDING.

Septemlcr /, 1871, Mr.. boutwell, made his
first call fOr $1OO,O00,OOO of six per cent
Fiyc-twenty bonds of 1862 for redemption, in
pursuance with contract made with the jay
Cooke Syndicate to take the same amount OF five
pnr cent bonds OF what IL now known as the
sFundcl Loan At that date the total
amount outstanding of the bonds Of 1862
was sl62, 522, 600. Yesterday Secretary Bris-
tow issued his call for $l1,S97,20O of
1860 Fivc-twcntics, and three months from
to-day there will not he bond OF that ISSUE
on the books of the Treasury, and drawing in
terrst. Bttwecn August 81, 1871. and July
%. 1875, twenty three calls have been
made for bonds for redemption. OF
which twenty-five for the aggregate
sum of $3.50, S97. 200 were for the purpose OF
funding. 1 his gives an average OF call
once in two months for SlG.5oO,OOO. Pre-
yiously 20 December, 1871, individuals and
the National banks had voluntarily exchanged
about 500 100000 of six per cent bonds for
the new livcs A five per cent loau OF S2O,-
100000 fell due On the LIST Of January,
1874, for tho greater part OF which the
holders accepted in exchange the bonds OF
the new loan. Tho money received from Great
Britain for the Alabama indcmnty-SlJ,5 300
OOO-waS also invested in tie new tivos.
Finally, Secretary BristOw has sold $l5,OO0,-
600 of the new fivcs to provide silver bullion
to keep the minis at work and to withdraw
grecnhacks under tho Act of Jan. Ii. 1879.
BY the end of the year there will in all proba-
biIi.y be SJ20OOO,000 of tho five per cent
Funded Loan on tho books of the Treasury,
of which less than $780, 100000 will have
been negotiated in four years and -four months
By The aid of the three Syndica;cs-a tate OF
progrc-s which cannot be called rapid.
l;ul slow as the process of funding ha, been
hitherto, il is likely to be still slower in the
future After Secretary BrstOw has called in for
redemption SIS, 537. $50 of the Fiyc-twenics of
1864, funding must cease, the Secretary having
no authority to issue five per cent bonds beyond
the total of $500. 1000 900, except for the pur-
poses specified in the Act of Jan. II. 1873.
THE TRIBUNE several times suggested to the
last Congress the propricty of authorizing the
Secretary of the Treasury to proceed with
lis funding operations beyond the amount
to which The new fycs were limited. Con-
gr,sa however, paid no attention whatever to
this subject, apparently regarding it as OF
little consequence whether the people paid six
ner cent interest or five on nearly Ss00,00O,O0
of Fiyc-twenties which will still remain after
Secretary BllS;ow has exhausted his powers
under the existing statutes. In the next Con-
gres, the House will be Democratic and
the Senate Administration, and between
tho two wo shall probably get no legis-
lation at oil on this subject. or some law under
which it will practically be impossible to do
anything. There il, we admit, bare posi-
bity that some Of the four-and -a-half per
cents can he disposed of at par in gold but
the event is so improbable that we need say
nothing more about it. The French five per
cent loan will undoubtedly hc soon converted
on terms 80 favorable a. to leave the Syndi-
cate 10 chance to sell our four-and-a -haf
per cents it, competition. 1t would seem
10 person unaoquaintod with tho character
Of the average Congressman that all Parties
might agree on measure having for its sole
object the reduction of the interest on the
Public Debt, but since it i, impossible to get
up u party measure in Caucus and put it
through without debate, tho chances are that
the "boatrd bondhoder" will be suffered to
draw his full six per cent for an indefinite
period 10 come.