The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-14
WASHINGTON.
FROM OUR REGULAR CORRESPONDENT.

wAsmEGroS, August 1s, 1875.
THE RELATIONS BETWEEN SECRETARY BRIsrow
AND TREASURER NEW.
Treasurer New authorizes denial that there are or
have been any differences between Secretary Brstow
and himself He says his Official relations have been
the most pleasant He has made demands Of him 10
which he could object and he has asked nothing Sec
rotary Brlstow's hands which he has not cheerfuly
granted.
REDUCTION OF THE FIVE PER CENT BONDS
UNDER THE NEW cALL-THE WORK OF THE
sYNDIcATE-THE DEMAND For FIVE PER
CENTs-PRovIsIoN FOR REDEEMING THE FRAc-
TIoNAL CURRENCY AND LEGAL TENDERS
The call for bonds to-day reduces the number Of five
per be funded acts of 1870 and
1871 10 $37 1856 $50 and this amount it is assumed at
the Treasury Department will all be taken before No
vember Is next 1t the purpose of the Secretary
of the Treasury to make any distinction in the monthly
debt statements of the bonds issued under the Funding
act and those sold under the provisions of the Specie
Resumption act so until the entire amount OF five per
cents authorized to be funded disposed Of the pub
lie will not know exactly how the Secretary has in
creased the bonded Indebtedness Of the United States
The amount, however, already sold is nearly
SIT 600 00O The previous subscription of the syndi-
will eace from the debt statement the last of the
hve-twenty loan of February 25, 1862, and the
subscription to-day will wipe out the last
of the Avetwenty loan of March g. 1854 besides
reducing the loan of June 80 1864 SO 900 Co., the
tire of which will be nearly cancelled when the
last five per cent bond is funded.
The rapdity with which the five per have been
disposed OF opinion in the department that
the market will be open to further demand for them.
The Secretary will be obliged to sell between $50 900
and $40 900 of Ave per cents to provide silver with
which replace the fractional currency to say nothing
of the large amount Of bonds disposed of to raise gold
for the redemption of legal tenders These bonds are
redeemable, though not payable May l. 1881 and
| the probability that the day of payment will
be deferred several years induces the opinion in the de-
partmen that the Secretary will have trouble in con-
tinung their sale in sufficient number assure the
prompt redemption Of every legal tender outstanding on
the LIST day Of January, 1879.
The capacity of the minis for coming silver is limited
but by the of January there will be on hand
subsidiary coin sufficient to make it easy for the Secre-
tary begin the work Of crematng the fractional cur
rency II the intention of the department store
So 600 900 in the Sub Treasury at Boston, but exami-
nation of the vault the largest in the country
that it would be safe to put than So 900
! there.
MALI. SERVICE BETWEEN THE UNITED STATES
| AND BRAZIL
| The Post Office Department has completed arrange
ments for mail service between Baltimore and Brazil
and Rio Janero by the King line Of steamers for sea
! hostages compensation The steamer King Richard
| will sail from Baltimore at ten A. NJ Saturday, the
2Sth nst and monthly thereafter carrying the mails
The contract with the Garrison line expires Septem-
Der and will not be renewed unless the line agrees to
transport the mails for hostages They receive
$3.50 900 from the United States government and like
amount from the Brazilian government, making sub
sidy of $500 oOO The postage will not amount to
| $40 900 per annum