The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1876-12-21

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the public debt there was redeemed and can
judgments Of the Court Of Alabama Claims were
paid to the amount Of The balance
which on the goth June, 1876, had been reduced to
1921 ,SN, 7asO. The net receipts for the first quar-
ter OF the fiscal year ending June 90. 1877, were
$1S, 11h524.49 and the net expenditures were $7S-
Isl. . The estimate Of receipts for the year
lncluding actual receipts for first quarter) is
$24. 2a2. 1850, and of expenditures is $:37 62s,
t5a35. leaving an estimated surplus Of $26 Us, $685.
"a. There will, therefore, in the opinion of the
Secretary, be deficit in the sinking fund for the
year of Fl O42. 1908.
The estimates for the fiscal year ending June
80, 1873, Receipts, $27O O5OOOO; expenditures
$s4s $50, 7O3; leaving further deficiency in the
BE 9a sS the nkn
rotary gives briefly the history of the sinking
ment. The act Of Feb Is, 1853, provided that after
the 1st day of July, 1882 one per centum of the
tirs debt should be paid within each fiscal year.
But down to the time Of the close Of the war the
revenues were inadequate to the payment Of ex-
penses, and the act was dead letter. Had the
letter Of the law been observed from the passage
Of the act, however, the reduction Of the debt
down to June 80, 1876, would have aggregated only
3S48, 1857, whereas, since Aug: 81. 1862 the
debt has actually been reduced $3.50 9ts a.6.4 or
$23 IA OIL % more than the terms Of the law re-
CURED.
REMINDING THE NATIONAL DEBT.
entered into contract with Messrs. August Bel
mont l. Co., on behalf of Messrs. N. M. Rothschild
Il Sons, and associates and Messrs ]. 4 w. Selig-
man Co., for themselves and associates, and
Messrs. Drexel Morgan l. Co., on behalf of Messrs.
J. $. Morgan & Co., and Messrs. Morton, Bliss &
Co., for themselves and associates for the Eegotia-
ton Of $4O,OOO,OO0 of the AZ per cent. bonds,
authorized by the acts of July IA. 1870, and JAN
20, 1871, the contracting parties to have the ex-
elusive right to subscribe for the remainder,
said A. per cent. bonds. authorized by the afore
said acts, by notifying the Secretary on or before
the 30th day of June, 1877 the Secretary reservng
the right to terminate the contract ut any time
after March 4, 1877, by giving ten days notice
thereof to the contractors.
he agreement provides that the Secretary is to
allow the parties named one-half of one per cent.
commission upon the amount they may take, they
to assume and defray all expenses which may be
incurred in preparing, printing, transporting,
and issuing said TOUR and One-half per cent
bonds, and Tor transmitting to the Treasury De-
partment, Washington. coin, United States five
twenty bonds matured United States coin cou-
pons received in payment for the four and one half
per cent. bonds issued, or which may be issued to
the contractors and the Secretary agreed to issue
notices for the redemption of an equal amount of
six per cent fpe-twenty bonds of the United
States, upon the dates of subscription by the con-
tracing parties for four and one half per cent.
bonds, as provided by the act of July IA, 1870. 20
The subscribers agree to pay for said Az per
cent. bonds, par and accrued interest in gold coin
matared United States coin coupons, six per cent.
fve-twenty bonds, or United States gold certif-
Gates. Against the subscriptions Of the contract
ing parties for ~ per cent. bonds. the following
described notices for the redemption of United
States vetwenty bonds, act OF March 8. 1865, have
been issued, viz: