The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-17
FUNDING THE DEBT.
The Lending Bankers of the World Offering
to Take our Bouds ut Par.

WASHINGTON, Aug 16.-The House Com
mittee on Ways and Means refused TO report
any bill amending the funding act Of 1870 II. 1t
was earnestly urged In the Senate and bill was
passed to that effect, allowing the Secretary OF
the Treasury to issue three hundred millions Of
four and a half per cent. bonds, to have thirty
years to run. The WAYS and Means Committee
beard number OF bankers In behalf of the ~ O.
posed change. but as they did not represent tn Q
Interests OF the Government, Chairman Nor
rison obstinately opposed every proposition that
was made to give to the money leuders terms
more favorable than had been given by the Re-
publican Congress. The result has been that no
sooner was 1t known In New York and the
money centres OF Europe that there would be
no further change In the law than propositions
were sent To the Secretary OF the Treasury by
the ieaulng bankers OF the world to take the
four and u half per cent. bonds at par IN golu,
with the allowance made for the expenses Of
forwarding and placing the same.
rho principal offer has oeen made hy the
Rothschilds aud the Seliemans, Representa-
the syndicate that 50 rapidly pliced$ 3O.0O.OO0
OF the five per cent. bonus. Secretary Morrili,
In conversation on this subject to-day, sid
that he h not invited these proposals, nor did
he intend to advertise, as his predecessors h I'd
done, that the United STATE. had the best Sc
curitles IN the world for he inves' ment OF home
and foreign capital. lie knew very well what
the condiiun Vf the money market of New
York was, and as the creuit OF our Government
was prouaUiy better to-Iay than ~ h d tveT
been, 1t seemed proper that those wno dictate
the peace OF em pres and Kingdoms should olioit
from our rep Ihlican Gov rnment the favor Of
selling our bonds. la fact, the recent sale OF
nve yer cent. b nus for gold with which To Ply
the Al .Datna claimants wound. at tn r,te Lid
for tuen, place our Tour anu half per cent.
bonds above par. He nd not cOncluded ny
arrangement, nor had no indicated upon exAcuy
wnat terms the bonds should he sod, but Oi
TINS TACT he was cert IN that the Idle ctpital
IN TINS country aud Europe would readily 81 e<
inv, stmeut In our securities bearing n low rate
of Interest whenever they we're placed upon the
market. 1t would be "a natter OF some days De-
fore he could pTOUaOlS deciis.
The impression among u ee acquainted with
the facts Is tnat the propositions already ro-
ceived are Of the most favor, ble cnardcteT-
even more favorable than anl Received b, Sccte-
tries Richardson aud Bristow, who advertised
for proposals. 1hls Leads to the conclusion that
there Ia ready market for at least one hundred
million. win the option Of taxing tue balance
whenever tue secretary OF tne Treasury is ready
TO tlake contract h SEQ on tue terms as pio
posed 10y tue SeiRmdns aud the ROths Child5
Secretary Murrill said he was no. at liOer Al
present TO rive the names of the bankers nor ths
propositions made, nut he would say TIT the
pleasure wnicn the Letters received nsd given
him Was "a sIti-t tctiuu whicn AL tue routine
duttes Of his Office could not OBSCURE.