The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-06-11
WASHINGTON.
The Four Per Cent. Loan-A New Con.
tract with the Syndicate.

The Four Per Cent. L0an-A New Con.
tract with the Syndicate.
WASHINGTON, June "a contract has been
entered into and signed by the Secretary of the
Treasury and the Messrs. Rothschild, j. S.
Morgan & Co, Seligman Bros, and Morton.
Rose & Co, of London, England, and Belmont
& Co., Drexel, Morgan b Co., j. & W. Selig-
man Z Co., and Morton, Bliss & Co.. and the
First National Bank of New York, for the sale
OF four per cent: 30 year consols at par n coin,
of which $25. 600, 900 are subscribed for now, to
be paid for in July and August, So, 1000 600 to
be paid for resumption purposes and 500, OOO,-
600 for the redemption of per cent bonds.
possible.
The contract is for six months and is similar
ia its general terms to the former contract. but
has this important provision, that for thirty
days after full notice the loan shall be open to
the United States, at par in coin, with the
right to pay for the bonds within ninety DAYS
after the subscription upon delIvery.
Upon notice given some days since, the
Secretary OF the Treasury has withdrawn from
the market $10O,000,000 of a per cent bonds,
and the former syndicate have subscribed un-
der the old contract for $25,O00,OOO of the
per cent. bonds being the balance of the $780,.
600, 600. vi the amount of that loan 81, 600, 900
is to be applied during June for resumption
purposes, and the same amount during July
for the same purpose, and 5000 900 to be ap-
piled to the redemption of 6 per cent. bonds
These agreements close out the four and one
half per cent loan, and place upon the market
the four per cent loan, with firm subscription
of $5,000,0 600 dollars. The new loan, drawing
four percent and exten3 ding over thirty years,
with interest payable quarter yearly, is not on
ly far more favorable for the government than
any ever before issued, but for its permanency
and security will become natural investment
of the earnings of the people both in the Unit
ed States and Europe. Every bond sold will
lessen one-third of the burden of the public
debt to the amount of the bond. The bonds
are Issued for $50, $780, $500, and 81, 900, and
larger amounts, and will by the mode of their
sale be brought within the reach of all classes
of people.
1t is understood that in the negotiations
Secretary Sherman insisted that for a reasona-
BILE period bonds would be sold in this country
at par. This the syndicate resisted as thew
undoubtedly propose selling these bonds at a
premium and they declined to contract on
these terms. The Secretary was, however,
unyleldlng, and an agreement was finally
made that for thirty days the public should
have the right to subscribe for per cents. at
the limit fixed by law, par in gold. After the
expiration of thirty days, however, the syndi-
see fit to do so.
Removal of Marshal Pitkin.
The President to-day removed G, r. G..
Pitkin from the position of U. S, Marshal for
Louisiana, and directed commission to be
made out for Jack Wharton to fill the vacancy,
The Next House.
Mr.. Adams, clerk of the House of Repre>en-
tatives, has not yet fully made up the roll of
members of the next Congress, there being one
seat from Missouri and one from California in
litigation, two cases of dual certificates from
Louisiana with the certificate of the two con
testing members from Colorado undecided.