The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1877-12-06

teresi, lsss cash 10 the Treasury at that date.
amounted 10 t6ss.ss2226 ~. On the same basis
reached A7s.sl6,66s - 90 the LET uf July, 1871, on
which date the reduction Of debt, Including &C
erued interest, less cash In the Treasury; since re
or t19O.s44s9 50 10 excess OF the amount required
by law 10 be provided for that fund.
TUNDRO, &C.
The contract OF August "A. 1915. made by the See
Rotary Of the TreasrrY with certain parties for the
negotiation OF t3OOOO0lOO0 fOuT and one half per
cent. bonds had so far been executed On the LIST OF
March, 1871. that t90,0OlO00 had been sold 20 the
associated contractors, aud calls bad been made
for The redemption Of a Ike EInoant OF nVetNepty
bonds.
While The contract OK plred in terms on The s0th
day Of June, 1871. 10 %cOniaire ed a stipulation that II
might be terminated by tho Secretary Of the Treas
nv. upon ten days notice. after the 4h OF March,
10 May last II became apparent TO the Secretary
that By a favorable change IN the money market
tuur.pcr-cent. bonds could be cold a par In coin,
with great advantage 10 The Governmenti and
nviliug himself Of the privilege secured by the
contract, he Ga ye notice that no would limit the
sale OF four-ando bonds to $780,
C00,OCO.
On The llth day Of MAY Il was agreed that a por.
ton OF The latter should Ds sold under the authOri-
~ Of tho Resumption Act for resumption purposes,
cregato reached 500, 100000, OF which t1s5 100000
were applied 10 tue redemption OF an equal amount
Of siK-percenLbOBds.
on the 9Th day Of June, 1877, the Secretary en-.
tered iuto a contract with a portion OF the pre-
yIously associated parties for the sale at par 10
cain OF the four percent. bonds OF the United
States. authorized 10 be Issued by the Retnnding
Act. This contract was, in substance, similar 70
previous contracts. but was 10 terminate on the
S0tn day Of June. 1878. with the right reserved TO
the United states 10 terminate II NJ any time after
the Jlst or December, 1877, by giving ten days'
notice thereof 10 the contracting parties. This
contract also contained q stipulation. as follows: =
ut Is also agreed that the parties " the second part
shall offer 20 the people OF the United States at par aud
sccTuod interest IN coin. the four-percent. REGISTERED
cOnsOia and tour.per.cent coupon consols OF the demon.
nations OF $50 and 500 embraced IN this contract, for
subscriptions, and IN such ciUes and upon such notice
as the Secretary OF the Treasury may prescribe pI1or to
the opening OF the lists; aud, further, 10 offer 10 the
subscribers tho option OF paying in instruments ex-
tending through three months."
Under this contract, invitations having been
published, subscriptions to this loan were opened
on the 10th Of June, 1877. Within the period Of
thirty days thereafter the subscriptions had
reached the sum Of i75, 400, 500, which we're payable
within ninety days from the date OF subscription,
or on or before the 10th Of October. Every sub
scripuOn 10 these bonds has been paid, and OF the
proceeds $4,000, 900 have been applied TO the re-
demptiOn OF an equal amount Of six per cent.
bonds. The residue has been applied 10 resump-
tion purposes. as hereafter stated. The annual
reduction o. interest on the public debt thus made
is as follows:
by the sale Of sls5, 900, 900 four end one
half per cent 775,O 600
BY the sale OF $780, 900 four per cent
OOnds". l'OVO'oV"