The Morning herald., 1877-06-14
WELLINGTON. Juns II. lsgzs
NorIcE 10 SuBsCRIBERs.-Those Of ouI
subscribers who are indebted othe MORN
me- HERALD, will oblige by an early re-
mittance.
ruH NEW FoUR PER CENTS,

An important financial negotiation val
brought to close in Washington on Sat
uraay, BY which the government fairly
launches upon the market the S70O, ,ooo,0 ,0O(
Of 4 per cent. bonds authorized BY the ac
Of 1870. The sale of the A per cents ii
stopped, the syndicate, which has beer
negotiating them, rounding out the trans
action BY = subscription Of SIS, 100000
mixing total of s2Oo, ooo.0os out Of 'h'
$500, ,OO0 900 authorized. The new bend
Q also to be negotiated by q syndicate ot
blnkers upon substantially the same tern
Us the 4! per cents, the contract running
for six months but for thirty days the
bonds are also to be open for popular sub.
scription in the principal cities Of the
Onion, At par, payable in coin within
ninety days Of the date Of subscription,
The syndicate commences its work by a
subscription of s,oco,Ooo to the 4 per
cents, payable in July and August. i.
will be observed that these transactions.
aside from popular subscriptions, will fur
ni.h the secretary and treasury with $50.
100000, of which he is to apply ss5, ,o00,-
900 to the redemption Of 6 per cent. bonds
and $l5,OOo,ooo to preparation for re.
sumption.
This announcement cannot fail to graft
fy the whole country. The steady reduc-
ton Of the rate Of interest on the govern
ment Indebtedness is token OF our stand
ing the world. 1t gratifes the national
pride at the same time it eases the burden
oftaxation. The new bonds are to he iss
sued for $50, 500, $500. 81 900 and larger
amounts, putting them within reach of
very small capitalists. 1t is to be regret
ted that the time within which the general
public are allowed to subscribe is limited
to 80 days. 1t will, however, be at the
option Of the secretary Of the treasury to
practically extend this time by extended
advertisement of the inteation Of the GOV
eminent,
1t is to soon to speculate upon the pro-
bable success Of the subscriptions to this
loan until the policy Of The administration
for the future is more fully developed.-I
The same course tha. will add to its popu-
lari.y at home Will contribute to it abroad.
Secretary Shermsa cannot too soon indi.
cate what lis intentions are in respect to
the future, snd particularly what be is !
going to do with the 5000 600 placed
in his hands for purposes OF resumption
1t is most evident that our advancing
credit is the result Of the policy of gradual |
contraction Of our floating greenback debt
and preparation for specie resumption. |
Any vavering or backsling now will BE- !
disastroua Mr.. Sherman can effectually
check the sales Of the per cents il the
announcement. goes forth with the advent
Of the new loan that the administration is
in favor Of remonetizing silver and making
it legal tender for all purposes the same
~ gold. The current rumors about the
conversion Of the President to the silver
dollar programme, so popular in Ohio,
must now be set At rest BY an au,hor.,ive
announcement. The projection of this
new loan upon the market makes the a.
dtude Of the President and his advisers .
matter Of peculiar interest.