New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-17
RONDs FOR THE PEOPLE.
,ur rorR PER CENTS NOW OFFERED TO THEM
n,prcr-rwo IMPORTANT OBJECTS IN VIEW.


n,REc-T-TwO IMPORTANT OBJECTS IN VIEW.
Try TELEGRAPH TO THE THIBuNE.l
v.euvcToy. Jan. 16. - All further attempts
100 Tho nresent, at least to continue funding
onorations through the medium OF Syndicate
,ra.o formally abandoned to-day. The notice to
t,o b,nkers composing the Syndicate has been given
,'1 a crcplar has been issued Offering the i per
cont bonds for popular subscription at par, less one
fourth of per cent
rho Secretary of the Treasury does not expect
that these bonds viii be very rapidly taken, GER
family not while the agitation OF the silver question
.o,fnres: but he does believe that few may be
sold. and the machinery may be put into operation
Cor larger disposal of them when the fate of tho
silver Bill is determined. In fact the Gov
eminent has recently received almost daily
ornlieotons for small quantities of the per
cont bonds while the Syndicate has late ly
ERECTED no sales at all. This circumstance
hos Ied the Secretary to believe that if he was per-
rsrnitted to offer as an additional lnducement
the commission of onefourth OF per cent, the num-
her of these applications would increase. All Ma
tional and other banks which are willing TO give
the requisite legal security will be furnished with
the bonds in advance, that they may be sold di-
rectly TO small purchasers without gong through
the form of making subscriptions.
The benefits which the President and Secretary OF
the Treasury hope TO have the country reap from
wide noprlar subscriptions to the per cent bonds
are not confined to the amount of interest that VIII
he saved on the portion of the public debt thus
funded. The popular subscriptions for the French .
per cents in which so large proportion OF the peo-
pie of that Republic have invested their surplus
earnings and their little boards, have been composed
almost exclusively of small amounts The scene
which Senator Conkng witnessed in Paris last Sum-
ner when the books were opened for subscriptions
10 new French loan and which he so windy de-
scrbed in q speech after his return home, when
thousands of men remained in the street al nl2nV
in order that they might be among those first served
when the books were opened in the morning Illus
trated the faith of Frenchman in the stability OF
his Government, but did not result in large sales
of the securities. The purchases OF our per cent
bonds in the United States in a single day last sum
uer were in the aggregate fivefold greater than all
that were made of the French loan while 1t was
allowed 70 remain In the market for subscription.
Deposits in savings banks in this country are
made Of ipnumcrablc small sums saved from week
10 week. or month to month. While the average
amounts due to such depostors may be considerable,
in some parts of this country those amounts arc
more often the results Of slow accumuiations
than of single large deposits. But it is
a fact that no matter how small
suIo nav be due from q savings bank to a depositor,
his personal interest in its soyency is as great as
that of its largest creditor. Those who are first
alarmed at the dangers Of loss and are most eager to
save themselves are those whose accounts are
small and who arc therefore least able to suf-
fer such loss. The widespread diffusion OF
the Governments securities would give the
people of this country the snlnc interest IN
and make them equally jealous OF the credit
of the United States which they now mani
fest in tine institutions which hold their hard
earned savings. IL every farmer and workingman
in tho West and South was the owner OF United
States bond-no matter if its denomination was no
greater than $10-slver bills and propositions to
repeal the Resumption Act would receive no sup
port from them and their representatives.
One Of the principal obstacles to the direct invest
ment of small savings ir the per cent funding
bonds is the law making the lowest denominations
$50 Very few of the class whom it is now most
important TO interest in the public credit have $50
nj one time to invest, and the bank which will
receive single dollar or even dime offers
ruch moro convenient mode OF dlsp0Slng OF small
sayinrs To make these securities of the Government
equally accessible and to furnish means OF invest
rnent available in sections where there are no savings
banks safer even than those institutions themselves
The Sccretary's bill has been drawn. The Object OF
ii must be approved, whatever may pe Thought Vi
the machinery proposed.
Tic only objections that have been urged are that
the means provided for obtaining tho bonds are not
AZ direct as they might be- and may confuse people
who arc unfamiliar with the methods OF bualncss,
and that the certificates provided for IN the DI may
GO into circulation, and remain there, thus giving
us a third kind Of paper money.