New-York tribune., 1879-11-25
ACHIEVEMENTS IN REFUNDING.

The Controller turns next TO the recent gigantic
operations of the Government IN refunding the
public debt He says:
Tue great war debt OF the United States con-
eountry was entirely OF debt. and January /,
ls6l The whole debt Of the Union amounted TO but
SCI o43 72l During the next six months II Increased
81 the rate Of about 'our millions month, beng ON the
hrst day OF July, 1851 S9O5SOs73. During the next
millions per month. and al the close OF the fiscal year
ending July ]. 1862. II had reached S524l7G4l2. At
Tie end OF the edng year IL was considerably more
than twice that amount being on July L. leooI
sii19 772. 1885, During the following year 1t incf eaed
nearly seven hundred millions. reaching on july l. 1854
the sun OF sl.sl5.7s4.37O during the n.xt nine
months the close O the war, Apri l. 1863 the DEBT
Increased at the rate OF about two millions day, or
next thereafter al the Of about three millions per
day about nineiy millions a month reaehing us
Tiere Was an aggregate moro than S1.276,ooo,oOo
OF iOrafy obligations OF Tue government OF WHICH
$3.50 OcO. 600 bore interest al Z. 80 percent
1his immense amount OF temporary ohligntl0ns was
of the war; and the SSH aud good Judgment dsplyed
n 80 do ns can only ee fy Sy .hosc
tions under which this great work was accomplished
July was 81 935342.7c0, OF which II 437 O973OO
consisted Of vetweny bonds and l9456l3 800 Oi ten
sixtS-six millions CS65.775.55Ol OF new per cent
bonds had subscribed ior, ch fly by the National
banks. during the SANE month an agreement Was en-
tsI.d ~ ~ ~, Win Iav t;ooke A. Co. for the sale
and IN the month OF January, 1873 similar arrange
s,o"nnt' The remainder OF the five hundred millions
(Si7sJis 300 sold during the next three yeais inc
cemSer q ls55' thai he had the pleasure of ai-
nonncng Congress that the iundne OF NV hundred
millions cent bonds into those bearing per cent
interest has been accomplished" lseofetary Bristows
'Sg,' On August "a. is76. new contrac, made
by The Secretary lsecretary Morrl's Report, 1876.
p III With A. Belmont Co and associates Tor Tue saie
OF lbc three hundred millions OF ioui anI uaI pr
cent bonds authorized In this contract me secretary
reserved the rgat TO terminate u Dy giving teu Jay &
notice to me CONTRACTORS 0u unlI thls cils
were made prior 10 MARCH 4. 1877 Tor the redemption
Of one hundred millions oi six p,r cents. In May. le77
the present secrrlafy aNans hsel oi Tue pi exc
secured Ia ttis contract gave notice that he would limit
ions and additional Subscriptions were RAPIDLY made
until at amount wss iaASn Lae avas va oi eEn'S I'VE
OF dy1-twenties, the remaining hitecn mn ions being
he,G for resumption purposes. On the 9h of June
1871 contract was made with syudi for the saic
al mar iu coin. the four er cent bond' authorized 10
be- ss dby tie Refunding act win ne 20
IN iract any me after December 81 le1b Nv
ig ten days notice 10 the contracting Iaiue7. Ia Io'
sevcuu -nyc millions OF the iOui pr eeh.s M.ie % sV,u
aud in SIS more than Que hundred am iNenS-clEh'
mil l.12eGs3 1Jo DaIlhg the nIsl iIaf mouth
al 1879 SiS1&41,'OO dIulunha Onis M.is ro," v
Of " Ia "a than hundred aud fOrty-nne miil Ol-
were sold a. pigIn,un, S % on on -s y, 1. we're
taken o. che First National Bank OF New-iotk aud as
These Nsih bc sales OF forty millions OF rounding Ger
ihc,, completed the reiUndns Of all the bonds OF the
Ise =. ss 0i United states bonds since s7I. und
the Rounding acts, have been S5OO.0OO.OOO OF 5s,
I'm All nre than II .39j, 100000 There have also been
sold fo- Iesun4 ptiun purpOscs, ST. March J. 1S77
uudeT tue authority OF the Resumption ret OF January
IA 1879. 25OOOOcO OF A.. ANA sO5OOOOOO OF 4l2 per
c1nfs tue later beng al premium O Ia per cent
The reduction on the Understanding dent oi 'hc
IJufed states from ts highest point. on August 81,
ls6J 10 NoS emDcr !, 1879 Is $5e3es0 o94, of which
amount sos l6O 900 was accomplished alhce the 70
funding generations were commenced ON My i, 1871.
Al re hVhest point Tie annual Interest on Iho ucbt
was Sl5O077 697. whlle II is now Ss51a3.11o oniy.
There has, therefore, been tOtai ieuuctiOh ln ths
charge vi @67 .2O3.9l0
TIC total annual reduction of interest under
these rriundIug operations since March.
1877. has been s14,297.l77, while the say
this account, growing out OF the
OperatOns Of the present. alone. s nearly nine
millions tS8 SO3 7O7 aud the total annual saving In
M the refund operations of the Government since
lS7I Is nearly twenty millions tsl9YO7 oO The iuBd-