Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-08-28

Epaxing eft the sixs and five Per cent.
tloans, and replacing them with the four
and four and a.half per cent. bonds
The extraordinary saving of interest he
Justly attributes to. the answering in
tegrity which the United States has
shown by the honest policy of paying all
its obligations in the money of the world,
Since the 1st Of March. 1877, the treasury
department has sold for refunding purposes
$50, OF, $50 United States bonds, of which
$92, 1894 $50 were four and half per cent.
bonds, and SILL ,022 900 were four per cents.
During that time the department called in
or received by exchange $500, 1S9, $50 United
States bonds bearing 6 per cent. interest,
and $194 ,826, 800 bearing 5per cent. interest ;
in all, $S04, 0l6, 250-of which all have been
redeemed and paid except SIS, 2O7, $50,
which have not been presented and have
ceased to bear interest, aud for which the
money is ready and waiting.
BY this refunding process the people OF
the United States will be saved, from and
after the 2!st of July, 1879, the sum of $l4,-
297, III annually, as long as the debt remains
unpaid. This is the interest at per cent.
on capital sum of $751;, 429, 425, which
measures the aggregate of the savings by
these operations, and, if invested annually
as 9 sinking fund, at four per centum,
would pay the present interest. bearing debt
in less than forty-six years.
During the year ended the 30th of June,
1879, the refunding operations had been 80
however. near the close of the year,, that,
though there had been much saving from
previous refunding, the actual amount of
interest accruing, including double interest,
was $1O3, O16, 1880. OF the interest paid in
1879, $3,925, 900 was paid on bonds sold for
RESUMPTION purposes. If this is deducted
from the amount, the actual saving during
1879, from refundlng operations, covered all
the double interest paid in the process of
retunding and left . balance over of $644,.
3l2 80. Thus showing that in these years,
instead of an increase of interest of $13,.
CO),OC), rs charged, there was an actual de-
Gent to cover the entire sum of double
interest paid in the process of refunding.
In December, 1878, these refunding oper.
atoms increased in magnitude. In the an.
nual report of the treasury department 1
called the attention of congress to this loss
OF interest, and earnestly recommended
them to shorten the notice to the holders of
called bonds, stating the great saving it
would make. The department sold, after
December |, 1873, $554,s47, 500 of four per
an" S sse a Hse' wss %ote b{ da as
four million dollars. And for every dollar
of This General Ewing and his Democratic
associates in the house arc respon.
sible. They cannot share it with the
senate, for the house of representatives
takes the untenable ground that a loan law
can only originate in the house, and the |
house ha7 repeatedly laid on the table loan !
laws originating in the senate. And yet, in |
the face of these plain statements shown by |
The record, am arraigned for this double |
interest.
The amount appropriated for negotiating
he four per cent. bonds was $3,7O6, no. |
Out of this sum the treasury department
las Gaved, over and above all expenses.
Transporting, engraving, etc..
i III, 1919, of which General Ewing makes
10 mention whatever