, 1879-04-01
TUESDAY, APRIL 1. 1879.

Sn sft q !; e.sr = aGSts@s y tsaae Ssnsn M
Co., Of New York, on behalf Of scssss.
sslgaq tt.sI1c. p;'sFs, Me.sF: %ortoa & 0nS ;. a
Co, oi New York, IN behalf. Of Morton, Rose i
Co., Of London, aud Themselves, and the First
National 11anlf, Of New York Clty, for the salo
Of par In cola OF per cent. bonds. Tic condl-
HonA ns to Accsucd interest nnl commissions
were In substance as in tic previous contract,
but l reserved The right to opcn the loan Il,
popular subscription for period Of thirty
days. Such subscriptions were opened, anl
amount Of 375, SOC, ,55o, ot which | reserved Tor
resumption PURPOSES $25, COX, ,0On. Additional
sales Of per cent bonds IN small amounts wero
made during tho winter nna ,s:prlng by popunr
market At that time did not giro much encour-
ngcment for the future sale at par Of bonds
bearing 40 low ratio uf interest.
"KecognizlnE the duties imposed tnon tho
fseption n in S coin Of Uited states notes @ ON on
Jan. |. 1871 entered into contract TN April
II, 1873, with the parties Of The previous cun-
tract for the Balo Of $780, ,0o0,On ~ per cent
~ per cent, tle parties to dctray tle expenses
ot tho preparation a,ld issue of tho bonds, md
10 receive commission Of hnlf Of per, cent
on The amount issued. The rates obtained were
at tho tlmo the contract was ,,nadcs, and wcro
the best ratcs could obtntn. The bonds wero
taken and paid for Ia accordance With ,hn terms
Of tie contract, md the commissions hare beon
paid tho contracting parties rs called for by the
terms OF the contract.
"Tl.e confidence Of eminent bankers IN the
valuo Of our securities, rs shown by this con-
tract, extended throughout the country md tho
money markets Of tic world. anu enhanced tho
value ot the PCT cent bonds Dcs!rous Of pop
larizing this Inter loan among our own people.
ind ttsero bcng no contract cxEsttng with any
company for the salc Of bonds, ], on tho 20th of
June, 1873, solicited popular snbacrtptons mil
invltel all banks ind bankers to aEd US In bring
ipB tho bonds within tho ranch Of all Tho people,
As tho proceeds Of tho sales could be used under
tho law. only In tho purchase Of lks amount
Of g per rent bonds, alld these could not bo
called IN except upon q notice Of thrce months,
the money reccivcd from tho salcs was pcs-
lniucd to romatn in tho banks, proper
ly 1ccutcd, until needed to meet the pay-
r,cnt OF the called bonds, usually Ronewhat
less than three months, as calls were frequently
the exchange Of tho bonds was made without
interfering With the volume OF tho currency out
stumbling or causing my Interruption to the
ordinary business Of the country In no ease
has public money been delivered 10 any parties
upon collateral or Otherwise.
I inclose tho several circulars showing tlte
terms on which the loan has. hcon dlsposed Of
md tue interest adjusted. IN this way there
1st Inst, gtnco Jat,. /, 1878, about $87i 00o
causing a like reduction In THO amount Of u
ncr coilts, and MI annual eavtng for all timc In
tho interest charge Of $7,Ao,o00.
~ atu also ptcascl to state tllat, aftcr paying
The rompeusattons md tho expenses Of tl,e
Issue, SO far can be nscertafuel to date, ucro
amount allowed BY law, s0s7,slD., No favors
hnyu bcon shown any Of tic subscribing parties,
and the loan ia still open 10 any ono who wishes
to mike subscription on thu terms offered.
"To further facilitate tlle diffusion Of tito
public debt among tue masses, recommended
III my last annual report such notifications
Of tho Resumption law as would permit the
Issue Of tntcrcst-bcaring certificates Of deposit
Of tho denomination Of $40, to be convertible
into per ccut bonda. Congress, by the net ap-
proved FeU. 20, 1870 made tho NECESSARY modt-
tcattou. Aclgcular waa Issued on tho 1atll lust.
{copv lncsoscd) inviting 9ubscrintions antl ex-
lending to public officers the privilege OF bccom-
Ing agents for their sale. Encouraging responses
arc being made, mud thcre is reason to hope t1lns
before the end Of the prcsuDt year oil Of tho
amounting TO SIS 070. 800, wf6 be couyorted Into
tic certificates or into 4 per cont bonds, md
mainly held BY our own people.
"1n this conclusion have the houor to tng-
gest thut il the Bcuato deem tho matter Of sum
Client Importance, committee ho authorized to
examine Into tic method employed by thu
Treasury In refundIng tho debt, to tho end that
any, existing methods not deemed proper or cx-
pcdlcnt may be abandoned md better schemes
devised. shall also bn pleased to consult with
any member OF tho Senate who may havo nnv
suggestions to otfcr In the matter, aud to open
to Ills inspection nll tic books mid records Of
tho Department, showing In detail the ttananc-
tions III tllt issuo utl redemption OF the public
debt. Very respectfully,
'sJonN BHKnMAN, Secretary"
The statement OF loau account at the National
hank Repositories contains nothing Of general
interest except the atnount on deposit at various
periods during tho pnat ycar In ccrtA!n pre,ni-
nent banks, which wcre made tho subject of dis
Cssion in tho House OF Representatives last Bcs-
sion and then published.
The statement OF commissions paid TO sub.
scrlbets to tho i per cent loan covers several
hundred pogea Of manuscript. Tho ltcms rangc
iu amount from 81 to 81, ,04*, tho latter having
been paid to the "pank OF thc Now York Nd
tional banking Association n on the 9Th ult.
The total amount Of tho commissions paid Is
not statctl. but 1t appears that Btnca tho 1st OF
january Inst there has been pa!d to the First
National Ban! Of New York e160,750; to tho
Bank OF tlie Now York National Banking Asso-
citation, 8l00+0ef to the National Bank OF tho
Stnto Of New York, &47,575: : md to the Maverick
National Bank Of Boston, 81, 5,000.
NOTES AND NEWS.
SECRETARY THOMPSON.
Gpsctal DI4patcA to 1As Tribune.