Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-09-03

AUl0 AU ClACuI6tlOu, AuGIUuIuS PSPOA
gold and silver, the nation has now
81, ,042, ,5S9, ,915, an amount of currency
in its purchasable value unequaled in
the widest calculation of the Green.
hackers, when they declared there wa
81, ,0O0, 600, 900 of paper in circulation.
Sherman says:
You complain that the resumption oct oi
duced the volume of currency. Insteadre.
that, the volume of paper currency out
standing is still $7l0,095, 1858, and increas.
ing, and gold and silver coin, in various
forms, is in circulation, or ID held in re-
serve in lieu Of circulation, to the amount
Of $685., 2,443,947, thus showing an aggregate
circulation Of $l.042. .5ss,sl5, or SILL Per
inhabitant, and provision 10 made BY exist
ing law for increasing the currency by the
issue of national bank notes whenever the
business Of the country will justify and de.
mand their issue. Gold 10 now flowing
freely into the country from Europs, and
our own production 10 kept at home. What
more do you want?
The secretary thus explains in brief
compass the complicated operations of
paying of the six and five per cent.
loans, 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
$S04, ole, $50 United States bonds, Of which
$92, ,994, ,250 were four and half per cent
bonds, and SILL, ,022 900 were four per cents.
Nm ha< TINA tha dana ptnn nj Na1IAd n
or received by exchange $609, ,189, $50 United
States bonds bearing per cent. interest,
and $l94, 1926, 800 bearing 5per cent. interest; |;
in all, $SOA ,O16, ,250--of which all have been
redeemed and paid except s5S, ,907, $50,
which have not been presented and have
ceased to bear interest, and for which the
money 10 ready and waiting.
BY this refunding process the people OF
the United States will be saved, from and
after the 2lst Of July, 1879, the sum Of $i4,.
7,l77 annually, - long ~ the debt remains
on capital sum of $357, Az, ,425, which
measures the aggregate of the savings BY
these operations, and, if invested annually
a. . sinking fund, at four per centum,
would pay the present inteyest.bearing debt
in less than forty.six years.
During the year ended the S0th Of June,
1879, the refunding operations had been 20
vast, amounting to $59l ,028, ,1lo (mainly,
however. near the close OF the year, that,
though there had been much saving from
previous refunding, the actual amount Of
was $lO3, ,O16, 1880. OF the interest paid in
1879, s., ,925, 600 was paid on bonds sold for
resumption purposes. II this is deducted
from the amount, the actual saving during
1879, from refundlng operations, covered all
the double interest paid in the process OF
refundipg and left balance over Of S44,.
3l233. Thus showing that in these years,
instead of an increase of interest OF $13,.
O,O0O, ~ charged, there was An actual de.
crease of over 81, ,20O, 0O0-more than sum.
cient to cover the entire sum OF double
interest paid in the process of refunding.
In December, 1873, these refunding oper.
ations increased in magnitude. In the an.
nual report of the treasury department !
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 1t
would make. The department sold, after
December l, 1873, $554, ,847 500 Of four per
cent. bonds, and the interest lost BY the
failure to amend the law was more than
four million dollars. And for every dollar
Of this General Ewing and his Democratic
associates in the house are respon.
sible. They cannot share it with the
senate, for the house Of representatives.
takes the untenable ground that loan law
can only originate In the house, and the
house has 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 arr aigned for this double
interest.
The amount appropriated for negotiating
the four per cent. bonds was $3,706, ITO.
Out of this sum the treasury department
has caved, over and above all expenses,
commissions, Transporting, engraving, etc.,
SLIT, 1919, of which General Ewing makes
NO mention Whatever.