The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-09-11
A Practical Illustration.

A Practical Illustration.
Washington Special to Enquirer
To get q practical illustration Of the
manner and method Of conducting
business at the Treasury, an attorney
In this city called on the United States
Treasurer this morning and said: I'll
see, by the newspapers, that Mr.. Sec
retary Sherman states there are $685.
000,O 900 OF four per cents in the hands
of the authorities subscribed for by
the First National Bank of New York,
the latter agreeing to pay for them by
the 3lst of July, and that he has found
it necessary to extend the time of pay
ment TO the Government until Octo-.
ber next. Now, do not these bonds
belong to the Government %
Treasurer until they are
paid for we refuse to deliver the bonds
to the bank.
Attorney-I am requested by cli-
ent-a widow whose. husband was
serving in the army to suppress the
rebellion-to call and say that she has
some bonds that have been called in
by the Secretary for redemption,
which bonds are the proceeds of the
pension of my clients deceased hus-
baud, and which are held in trust for
the widow and her minor children,
and she asks me to exchange them at
the Treasury for four per cent. bonds.
She wants to avoid reducing the prin-
clpal OF her fund by exchanging them
with the Government evenly. +''a'itks'
Treasurer-The Treasury DEPART
ment can not:do any thing for her:
She will have to go to the banks and
purchase the four per cents. see
they are quoted at I44preminm this
morning. We can only give her par
for her bonds but can not give, her
bonds in exchange, ...,.,.,....4 ....t
, AttorneyLWeil, these bonds were
called In on May 1st. Can get inter-
est up to that date? a.. i: l'0ua.ti -;
Treasurer-No the iaterest, ceased
on July 3lst., Since that date. tho
bonds called, in on May 1st ceased TO
| bear interest. 50! sa4fh sh'e''
I Attorney-WelLi what 'eoeb /. " fth
/ the interest on the bonds subscribed
for by the First National Bank of New
York, which arc now unpaid for and
| remain In The hands of the Secretary
Treasurer -(slowIy and ih appkrl
! ent Meditationo-Well, you will have
to 60 to the Secretary Of the Treasury
for that information. .,.,,,-,. .,,<,.,.vs.
/ AttQrney!The newspapers state
(and It has not yet been contradfcfed,
4 that these bonds still in the 7Fedsury,
although not paid for, have, the.iDtEf.
est coupons detached, aud the, Firsl
National Bank has thus obtained five
months' interest on this vast sdtn. d
money before paying 4 cent Hpon the
bonds remaining, in the Treasury
! while this widow and her qhildreI
must not only lose what to them is {
heavy lapse Of interest, but must .gS
to third party and pay an exorbitan
preminm before they can receiye,aht
income on their little savings. sds tht
Il not SO -, ,,n a.
/ Treasurer (thonghtfally)-Well,'
am not prepared to say you 4ndst pee
the Seoretary.iu{ AabDsh1 ] SgaH
y Attorney-Wells the operations o.
the Treasury are conducted on busi
4 ness principles, are they not
Il Treasurer-Yes.
4 .Attorney-Well, if you were to 'gG
to . bank and engage 81 900 in secur.
Il fties to-day and agree, to receive and
pay for them the Let of next January
would the bank allow you to draw
the interest on the bond before you
paid the purchase money? gsysl
Treasurer-Youh had better see some
banker. ., f..,.e s.y.,st no :
| AttOrueV-I will.
| The attorney goes to the President
of prominent bank, and the follow
ing conversation occurs: gsta -
Attorney wish to purchase $1,000
In four per cent. United States securi.
ties. What will it cost me?
Bank Oficer-It will cost you IL
per cent. premium and four per cent.
interest, computed up to. the hour you
purchase and pay for the bonds.
/ Attorney am not prepared to
pay just now for the bond. can use
the coupon to good advantage. will
purchase the bond, and after, cutting
off the coupon will leave the bond
with you as security that / will pay
for it January 1, 1880.
Bank OMcer-Piease step aside
there and make room for our custo-
mers we are not idiets,. nor have we
time to talk with idiots. 80, y
Exit attorney, who is now comput.
ing the difference between the income
! of . soldiers widow and orphans and
the family of q man who staid at home
and measured calico during the war,
or the stay at home stockholders in
the First National Bank OF New Y ork.
Il -