, 1879-03-24
REFuND1NG METHODS.

REFUND1NG METHODS.
Ptrrr MILLIONS nr CALLED HoNps MATUHiN7
IN Arntt. TD HK REDEEMED ON FERMENTATION
- RECENT CIRCULAR THAT HAS NEEN MS
UNDERSTOOD.
Et.rut.h IA Se,p Turk Ty,atf
wAsnrxaros, u. G., Marcl, e0.-Secretary
Sherman to-day Issued a not'ce To the effect
i,at tlc Treasury will redeem. ,,pon prcaenta.
tso,, the eco bonds called IN Jennasy last, anil
which r,a.,isu upon various dulles between ArrIt
l aI,.1 ii next. The anlpunt III ral1e,l bonas
wl,isf, 1t Is proposed thus to nay upon prcsc'lta-
tto,l il $50, ,G1D, 600. The eecrctary has deter
mined to anticipate this *50 000 0. for the rea-
son that lie desires to do MI that is possi-
bic tu caso tic money-mnTket. and al tic
same time 10 show the public that Inc Govern.
l,cnt Is abuntIarty prepared to redeem all
the callcll honda Tint car in presented ne1t
lnontt without causing @ s,s2. ser'ous dstatnanec @ IN
turned the 1ilAts' correspondent that he was
prepared to redeem III lawful funds the sh,-
hoNkl Included In thu t!ye ca1fs which Will ma
ture from April to hc es ~ t Ix 9t'c!nats rs
will be required to rcdcctn t'Ie 3WNN 0DO of
caIied bonds, Us about 81, 9,ooo, ,00o viii DC pre-
scnted by tic banks 10 payment for thu 4-per-
cent lorIs subscribed by them.
Tic circular Issued to the banks bY iHe Sccrc~
tary about ten days ago, III relation to paying
tllc subscriptions to the 4~per4c,lt o'ls, seems
tu have bcc fnsuitlcFstO0ut aud, according 10
reports received hcro from Ncw York, has
given rise to runl0rB that the Secretary had
called upon thu banks TO pay per cent Of
the cutira amount Of their Subscriptions to
tic l+pcr-ccnt bonds. There T. no foundation
tlrst circular UPON this subject was to assist tt
banks to meet tllelr payments without seriously
disturbing the money-tnarkx:; md the circular
of to-day, offering t0 anticipate the redemption
of $dD 900 600 IN maturing eRlica bonds, is T.
tended to Eye assurance tokhe public that tilt:
government Is determined to transact It's re-
funding operations IN way which Will mt scr!-
ousIY disturb tho business Ut the country. LII
| puYng their subscriptions to the ! per cent
bonds, the banks nto requircdt under the rcgula-
tious Ut thu Sccretary t. peY cass' o. surrender
m equal amount Of 5-W bonds. II tho called
:..l-!ua cannot be obtalaed by The banks tug scc-
rclary. will accept 4 or 9 per cent bonds
rs collateral, requiring, however, tl.nt n,l
additional deposit Of b per cent shnll be
| made when The low-rnte interest bonds arc
| gtYon Us security, before tho bonds subscrtbcd
| for aro delivered. This atditionn! deposit Of
E ucr tent Is doubtless what causcd tho rusnur in
New York tin. the Secretary had called up q
margin OIL the subscriptions to the per cent cent
houds to tlut amount. 1Mclndtng tic e5o, ,0N',-
u0l which the Secretary proposes to n,lttclpute,
tic amount OF called bunds wllsh VIII muturc
during the month Of April Ia 1885, 0UO 900, or M
| average Of 20, OUQ,0 daily for the twchty-six
business days Of tllat mouth. "That is q large
| business to trnnsact In oue month";" sntu thy
| Secretary tn the 1f,a<&' correspondent, " but
expect to accomplish It By system Of cxcl'angs
oi credits, 60 TINT tie buaincss-cnmtnunty slMll
experience no ibconveniencc. The $4,000 ,000
whlcl, have today offered to pay upon tresc1l'
tnttun Gun be paid from money now III the Treas
nry .,clt Tor tint specific purpose, without cali
iut; upon tho banks for QUO dollar.h