Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-11-24

for banking purposes; steady market would
be established, and their negotiation greatly
facilitated; a uniformity of price for the bonds
would be maintained at rate above that of
funds of equal credit, but not available as secu-
Iity for circulation. sit is not easy to appre-
cia'e the full benefits of such conditions to
government obliged to borrow 1t will ''recor-
Gle as far as practicable the interests of exist
ing Institutions with those of the whole peoples"
ard will supply ''a firm anchorage to the union
There is o doubt that these expectations
have been more than fulfilled, and that the
credit OF the United states and its ability to bor
row money at low rates of interest have been
greatly enhanced by placing its bonds in large
amounts in the possession of nearly all the lead
ing monetary institutions of every city and vii
lage In the Union.
The wisdom of Secretary Chase and of Others
who, in 1862, advocated the establishment OF
notwithstanding system, was long since reeog-
nized by those who understood the principles
which should govern sound system of currency
and banking; but, in the light of the extraordi-
nary financial operations of the government
during the present year., the wisdom and the
economy of the system, both for the govern
ment and the people, Is now more apparent than
ever.
The government has still outstanding
S2t3,6S1 $50 in six per cents, and more than
s50O,0OO,OOO in five per cents, all OF which will
mature in 1881. The refunding of these bonds
into four per cents will save So 600 in inter-
est annually. The credit of the government is
now such that it is not improbable that long be-
fore its maturity the present debt may be re-
funded into three and a-half per cent. bonds,
which is one-half per cent. more than the rate
OF the English cOnsolS thus saving to the gov
ernment a large additional amount of interest.
Report of secretary McCulloch, 1867, p. iv.
Less cash in the Treasury, SIS, ,21s,055.
t AT that date one thousand seven hundred
and twenty-five millions OF the public debt bore
an average interest Of 6.62 per cent. Finance
Report, 1865, p. %.
PERsoNAL--Among the arrivals at Wizards
are Representative Daggett, OF Nevada, and
John Mccullough and troupe. 80. Representa-
tive Acklen. of La, is at the Riggs House. 81.
Representative Ryan. of Kansas. IS at9 the Eb-
bitt. ....Ex-Gov. Hartranft, of Pennsylvania.
is registered at the Metropolitan. -. Hon. Ho-
race Davis and wife, OF California, and Thomas
Biddle, or Philadelphia, are at Wornley'S. -.
Gov. Bagley, OF Michigan, and Hon. VIM. LOugh-
ridge, OF Iowa, are registered at the National
AMONG THE IMPROVEMENTS AT THE CAPITOL
quite noticeable one is the change made in the
rear OF the reporters gallery OF the House. The
partition wall between the two rooms has been
taken away, and there is now grand colOnade
connecting, after the manner of the change in
the lobby below. The water closets have been
changed to better position; the two bind
dOOIS have been removed and the gallery nicely
covered with new Brussels carpet
TIE Z. s. SUPREME COURT to-day delivered an
opinion of considerable importance to the law
yers of the country. II decided that in cases
transferred from state courts TO the United
states courts, where the pleadings conformed to
the code OF the states, and legal and equitable
causes of action were joined in the petition that
the pleadings must be divided in the federal
court and the rules for equity and law pleadings
must be followed.
Mrs. HAYES left this afternoon at 1:30 O'Clock
for Philadelphia to attend the Methodist Episco-
pal fair. She will be the guest OF Bishop Simp-
son while in that city. The President viii leave
ior Philadelphia tomorrow. He and Mrs Hayes
will spend Thanksgiving day there and return
next Friday.
THE PUBLIC DEBT.-On account OF payment Of
regular pensions falling due in this month, the
reduction in the public debt will not be as large
this month as last. The reduction will be be-
tween one and TWO millions, not over the latter
figure.
THE DEMAND FOR ADDITIONAL CIRCULATION
from the national banks continues. TWO mil
lion and half additional circulation has already
been taken out this month. and it is estimated
that the total Tor the month viii exceed three
million dollars
Persons having houses and apartments to let
may be interested in knowing the fact that THE
STAR is regularly received and read by every
member of both Houses OF Congress.