Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-07-31
TERMS: Two Dollars Per Annum, in Advance.

for persons Of limited means to invest their savings
in small sums, and were Of great Importance, not
only for the convenience Of all classes Of our peo
pie, but to interest them In the advantages and
stability Of o the l public debt Within two days the
stated, and offers were made for the whole
of the refunding certificates, which offers
were declined, and the certificates were sold by
postal money-order Offices throughout the United
States, and were eagerly taken in sums of hum
dred dollars. This closed all the refunding opera
items authorized by law, for there are no other
bonds that can now be redeemed, except by pur-
chase in the open market 1T their market value.
The annual saving in the interest effected
by these refunding operations, since the LIST of
shnsa Mase ss Is ths ne aea LIST
Sometimes complaint has been ma 1e that, dur
ing this process Of refunding, the amount of inter-
Mest.bearing est debt was temporarily increased, and
same time: This, from the nature OF things, was
unavoidable under the provisions of the retunding
act of 1870. By that act, before any bond can be
period Of three months. Before that notice
can be given, bonds have to be sold
and the money either collected Tor secured, and
interest for three months, not only upon the bonds
sold, but upon those to be redeemed. Advantage
was taken OF this fact to unjustly arraign the de-
slant outcry was made that the interest-bearing
debt was being increased. The debt statement
would necessarily show that, during the three
,,o'd swo % sH.s ~ t wele M .' Dus
ury, and this being deducted would leave the bal
ance of the debt as before. Thus, if you owe q
thousand dollars, with the right to pay it at your
3 a 1a to, i1a .nt VI & oo
until you can apply the borrowed money to the pay
Ttt; " :; Wy ;, t%a cond;t;on tho I1nitad st..
was III wien borrowing money to pay outstanding
bonds. The debt statement of July lst shows as
part Of the public debt the whole Of the tenfo1ty
bonds, and also the whole of the bonds issued for
their payment. but also shows tho money in the
treasury to pay them. In the next debt statement
will appear among the debt bearing no interest.
The cash in the TREASURY viii also decrease accord
ingly. thought the notice reouired bv the law
was entirely too long, and in my annual repeat to
urged ' shortening of the period to thirty days or
recommendation was declined OF ignored. If any
4 sbonid no tor M lateres5
ment if is Int fa;r t. sta+ thst a tbe an
foa1"I t ~. S .1 as wv yea.s nevo Dcon ". MUte
1In;tod S+ta Mta, "ny @ io"ns osoa "ue ny 'ne
no,,,,I. eauo.;y n.G.es: 10y welo se1oiay naoe ny ny
sayi~ fo1,, ~ uy tne pe9flo t ~ ane e
nenoatnn the na' - ~ 1oo noo @ @ oa
nreS";,,n, snt 1oan Is over si!v,oo, ana me
amnnmta + a. Zoe o.o .: anu pei Set' <" uVnus
ts;.e ~ .To,y.o.1o. can soy "ltuuu! ieai u
ioa ~ enat no na.aon ever negotlatea IT'S
soIa of tbo fo % ~ as s, s 1ue
en 1oado are 10 pe1 Ies' 1aa. VI
than tne ,ited sta .ai .esS @ ~ s'"re afteE
accomnlishina reanmntion' A' @'Ao W '0oAA0 "''o-
The resumption Of specie payments has IS. had the
same beneficial effect upon the business OF private
cltizens Inc reduction OF interest on the public
Aas iue u poss1o1e u reuuce tue r*to Oh al
debts, whether state, corporation or private.
Nothlng Is more certain than that lrredeemable
III ey leaos W tne Increase y! tne Iate
OF interest," Inc hrst erect OF It's issue is TO reduce
the rate OF interest and to advance prices II not
IN coin it depreclates IN value, and
causes over.trading and speculation, not only as
to prices q commodities, but as to its own value.