The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-21

Il pAlA III MI WA1 NStnh@ AAVVRs ~ 10 kIu
that only ss7,l94,6ll IS was paid, bu
there remained unpaid Of the interest &C
cruing in that year S,2l7,se5 o., whicl
was carried forward and was payable Il
the year following. A discrepancy between
the Interest ncSruing and the interest pait
Is quite common, and Is not only showi
BY actual computation OF interest aocruini
during the fiscal year 1877, but by the fac
that on the 30th day Of June. 1877, therC
was outstanding and unpaid S7,428,6l9 81
Of interest, while on the 30th Of June
1879, there was outstanding S4,20S, 1853 81:
showing an excess OF S3,2l7 1886 81
interest acCruing during 1877, and unpaid.
During the fiscal year ending June 30,
1875, the amount Of interest falling due,
including the double interest, was $780,
785,46I Is, which was less than tho In.
terest accruing during the previous year,
The amount Of interest paid, how.
ever, during that year was $l02, 800, S74 85,
Of which S2,7G5,4 AIS OF was interest that
had accrued previously.
II thus appears that during the fiscal
year 1878, the saving by rei1nding was
more than sufficient TO pay the double in.
terest OF which he complains and leave a
balance over Of $GO8,9l5 80.
During the year ending the 30th OF
June, 1870, the refunding operations had
been so vast, amounting TO 1851, O2S, ITO
(mainly, however, near the close OF the
year,, that, though there had been much
saving from previous r%eiunding, the actual
amount OF interest accruing, including
double interest, was SI03,0lB, 149 80. OF
the interest paid in 1870, $S,925, 900 was
paid on bonds sold for resumption pur.
poses. Ifthls Is deducted from the amount,
the actual saving during 1870, from re.
funding operations, covered all the double
interest paid In the process OF refunding
and left q balance over OF Ssh, 3l2 SIS.
Thus showing that in these years, instead
OF an increase 0f interest Of SIS, 900, 900, as
charged, there was an actual decrease OF
over $780, -more than sufficient TO
cover tho entire sum OF double interest
paid in the process OF %retuhding.
DOUBLE INTEREST.
He complains about this double interest
as II II was a bonus unnecessarily paid by
the Treasury Department. Let us see
about that.
Congress expressly provided by law
that, before the bonds could be paid of,
three months notice should be given to
the holders, thus requiring the payment
OF interest on both bonds .ior three
months, and this would amount to S., 82S,-
go. To save as much OF this as possible,
the Department took the risk, in the sum.
mer OF 1877, OF calling in six per cent
bonds before the four per cents were
sold, and by this saved 10 the people Of
the United States over q million dollars.
But General Ewing and his associates on
the meeting Of Congress in 1877, by their
wild raid against the resumption act,
frightened the public from buying cur
four per cent bonds, and compelled US,
temporarily, 10 pay called bonds from the
resumption fund; but the failure OF their
raid enabled the Department TO resume
these operations.
In December, 1878, these refunding
operations increased In magnitude, In the
annual report Of the Treasury Department
| called the attention OF Congress TO this
loss OF interest, and earnestly recon-
mended them 10 shorten the notice 10 the
holders OF called bonds, stating the great
it would make. General Ewing
was u member OF the Banking and Cur.
rency Committee, and neither he nor his
associates paid any attention to my re-
quest, though 1t wa repeated more than
The Department sold, after Decem-
Der !, 1878, S554,847,500 Of four per cent
bonds, and the interest lost by the failure
nmend the law was more than four mil
lion dollars. And for every dollar OF this
General Ewing and his Democratic asso.
ciates in the House arc responsible. They
cannot share 1t with the Senate, for the
House OF Representative takes the un-
ground that a 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 arraigned for this double
interest.