The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1879-04-15
The Fiye.Twenties Closed Out.

The announcement recently made by
the secretary OF the treasury that he
expected TO see enough subscriptions
10 the four per cents by July to enable
the refunding OF the remaining five
twenties was Unexpectedly fulfilled
Friday by subscriptions OF 800, ,OOO, 900
OF the new loan. They arrived q little af-
ter the usual closing hour but owing TO
the magnitude OF the transaction the
secretary stated Saturday that they
would be included in the subscriptions
for April T.
1t transpired Saturday that there
were three separate bids for the re
mainder OF the loan. Two were in
formal offers, from bankers who pro-
posed to form syndicates. While they
we're making the preliminary negotia-
tions the New York bank OF Commerce
sent in formal subscription for S40.-
600, 900, the First National for Sl2, ,0O0,-
600, and two or three other banks the
greater portion Of 81, 900, 900 additional
No such transactions ever occurred be-
fore in one day in the history OF Amer
lean loans. This disposes OF the last
OF the five-twenties, the remainder out
standing having been called, under
date of Friday, April 4.
Unless the rapid disposition made Of
the four per cent. loan exhausts the
market, as has been expected by many
authorities. the remainder OF the skies
ought to disappear before the expira-
ton Of this year. More than half OF
them were disposed of during the first
quarter OF the period. The causes
which have been most active in pro-
noting subscriptions TO the four per
cents will probably not operate the re-
mainder OF the year. There has been
a great change in the class OF people
who hold Government bonds OF late,
they have come more freely into use
among small investors. Ii is to this
class that the secretary OF Of the treas
ury looks for numerous subscriptions
hereafter. Capitalists who held large
amounts Of the previous loans have
been giving them mp OF late for invest
ments in railroads, mining and other
enterprises identified with the develop
ment Of the country. IL the demand
for the four per cents averages one
third the rate thus far this year, it will
dispose OF the remaining skies before
January comes again. The annual saw
ing in interest effected by the opera
tions OF the treasury department since
1879 opened is $1,000, 900 and the re-
funding has been carried on at much
less expense than was allowed by law
for the transaction.
The prosperity which has attended
the refunding operations OF the treasu.
~ department is cause for national
congratulation. The country has set
tied into a state OF quiet, as far as
relates To the conduct Of trade, and is
beginning to feel the strength of its
business enterprise and resources.
Best Of all the sentiment OF the coun-
try expressed last fall removes all
doubt about the regard OF the Ameri-
can people for the public credit. We
are now getting the benefit OF being an
honest nation, known 10 be such. The
reduction in interest makes a great re-
lief in the public burdens. The loans
are held at home instead OF abroad, as
heretofore. The politics OF the coun-
try will be freer from the curse and
harrassments Of attacks on the credit
The operations OF the Treasury De-
partment in the matter of loans have
never been so well managed as at pres
ent, although the secretaries who have
successfully handled the business since
the commencement OF Lincoln's admin
istration contain several names who
are revered by the American people. -
Secretary Sherman has done great
deal 10 sooth away our difficulties and
promote our national prosperity.