, 1881-02-09

Apetat Dtspateh to TIE che1po Tribune.
WAs1t1SnToS, d. t., Feb. 8.-A Treasury
otflcla! to-tiay, commenting oil the Funding
bill, sail: "rlso Funding bill, rs re-
ported by tho Senate Finance Co,nn,it-
ter, appears 10 meet with general
approval. Tho more carefully its pro-
visions are studied, tho more clearly it Is
seen that the securities authorized arc sltcll
as call bpsllccess{u1ly marketed, alld that tito
scheme is adjusted with particular regard to
tic necessities Of tho Government In a1l
economical carrying ont Of tile Sinking Fund
law. Tho actton Of tile Committee In strik-
Ing out Tic tift1, section Ii warmly co11tneild-
ed by many members Of both Houses, now
that t[l,o Inns allowed them to look Into the
subject more carefully. null Win now sec
clearly tho effect which tlmt truly cxtraortlln-
AIRY measure must have had III suddenly coli
tract1ng circulation aiMl tnjuFIng the busf-
hess Of tho country. From Information r.
ceiyctl here
FROM SEVERAL PARTS OF THE COUNTRY,
tllers chi, bo little doubt TINT, Ind tho actintl
Of tic Iioilso been confirmed by tho Senate,
thera would llay0 becn an enormous With
ttrawnl ot circulation by National banks be-
foro May !, Mt which tlnto tito new law WIS
to take effect, md 1t Is not easy to oxaggar-
nte the disastrous Effects which would have
resulted front tho locking UP In tho Treasury
of 80 great Hit amount OF legal-tentlcr
notes. 1t Is believed at the Treasury
thnt tho notes authorized ut n rnte not to on
ceea 31z per cent will npprat successfully To
floating capital. The no!cs will always bo Mt
or nboye pnr, md their capacity for earning
fair rata Of Interest for money which
would otherwise bo nO1l-pr0uuctlyc, a1!d cer-
tainly tho fuct that they tAn bo lcsutlHted ut
any time, Will bo strongly In their fuvor.
THEY STEM LIKELY TO IEc0ME POPULAR
a,ul Important lit nancy n,arkuts,-a sort
OF National Gull loan. f'lo 5-:0 bonds
mt 3l1 per cont will certainly Da
sold rnpitlIy. Indeed, 1t il rumorct(
TINT 1t Is quite within tho possibilities
tItat Tho wlnlo lunn lnay be subscribed for
en bloc. TI,o Secretary Is mt likely to lot
thom 60 50 clteaply, and 1t IL understood tint
he expects thonl to realize about per
celltnm premium, In which case tllo savings
In commissions woulll rival these lnnsta In
placing tho last SD0, ,0h) 00D Of per cents.
Owing 10 tho short option OF rcdoemabillty Ut
tho .lew securities, nl.ti tho certainty 0f rug.
ulnr annual ret|rmp!ions to meet tho lccesst-
ties Of tho StnktnE-FuNt law.
THE st.tSSEls or DETERMINING
the particular hulltls 0r llutcs to iae redeemed
fruin tins to tl,ue Il OF yitsl Importance to
Investors. Tho Lottery. featHru was wisely
abandoned by tho House. but lmthug was
suggestetl tn take tllo piaco Of That ullAner-
lean sHllcsnc. Tho Senate C0malittou l,aya
yuty properly adopted thu na0tso prescribed
fur bonds Issued unsler tho net Of lB70, and
tho now Qotes atstl bonds will bo redeemed
back-cnu forwards. THAT Is, bonds ssMl notes
issued lust, mud consequently bearlng tho
!tg!lest numbers, will bU tho first redeemed.
aud 10 on until tho earliust Issues alld lowest
numbars aru rcachud. 1t follows, ut COURSE.
tllat tho first subscribers III each class
OF securities will ho able 10 keep
their holdings longest. Thls is but
Just. and 1t hasa further advantage OF lottlng
uyery Investor know Just how he stasuts ass
regards tho ,parlnallpney Of Ills Investment.
| IL will also
rlpoMprE EAl1I,Y SUBSCRIPTIONS 70 THE BE-
| CuKlTlEs-
For halders OF roueo,nablu bonus who msay
wish ,ti quietly turn tlloln over into new ~
| curi&les the provisions Of the second sectlou