, 1881-03-27

sibllity that only 8 per cent Dill could
passed, md Of the fact that the Republican
would not stand united IN opposite
to. the Carlisle section, las the
most certainly would not have done and wi
not dol, 1t was deemed better: to avoid tn
hazard of called session, and to redeem a
! many as possible of the mtturing bonds b
using the resources OF the Treasury Depnrt
| ment. These resources, It IS believed. wi
prove to be much greater than was at frs
supposed, The possibility Of approprlatlnl
SIC, ,o00. 600 from the assets OF the TreasuI
held to meet liabilities lit having been th
custom hitherto to keep,a balancs Of 10
I per cent for such liabilities whel
| only 20 per cent Wa. needed) ha:
already been shown in these dispatches. /
Is believed, in addition to that, that tn,
President has been convinced that, under
law which has hitherto escaped attention, i
will be possible for the Treasury to borrow
at least slo5, ,0oo, QUO more, ind that, through
these TWO resources, with tho addition o.
cash in the Treasury and tho addition of the
sale OF the S105, 900 bonds, it Will be pos
sible to redeem -; I
AT LEAST $500, 10000
OF the par cents, and, possibly, considera.
bly, more. The basis upon which this calcu'
lation is made was furnished to the Presi-
dent from the Treasury Department in a
comprehensive statement, q which 1t Is be
lieved that the following Is substantial
summary: Of the amount authorized by
the Funding act of 1870 there remained un-
issued about .$l05, ,oo0, 900. THIS fundmg loan
was issued to convert the ltper cent loan
then outstanding, known as the $50 loan, and
the act specifically provides that the proceeds
from the sale OF the funding bonds shall
be applied to the redemption of the $50
bonds: and ID Shall BE- Hsea Si ;+d, for no other @
removed by act of Jan. Is. 1873, which atl-
thorlzed the Secretary Of the Treasury, in
the process of refunding tha Nallonal debt
under existing laws, to exchange directly
at par the bonds of the United States bearing
interest at per cent per annnm author.
States commonly known as 5-2os, or for any
redeemable outstanding bonds. bearing .
higner rate of interest than ~ per cent"
The words above quoted are
WORTHY OF SPECIAL NOTICE,
because many persons have the erroneous
impression that the sos, ,000IQ00 OF funding
bonds unissueu may be issued at the rate Of
~ per cent per annuul, and the Secretary
OF the Treasury has received numerous let
ters urging that the bonds in question be is
sued at that rate It the bonds mrs to be is
sued, 1t would be better to make them ~
tnan : per eent, toI tAo feason luaG He lof-
mer are n redeena9le III ls9l'.While me latter
run TO l9F; bnt tne TURNER ISSUE lot refund
ing g purposes OF bonds authorized by
the Funding act OF 1870 Is confined
oy the ACT above quoted TO those
bearing interest at the rate or per cent per
annn1l. 1t Is believed, however, that undsr
existing laws at least Sl5o ,Vooooo Of the ma
turing 6onds may be practically refunded at
5 or ~ pet cent, as the case may be, and
That, 4 t to?o, INDEPENDENTLY Of any nancy now
IN the Treasury and OF the surplus revenue.
Ser. of the act OF Feb. 8, l6a3, provides
that the Secretary Of the Treasury may re-
:elye from any person or corporation
Unitea States notes gu deposit for
not less than thirty days, for which
deposits certificates shall be issued
bearing per cent Interest per annum. After
en days notice aud The surrender OF the Ger
.1hcate, and deposftor may Withdraw his
money thuS deposited.
1t the pleasure OF the Secretary OF the Treas
!Iy' hi19 tne anaouilt e 20 De recslped on aepos-
80 = 20 rt.ua1u ',, - *.5,oooo' tnlS limitation
I"Iv Il 1ss ond +ha otnonnt nv,n - ;naraa - any any
United to $4,000. .0M and Slo0. .o0S o3o re-