Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-04-15
Providing for Paying the Elves
and Skies.
Special to Courier JOurnal.I

Providing for Paying the Elves
aud Skies.
Special to Courier-Journal.I
WASHINGTON, April 12.-It is now
regarded as settled that the holders Of
six per cent bonds will, with few ex.
ceptions, preserve them to be re.
stamped, bearing three and a half pei
cent interest until such time as con-
gress may provide for their refunding.
Many republicans express the belief
that the next congress will not attempt
to refund the bonds which have been
stamped to bear three and a half per
cent interest, but will allow them to
run until such time as they can be re-
deemed, requiring the secretary to
pay them off as rapidly as possible.
There is a difference of opinion among
the officers of the treasury as to the
resources at the disposal of the secre-
tary to meet the fves after the skies
have been proved; for, as stated
in these dispatches last night, the
secretary, Mr.. Window, is anxious, il
possible, to provide for all the bonds
without selling the $l04, DOC, 900 of four
per cents. in the treasury. AT the
last session of congress, on motion oil
Mr. Bayard, an amendment to the
sundry civil bill was adopted and be-
came a law, authorizing the secretary
o. the treasury to apply SO much of
the surplus money in the treasury, as
be may consider proper each year, to
tie purchase or redemption of United
States bonds, such bonds to be can
cfled and form no part OF the sinking
fund. On the first of the current
6scal year there was a balance due the
sinking fund of s49,Sl7, 128; for the
current fiscal year, the amount due
tie sinking fund, is, in round num-
bers. $40,000,00 D making a total Of
$40, ,0C0 due the sinking fund be-
fore the first of July. OF this sum
$4,000, 900 has been met. In addi-
ton to this amount, Sl0,000,000 have
been really provided for, leaving
only $90,0O0,00O of bonds to
be bought on account of the sink
ing fund. Before the end of the
fiscal year there will be no arrearages
due the sinking fund for the next fiscal
year, and its ordinary demand for that
year will be sl2, 900. The surplus
revenues Of the next fiscal year, it is
estimated by the secretary of the
treasury, will be in excess of 300, 000,-
900, leaving, after the sinking fund is
paid, S60,0O0,000, which can be used
for the redemption Of the debt. This
sum can be used before the first of
January. If the surplus revenues
during the last four months Of the
present fiscal year are as large as those
Of the corresponding amounts of the
last fiscal year, the surplus revenues
for the year will exceed the total sum
required to be paid'to the sinking fund
1885, O00, O00) by $16,9O0 1000. This
sum will be available under the pro.
visions of the Blyard amendment.
Treasurer Gilfllan points out a way by
which a large amount of the indebted
ness could be wiped out without sell.
ing the 5000 0 600 Of bonds above
referred to. Section 3699 of the
revised statutes provides that the sec
rotary Of the treasury may anticipate
the payment Of interest on the public
debt for a period not exceeding one
year, from time to time, as to him may
seem expedient, and he is authorized
to dispose of any gold in the treasury
Of the United States not necessary for
the payment of interest on the public
debt. There is now $1,000 600 Of
gold in the treasury. Of this sum
1913, 600, 900 was purchased for resump-
ton purposes. If Mr.. Window does
not feel disposed to trench upon the
resumption fund, he would have S75.
100000 Of gold with which he could
buy bonds. When Mr.. Boutwell, was
secretary Of the treasury, under this
statute he bought SlSO,0O0.O 900 of
bonds in excess OF the amount required
for the sinking fund, ana did not pur-
chase them with gold either. Hesold
the gold for g~reenbacks, and with the
graenbacks bought the bonds.