The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1881-08-25

Secretary Window sent o letter to the
recent bankers convention at Niagara, ex.
planning his recent financial operations.
We give the concluding portion Of the let.
ter:
To meet the demand OF public creditors,
and at the same time TO avoid the calling
Of an extra session OF congress, which
seemed to DO the only other alternative,
the plan was matured. which has been
proved successful Under this plan on
April IL, there was called for absolute
payment on July |. 1881, the small loan
Of S6ss, 200, bearing 2 per cent. interest
and known rs the Oregon war debt, and at
the same time, for payment on the same
date, the per cent. loans, acts Of July II
and August 5. 1861, amounting to Sl40,.
544, $50, an act Of March 8. 1863 amount
ing TO s51. l45.750; but TO the holders Of
tho bonds OF two latter loans. permission
10 have their bonds continued at the
pleasure OF the government, with interest
at the rate Of 3 l2 per cent per anpum,
provided they should SO request. and the
bonds should be received by the treasury
for that purpose on or before the 10th day
OF May, 1881, and In case OF coupon bonds.
registered stock Of the Same loan should
be issued therefor The per cent. bonds
TO be continued were promptly received in
. large amount, and ne, registered ones
issued therefor, with the fact OF their con.
tinuance stamped upon their face; but il
was subsequently deemed advisable to ex.
tend the time for the receipt Of the old
bonds to May 20. 1881. II was also found
that foreign holders OF the per cent.
bonds were inclined to dispose OF their in.
vestment rather than to lead them to the
treasury for eIchlnge; and the immediate
payment OF so many bonds abroad being
likely 10 cause drain of coin from this
country aud to disturb business. an agency
for the exchange OF bonds 10 London WAS
This plan for continuing the 6s has
proved satisfactory. there having been pre-.
sented in due time for continuan e ut 5 IL
per cent interest tbs amount Of SITS, 055,-
$50, leaving 10 be paid Of from the sur.
plus revenue. $2A.2ll. 400, for which the
treasury had ample resources Having
succeeded in disposing OF the per cents.
on May IL the department gave notice that
the coupon bonds Of July "a. 1870, aud
Jan. 20. 1871. would be paid on July l,
1881, with like privilege Of continuing
the bonds at 3l-2 per cent. to such Of the
holders As might request, aud at the same
time the treasury offered 10 receive for
in like manner, any Of the un.
called registered bonds OF that loan 10 the
amount not e1cesping $3.50, 0O0. 900, tho
OF the loan being reserved with
} view OF its payment from the surplus
revenue. The continued 3l.2 per cent.
bonds having = market price slightly
above par, the 5 per cents. in question
we're rapidly presented and il became nec-
essary TO extend sonexh the limit fixed
Tor the amount Of registered bonds TO be
accepted for continuance. On July l, OIL
notice Of the payment on October !. 1881.
81 the registered IS not continued WAS Civ
20, and the resources OF the treasury will
be ample TO meet their payment The
transactions concerning the psr cents.
IRE, as before stated. not quite completed.
Probably there will he continued in oil
about $500, 000. 600 Of this loan. leaving 10
be paid $50. 7os. $50. the remainder Of the
osn having already been paid from the
surplus revenues under calls previously
made.
by this plan. the department hS not
,nly been relieved from the smbsrrAss.
nent for the payment Of the coupon inter
at, but has reduced all the Q and per
,ent. loans Of the government to . loan
payable ct the option Of the government
md bearing interest .. only 5 IL per cent |
per Annum, and this with the trining ex.
psnse 10 the government Of preparing the
aev registered bonds. aud Of paying the
lctual expenses Of the London agency. at
only three persons have been en-
oloyed. for few weeks. issuing about
IA, 800, 900 Of the continued bonds. The
swings Of the government through the 1