The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-04-14
Redeeming the Public Debt.

The Secretary of the Treasury has issued
circular informing the holders of six per cent.
bonds issued under the act of July II and Au-
gust 8, 1861, and under the act of March 8,
1868, that these bonds will be paid, principal
and interest, ON the LIST day of July, 1881, the
date on which they become subject to redemp-
ton. lfholders prefer to leave their money in
the hands of the Government, subject to pay
ment at Its pleasure, they may do so by pre-
senting their bonds at the Treasury on or be-
fore the 10th day of May, 1881, with request
that in lieu of the six per cents, registered
bonds bearing interest at the rate of 81 per
cent. per annum and payable semi-annually, be
Issued to them. To holders who desire to make
this exchange, interest at per cent. to July
will be prepaid.
Registered bonds issued in accordance with
request OF holders Of six per cents. will bear a
stamp expressing the fact that such bonds are
continued during the pleasure ofthe Govern
ment, with interest at the rate of 81 per cent.
per annum Holders are required to pay tran
| portation expenses on bonds to the Treasury.
Registered bonds, issued as above, will be sent
to them prepaid by registered mail unless they
otherwise direct. The amount DISK per cent
bonds subject to payment or exchange, under
the conditions above described. is $40, 251 $50
coupon and $155, 438,850 registered; total,
$195, 800, 400. This docs not include the
"Oregon War debt" of which $63S 200 was
outstanding April /, 1884, This debt will be
paid at maturity, July 1, 1881.
| The Secretary of the Treasury will know
fifty days before the call for SKIES natures the
exact amount which will be required to redeem
in cash, and will thus have ample time in
which to collect his resources. From assuran-
ces which he had already recei we'd, Secretary
| Window is justified in believing that very
considerable proportion of the skies will be
presented for exchange under the terms of the
call. The amount of SKIES now deposited by
National banks to secure circulation is about
100000. Probably most of these bonds will
exchanged; and the Secretary undoubtedly
anticipates that many holders ofthe remaining
SKIES prefer 81 per cent. interest to their money
1t is thought that 500 900, 900 in all may thus
be taken care OF. On the list of July the Sec-
rotary of the Treasury probably will be able to
pay for $6O,OOO,O00 or $70,000,00O of bonds
from the surplus revenue, and this account
will probably be sufficient to pay all the bonds
presented for redemption at that time, pro-
vided 800 000, 900 shall have been exchanged.
If this expectation should be realized the Sec
rotary would still have at his command $1O4,-
100000 of four or four and half per cent
bonds which he might sell and with the pro-
ceeds begin to refund the fives.
| Many of the national banks have notified
the Secretary that they approve his plan of re-
deeming the obligations of the government,
and express their willingness to have their six
per cent. bonds extended to bear 81 per cent.
interest until Congress shall have passed a
refundlng bill. The general impression is
that the plan of the Secretary will succeed,
notwithstanding the croakings of few over.
wise chronic grumbers.