The Penn's Grove record., 1888-12-08
E Clpthier,
Eighth and Markets SITS.
PHILADELPHIA.

rAs".
cient for HI purpose had been bought at
u prem UNI, it was not deemed prudent 10
further expend the surplus In such pur-
chases until the authority to do so should
be more explicit. A resolution, however,,
having been passed by both Houses OF Con-
gress removing all doubt as to Executive
authority. daily purchases OF bonds = r.
commenced on the I'D day OF April 1854
aud have continued until the present time.
By this plan bonds of the Government not
yet due hav been purchased up TO and IN
Guiding the Both day of November, l6433
thereon amounting to $l7, sos 613,06.
The premium added to the princIpalX a
these bonds represents an inyestme n
yielding about 2 per cent. interest Tor Il
time they still had to run; and the saw IN
to the Government represented BY the Atif.
ference between the amount OF interest avr
Q per cent. Upon the sum paid for principal
and premium and what II would have paid
for interest at the rate specified In the
bonds II they had run TO their maturity, Is
about 81, 10000.
At frat sight this would seem TO be- Q
profitable and sensible transaction on the
part of the Government. But, as suggested
by the Secretary Of the Treasury, the sV<
plus thus expended for the purchase
bonds was money drawn from the peN1
in excess of any actual need OF the Y In
meut. and was SO expended rather al
low it to remain idle in the Tree II
this surplus under the operate fiust
and equitable laws1drUeerS5F in the
hands Of the <fsopie. it would hSve been
worth IN thSff business at least 0 per cent.
per a9fnm. Deduoting from the amount
d Interest upon the principal and premium
OF these bonds for the time they had TO
! run at the rate OF 8 per cent. the saving
of Q per cent. made for the people by the
purchase Of such bonds, the loss will ap-
pear to be SIS, 10000.
1shta On t1ntaffnc xxnrlA aAoun - Narnan-
strate that II excessive and unnecessary
taxation Is continued and the Government
is forced to pursue this policy OF purohas-
ing its own bonds at the premiums which
it will be necessary to pay, the loss to the
people will be hundreds Of millions Of
dollars.
Since the purchase OF bonds was under
taken as mentioned, nearly all that have
been offered were at last accepted. 1t has
been made quite apparent that the Govern
ment was IN danger OF being subjected 10
combinations to raise their price, g. APP
pears by the instance cited BY the Score
tary Of the offering of bonds OF tho par
value of only $4,000 SO often that the
aggregate Of the snins demanded for their
purchase amounted to more than ei9,-
10000.
Notwithstanding the large sums paid out
in the purchase of bonds, the surplus In
Treasury on the 9th day of November,
1888, was 81, IN. 81 lol, after deductinR
about $20,0l0,DD just drawn out for the
payment Of PENSIONS.
Attic close OF the fiscal year ended juno
81, 1887, there had been coined under the
compulsory silver coinage aoi, t266, 9SS, $50
In silver dollars, SIS, 5o4,810 OF which were
in the hands Of the people.
On the 30th day of June, 1883, there had
been coined $685., 7O3, 100; and OF this u.s.
829, y03 was In circulation in coin, unu
800, ISL, 376 in silver cert ~ficRtes, for the
REDEEM ption Of which silver dollars to that
amount were held by The Government.
On the S0th day OF November, 1883,
f21a, 57U, 800 had been coined. 700, go, 80 OF
the silver dollars were actually in circula.
ton, and s237, AIS, 348 IN certificates,