New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-18

incoming Administration or vanish under suggestions
.nat men who oppose the bill may be forgotten In the
us'riouuon OF such patronage In response TO such
IN h'mntion. several opponents Of the bill to-day
remarked with considerable sarcasm that they should
not heed IT unless 1t assumed more definite and
specific form.
Mr. Drosins. OF Pennsylvania. who is n member OF
the Committee on Banking and Currency, to-day
introduced bill which he regards as an Improvement
on the one reported from the committee II pro.
vides for The reiunding OF the per cents by the
Issue OF per cent forty year bonds. which may be
used rs basis Tor National bank circulation for
thc reduction "i the tax on such circulation to one,
fourth OF / pei cent year, and Tor the repeal Of
the first section OF the sherman act In CONVERSE.
ton with Tribune correspondent about his bill
There are three ideas In this BILL First the re.
duction of the interest onr debt second to place
forty years and enable The banks 10. supply The
currency the pcop" need by relaxing the conditions
objection to the bills already introduced for the
adequate means of meeting the demand for currency
when the annual addition of Sj0,ooO,o0o under the
MIR IIarter's scheme Of National and State bank
Ing il SOFT of financial w'dlcck. fear, win be
win public confidence. NV Idea Is to continue
money by reduction of interest The secretary OF the
Treasury as we'll as the Controller Of the Currency
Mr. lHosius to-day received from the actuary of the
a
upon the annual interest charge on the public debt
In case his bill should become law This statement
/, n follows In answer to your letter Of the 18Th
inst in relation 10 the exchange OF bonds referred 10
me for answer | beg to submit the following: What
would be the saving TO the Government II II should
exchange 4 cent bonds at their market value
or :. per cent bonds at par, having forty years 10
run .>lSo If ii exchanged only those - held TO
secure the National bank circulation have com
The date of maturity of the As.
Par value OF outstanding As January l. lSD', SOD
j02 400: market value of 4s January j, 1898 AT
li - $3.50 49, .314 value of 2S exchanged at par for
As $3.50 ,314 quarterly Interest paid on 4S,
So Q24 quarterly Interest that would he PAID on
the rs $3l75 6.'G 81; quarterly saving OF Interest,"
~ APO .231 l3."
Present value as Of January l. 1893. OF quarterly
savings of interest July l. 1907. money at > per
value ms Of January l. 1898 Of S75,jt4074 principal
I'm excess principal OF fours dnc forty years h"nCc
money nj per cent reinvestcd quarterly TAol2:oo
Present value of net saving 10 the Government Te'.-
SIS, 100. 80,
Par value OF fours held January 1903, to secure
National bank circulation fl34 3O9. 500 market value
Of these fours January l. 1893 at 1j - r13:14i -
49, 49, value of twos exchanged at par for these tours
452 - quarterly interest pald on thee ioS'
34 OeS so quarterly interest that would be paid on
twos 81 6o 2O1 30 quarterly saving OF Interest F3oo'
| $50 20. oo, . u,,.
savings of interest July !, 1907. money ri per
cent renvestcd quarterly. S291 s33I6 present value
AS of January l. 1898 OF S1o.l3l,s O2 90 principal IN
excess OF principal Of fours, due forty wears hen
money at per cent. reinvcSted quarterly Ts1o4l'
present value net saving 10 the Government IN &C
cordance with the above proposition, ST. ol"'0'o'