Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-03-17

placed in the hands Of an expert shower"
named Doyle, who carried them to Chi
cago In a handbag for the purpose of SELL
ing them. The government had no scent
Of the fraud, but 1T CHANGED that the Sc
cret service detectives had an eye on Doyle,
suspecting him of having something ID do
with a recent forgery of a 500 note. He
was arrested as he stepped of the train,
and in his valise the bogus bonds were dis
covered.
Only this chance slip between the cup
and the lip could have forestall4d a catss-
trophe which would have well-nigh threat
ened the national credit In circulating the
false bonds no difficulty whatever would
have been found. They were, to all intents
and purposes, fac SMILES Of the originals,
being executed by the same hand. After
Doyle was caught certain Chicago fnan-
ciers wanted to purchase the securities
found In his possession. being convinced
that they were genuine. In this Instance
also a belief gained ground that the coup-
terfeits must have been prin led from the
real plates. Not long afterward Smith and
his confederate, Brockway, the latter q
skilled plate printer, were run down and
captured. They gave up the bogus plates,
which were destroyed
Decreased Interest.
The recent bond subscriptions have in
dictated that people of small or moderate
means In this country are not very anxious
to lend money at per cent. Besides. they
gold certificates demanded in payment. In
creased confidence in the stability Of the
government has reduced the interest on
Uncle Sans borrowings to a fraction of
what II used to be. During the war, in
order to get cash, the treasury was Obliged
to pay the equivalent of 10 per cent. Pros
perity has lowered interest rates generally.
Harvard University, the richest educa-
tional Institution in the United States.
can only get per cent for its millions Ia
real estate and stocks now. In 1877 Its
investments earned nearly per cent.
The government is always DESTROYS that
its loans shall be held by the plain peo-
ple." but they are invariably swallowed
by the great moneyed corporations and
capitalists. In 1879 Congress authorized
the issue Of s40,000,000 in certificates Of SIC
each, bearing interest at per cent-said
interest not to be payable until the GER
tificates should be presented for redemp-
ton. To shut out bankers and persons OF
that ilk IL was provided that not more than
a certain amount should be sold TO any
single individual. Offices to dispose of the
securities were opened in many cities
where thousands of people stood in line
and took their turns in buying. But the
spectators obtained great part of the
loan by hiring men to purchase for them.
Each hireling, after buying the limit
would go to the tail of the line and begin
over again.
OF these certificates only s7s, $50 worth rs
still outstanding. The law provided that
they might be converted into per cent con-
soils on being submitted for redemption.
The term "consol'' was invented in Eng
land, by the way, being short for console
dated debt" Interest on the $40 certificates
is still running on, those which are still out
being now worth s160 for every 500 of face
value. Anybody who holds ten of them.
on application to the treasurer of the
United States, can obtain sl60. or $50
worth of per cent bonds and a check for
$40. The bonds are selling in the mark t
seen that the certificates were an exceeding
ly desirable investment.
The compound interest notes issued dur
ing the war were all absorbed by bankers
VINO reaped the profits on them. To one
great financier. Jay Cooke, this country
owes an immense debt of obligation Dur
ing the war he acted as financial agent of
the government, getting money for its Sc
curities by methods of extraordinary enter
prise. and turning vast sums into the treas
ury. BY advertisements in country news
papers he reached practically every snail
investor in the loyal states.
Paying Bond interest
One Of the most extraordinary events in
connection with United States bonds &C.
CURED under the last administration. when
the Secretary of the Treasury. during the
panic Of 1890. authorized the payment in ad-
vance OF nine months interest on the 1 Der
cents. This order threw about $1,000. ooO
into circulation.
The amount OF clerical labor required in
connection with the per cent loan is as
tonisbing. 1t involves the Keeping az
1000 distinct accounts, such being the
number Of registered subscribers The
names OF the latter, with sums owing TO
each, &c, are printed IN a series OF books.
The type for these books weighs severai
tons. and is kept locked up In forms In the
printing office OF the treasury. The bonds
are frequently changing hands. and the peo-
pie who hold them are constantly changing
their addresses. Thus every three months.
when the interest checks are to be sent out
corresponding typographical corrections are
40 md kio hnnl