The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-01


terms of the contract IL was not 10 be
paid until three wears after the restora-
ton OF peace. 4 loan OF 100000 was Oh
timed from Holland, February J. 1855,
which embraced a lottery scheme
through which the government paid
"bonus" OF $4,000 and qualifications"
amounting 10 $S072O. This loan was
needed 70 save the credit OF the United
States. then greatly endangered by the
fact that drafts IN excess OF the amount
already raised In Holland, had been
drawn by the superintendent OF finance
and part of them had reached Europe,
The only loan negotiated by the treas
uFy department without authority OF
law was made by Secretary Hamilton,
September 10, 1883. The amount was
Sl9l sos 81, and the money was obtained
from the Bank Of New York and the
Bank OF North America In reporting
his action to Congress the secretary
said: Obvious considerations dictate
the proprlety in future cases of making
previous provisions by law for such
loans as the public exlgeneies may call
for, defining their extent and giving
special authority to make them"
The first treasury notes issued by the
government were authorized by the
act Of Congress of June go 1912. The
amount was 100000 and the notes
We're sold at par They were redeem
able one year after date with five and
two-Rfths per cent Interest. OF the to-
tai issue, notes amounting to 500 appear
10 have never been presented for re-
demptlon. In 1915 treasury notes to the
amount Of 5000 900 We're authorized.
Under this act $685., 1884 small treas
ury notes" were issued bearing no in
terest. They were redeenable at the
pleasure Of the government, In form
they were as follows:
Treasury Department, March "a, 1915,
The United States promises to receive
this note for i've dollars In all pay
ments to them, OF TO fund the amount ut
per cent interest ON request, agree
ably to the act Of Congress, Of Febru-
airy "a, 1875"
Under the same act there was Issued
81 ,969. 400 treasury notes bearing five and
two-afths per cent interest payable at
The option OF the holder IN a six per
cent stock included in said act. The
issue. OF said stock amounted to ST.
500, S53 Is,
This government has been mos. In
yeterate borrower, From 1912 TO lsl6
there was hardly year when Con
Eress has not authorized an Issue OF
short time treasury notes, etc, The
first large bond issue was made Ia 1903
In the form OF "slx per cent stock" the
amount being Sll 100000, This stock
was issued to the French government
In psrt payment for the territory OF
= 40 tho ipanInr nF
April 30. 1903. Heavy loans were made
In 1868 TO raise the money to carry on
the Mexican war.
Bond issues In time OF peace were
frequent. A loan Of S20,0OO,0OO was d.
rected to be made by Congress June II,
1853, to provide funds for meeting the
current expenses of the government
The first loan on account OF the war
OF the rebellion was made In August,
1861. The breaking out of the war how
5rsr only few weeks after the pas
sage OF the act OF March 2, 1851, au-
thorizing the Issue the treasury notes
OF 1861" necessl;ated nm Increase in the
issue thereof (Which reached SS5.36i,45V)
far in excess OF the amount originally
contemplated,
Congress met In extra session July 4,
1851. Eleven states had attempted to
secede from the Union and were In ac-
tual revolt. Seventy-ilve thousand vol
unteers had been called into the Held to
suppress the rebellion. President Lin
coin asked authority 10 borrow 100000
900. Congress authorized S2jO.OOOOOO, the
first installment of these bQnds-S5O, OOO'-
OOO-sold at nearly IL per cent discount
to be exact, 1867 per cent. The fsst
issue OF legal tender notes was tn 1862
The total amount authorized was $780,
900, 900. There have been Issued OF these
notes, including reissue {2.SS5, 900 sOs
The amount now outstanding Is $780,
GS1. O16.
The first act for the refunding OF the
war debt OF the rebellion, was passed
in 1870. The first loan for this purpose,
amounting to S5l7 1894 $50, began in ISL
The bonds bore per cent interest ma
tured in ten years. and were sold at .Ol5
of . per cent premium. Under the u per
cent loan OF 1907" authorized by the
acts OF Congress approved January u,
1875. bonds aggregating S74OSE,2OO were
issued. They viii mature July !, 1901
and the amount outstanding June 10.
1895. was $3.50. GS3,S5O.
The three billions Of dollars in inter-
est paid on bonds Is more than enough
to have run the entire actual expenses
OF this government for the first seventy
years of It's existence. The amount paid
out in this way is estimating the pop
ulatlon Of this country at 7OOOOOOO,
equal 10 nearly $40 head for man,wo-
man and child. The immense amount
does not include the cost Of issulngre-
dcemlng. etc. An immense force Is en-
gagged in this work.
In doing the work OF issuing and re-
deemlng the bonded obligations Of the
United states at this time, the govern
ment is put to a cost of something Ike
5000. 900 year. This Includes printing.
salaries and everything which would
not be necessary with no bonded obliga-
ton, or n small one The bonds are
turned over TO purchasers without a
cent OF cost to them. The one item OF
furnishing the paper and doing the
printing Is big one IN Itself