The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-12
ALLOTMENT OF BONDS.
Smallest subscriptions VIII BE Ac-
~ h.

Smallest Subscriptions VIII Be Ac-
cepted First by the Government.
WASHINGTON, June u.-Assistant Sec
rotary Vanderlip, who has had personal
charge of the details of the proposed bond
issue said to-day: THE subscription of
$500 100000 of the per cent bonds just au-
thorized by Congress will be opened by the
Treasury Department as soon as the bill is
signed by the President and will close at 3
n. m July A. This gives ample time for
even the most remote sections of the country
to receive complete information regarding
the details of the issue and to have sub
scriptions from such points reach the treas
urv, Every channel will be used to dis
seminate in the widest possible manner in
formation regarding this issue and to make
ii in every sense a successful popular loan.
A great number of subscriptions have been
received in advance of the passage of the
act and there is every reason to believe
that the issue will be largely oversubscribed.
BY the terms of the law the allotment will
be peculiar The law provides that the
smallest subscriptions shall be first allotted
and the allotments made inversely in ac-
cordance with the size of the subscriptions.
That will result in line being sharply
drawn at some points, and all subscriptions
in amount below that point will be award
ed in full while all subscriptions for an
amount exceeding that sum will receive no
taken to prevent individuals repeating sub
scriptions and thus getting an undue ad-
vantage. The law provides that all lndi-
vidual subscriptions must be allotted first,
and therefore subscriptions from corpora
tions and associations other than individuals
will only receive allotment in the event
that the individual subscriptions fall short
of the 5000 600 COO which are at present Of
fered. The treasury will print about four
@Ir,,Ix ,s,~
information They will be put in the hands
of every money-order postmaster and in ev-
cry banking office and express office at the
earliest possible moment. Circulars now be-
ing prepared will fully set forth the terms
under which subscriptions will be received
Assistant Secretary VaLderlip was asked
to-day as to the practical working out of
that feature of the revenue bill which has
just passed Congress requiring the coinage
from the soo si f m m ogth anoer dne
imum and the covering into the treasury
of the seigniorage thus gained In reply
he said: II cannot see that any effect worthy
of consideration would be experienced. pro-
vided that no more than the minimum
amount of 100000 month required by the
law should be coined. Under the operations
of the treasury, in the natural course there
Of a gradual coinage of this bullion has
been steadily going on as - me ersasnry notes
redeemed and Cancelled. Thus. in the cal
endar year 1897. the coinage from the bullion
aggregated S12. 651, 731. and the seigniorage
c0Xsare5 into the eas1lrv1 on account of This
bullion coinage amounted to s.. AS. 600. Should
the operations under the present bill be linn
tied to 81 SOC, 900 a month and with the i'm
mense demand on the mint, it is not prob
able that any more than that amount will
be coined in the early future, there would
be within the next twelve months $18,0O0O00
coined from that bullion instead of sl2 col ,731.
In other words. in the next twelve months
there would he s.. 34S .269 in silver in excess
of the general average of the last two or
three years. The increase in the seigniorage
over the average of former years will
stantially illustrates the average Increase
under the law 1t will be seen that prac-
tically it is Of no serious moment in any di-
rection."