Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-06-18
A Popular loan.

the term a popular loan. 1t is sal.
. that three of the great financial insti
tutions of New York have offered t,
subscribe for the full amount of tn,
issue, but this proposition has no
been entertained for a moment. 1t i!
the policy of the Republican admins
tration that the people shall have {
chance to buy these new government
securities. and therefore the treasury
department has adopted measure.
which it isbeleved will place the bonds
within reach of all. Subscriptions will
be received at par for 50 days, June Il
to July IA at 3 2. M. and it is already
evident that the issue will be greatly
oversubscribed. The people at large
Will purchase to a liberal amount ana
the moneyed institutions stand ready
and eager to take what is left. This
fact establishes three significant things
the soundness of the credit of the
country, the patriotism and confidence
of it's citizens and the readiness of the
banks to cooperate with the treasury
department in floating the bonds with
out expense to the government
Secretary Gage has issued a circular
be issued in both coupon and registered
form, the coupon bonds in denomina
tons Of $50, $780, $500, and $1,000. ana
the registered bonds in denominations
of $50, 500, $780, $1,000 $4,000 and $l0
| 600. They viii be dated August /.
1898. and, by their terms, will be re-
deemable in coin at the pleasure of
the United States after ten years from
| the date of their issue, and due and
payable August 1. 1913.
| The bonds viii bear interest at the
rate of three per cent per annum, pay
| able quarterly; the interest on the
coupon bonds will be paid by means of
coupons to be detached from the bonds
as the interest becomes due. and the
interest on the registered bonds Will be
paid by checks drawn to the order of
the payees, and mailed to their al
dresses.
The law authorizing this issue Of
bonds provides that in allotting said
bonds the several subscriptions of in
dividuals shall be first accepted. and
the subscriptions of the lowest amounts
shall be first allotted. IN accordance
with that provision allotmentS to all
individual subscribers viii he made be-
fore any bonds Will he allotted to other
than individuals. All Individual sub
scriptions for $500 or less will DE alot-
ted in full as they are received. ana
such subscriptions must be paid IN full
at the time the subscription is made.
II the total sum subscribed for in
amounts Of $500 or less should exceed
$500, 600 600 the all0tments Will he made
according to the priority Of the receipt
OF the subscriptions.
Allotments on subscriptions for over
$500 VIII not be made until after the
subscription closes, July 18th, and will
then be made inVerScly according 10
the size of the subscription, the small
est subscription being first allotted,
then the next in size next, and 50 on,
preference being given to individual
subscriptions. Persons subscribing
for more than $500 must send in cash
or certified checks to the amount Of
two per cent. of the sum subscribed
for. such deposit to constitute a partial
payment. and to be forfeited to the
United States in the event of failure
on the subscribers part to make fun
payment Tor his subscription, accord
ing to the terms of the circular. Al
lotmcnts to subscribers for more than
$500 viii be made as soon as possible
after the subscription closes.
In order to avoid a too rapid absorb
tinn n funds into IA S.-ith
possible consequent evil effect on in
dustry and commerce. any subscriber
for more than $500 will be permitted -
take his allotment of bonds in install
ments of 20 per cent, taking the first in
Stalme within ten days after the no.
tice Of the allotment, and the balance
al four equal Intervals of forty days
each, in four instruments each Of 20
per cent of the bonds allotted De
livery of bonds will be made in install
ments rs payment for them is received,
and payment must in all cases be
made in full as the bonds are taken
The two per cent. deposit will apply on
the final instaIment. Any subscriber
may pay for the whole amount allotted
| him within ten days from the date of
| the notice of his allotment. Interest
| will be adjusted from the time Of the
actual payment whether paid in on.
| sum on in instruments as permitted.
| Separate subscriptions from one in
| dividual, although made from time t.
| time,WiIl be aggregated and considered
as one subscription for this issue OF
| bonds.
The secretary Of the treasury will
receive in payment for the bonds post
| ,ff