The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-18
PRICE TWO CENTS.

y
50 that tnsIr earnings 70 t.le buyer are
more t?,zs.l the interest stated sine pre-
MUM on British Cson:s.,is.s rs, about per
cent. Irrtf~e,ir- t.t;si French rertes one pr
ccat.. or a slight fraction aors and tlistf
earnings. vIirysa titries- seooEe sass i3Ss 81,
terest TIE iatess-.,.Aetfr,zftt -is's fsf.t.sh
Treasury lt!lls wtss.a .t9ti. tcr three
months and sti;9d fofs twelve months. tiias
money is Sasfper with us-than anywhere
selse among men. ''.,-t.l
1t was fair, then. for,ossr Government %
take the benefit Of sat-lt, -corsditi9ftS.z ;tila
to fix a rate on its. tieht-ttitsett to the
earnings of money here. The offer 70 al
low 6n TIE old bonds q cSV3cisS OF I'll per
5cept. was lber2l. as the et'rFtk >tcseptdEee
in such large measure proves me new
twos nave been taken with Il rapidly De
;vnnd estimates Within two months after
: the act kas passed. these Consofs ot-la,ii'
had been xchaagt1ts for threeS, foufs and
lfSes...t the amount Of $3.50. 1916 The
exchange goes onsat about S7Hoo0ea q day
: II Ne compare previous outputs OF bonds
by our Government we shalt IND tHe E7
.,lres Instructive, Refundiug operations ot
the war debt began in June. ISL. and the
:exchange5 OF ives for skies ran on for. near
:Iy i've. years to March, 1876, reachiHS me
maximum of $50S,05 40. The largest trans
actions in any two months were III Janu-
airy and February, fSI2, Slo,Ssi,SSe
The great loan was this four per cent.
copsols of 1867. begun in Septem5er- lS''.
put out for about 500 0G0, eco skies and SUI
coo COO tives 1t ran up by tie end of July.
1879. to $40. 7s1.iOo. nearly its maximum.
In April ana My. 1873. these, ,consois were
exchanged for cider securities 10 the
amount Of S205,55S .t0, the nearest approach
to the dealings now in progress.
Under the act of July l.. 1SSe, 8 were
given for bonds continued at $i2 per cent
The bulk of these 80 ,2GG) appears
in the debt statement for September OF
that year. and the maximum was touched
in August, 1888, at $S055Sl 80
The Spanish war loan was subscribed
for over seven times its face. and the
bonds were put out between June. lSgS,
and Arpn 1899. to the amount OF Very
nearly $500. 0o0,Coo.
In this new loan the Treasury has had
transactions during these two months
with 1926 banks and individuals, No
increase in the bonded debt occurs. for
the IS are given only for SIS. old Is and
SIS The SIS have been reduced by
S42. "a. go, which is HIS per cent of those
outstanding March 1st; the is by
S165, 2,550 or 800 per cent, ana the
by S6l.S21 800, or 3Lo9 per cent OF the
total, bonds for circulation were $l'S,oio,-
$50. for deposits OF public moneys.
| So $500; from sources other than
| national banks. $5ir599,65o-
COMPARISONS
| For volume issued within given
| period, as well as for the low rate or
| interest, the new rs stand unique IN the
| financial history OF our country ana o,
| the world We shall fail to give tutl
| weight to this fact If we do not note
| that no concession IN any form is granted
| on this loan The sole cost is 1-15 of
| per cent. TO cover printing and distriou-
| ton. What this means we see in the
| price put by Britain on its latest war
! loanz-gSja on bonds bearing "a per cent.
| Nor is this quite all our Consots OF
| 1890. before the bonds come from the
| printer. sell as high as 101. and to-day
| command t03. You can cite no parallel
| to this record
| OGfTGO OF 8IONEY-THE PROFITS
The first effect OF this loan is to release
to this date for business $2i,o255tF e
| meet the present worth OF the old securi-
| ties exchanged. This money has actually
been paid out by the Treasury within
| two months The profit TO the Govern
| rnent on these transactions is S6.Sol.9Ji,
| Should the new bonds be taken TO The
| total of SiN1,OGN,2GlD, on an average date
| Of settlement of June lst, the profit vii
be sic 752, $50. The total moneE released
on that volume of bonds Will be Sio,oo1.nGo
Were all the bonds exchangeabie unde!
the law. $S2g 106.t 40 on March iith, TO bt
| taken at the average date of July ist
that profit would be 81 ,75o, and tht
money released SSl.0oo.OdO This outgo
whatever it may be, is u natural return
Of money to the channels of business.
FBWE.R KINDS OF MONEY.
Bankers will appreciate the feature OF
the law which sjmpIiies our currency
The Treasury now issues silver cer1iti-
Gates of denominations of $40 and below
only, as the maximum IS afoat OF larger
lrontfnnaa On seventh PageN