The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-05
WORKING OF FINANCIAL LAW.
BRosIUs' GLOWING ACCOUNT OF ITS
OPERATIONS.

Says Rounding Provisions Are
working Out an Unparalleled
Achievement in Finance - Over
$3.50, 100000 of Bonds Refunded.
Saving to the Government Is More
Than $4,000, GOO-Many New Nation
al Banks Approved.
Washington. May 4-Representative
Brosius of Pennsylvania, chairman of the
House Committee on Banking and Cur
rency. to-day made a statement, official
in character and based on information
carefully prepared by the treasury de-
partment, on the workings of the recently
enacted financial law. The statement
says, in part:
THE refundlng provisions Of the law
are working out an achievement in finance
without a parallel in the history of the
world. The statement I submit is official
and shows the amount of bonds of each
kind exchanged since the law went into
operation, March IA, to the LIST day of
May, 1900, together with the saving in In
terest, the premium paid and the net
saving"
The statement shows the following to-
tails; Amount refunded. $26O. 900, $50; saw
ing in interest, $S2, SOS. 225; premium paid,
S2604771; net saving, $6,664454.
THE net saving shown by this state
ment represents the difference between
the amount of interest the government
will pay upon the bonds refunded TO the
date of their respective maturides, and
the amount of interest the government
would have been obliged to pay had not
the bonds above described been thus re-
funded
settlement for Bonds.
THE treasurer has already made full
settlement for bonds amounting to $685.
05 $50, and of the premiums paid and 10
be paid, $26,OS4,771 the treasurer has al
ready paid $25, 92S, 1872, leaving unpaid only
about $4,000. OF the $3.50 OFT ,05) bonds
exchanged, 4S,50S0C0 were from institu-
tons or private persons other than nation-
al banks.
The Secretary of the Treasury assures
me that the department has been able to
promptly exchange all bonds offered for
that ffstfPesei- but permanent 2 per
cent bonds are not yet ready for deliv-
cry, owing to the pressure of work in the
Bureau of Engraving and Printing grow
lag out of the demand for national bank
plates aud new national bank currency.
Temporary bonos, however, have been is
sued in accord3nce with the plan laid
down in the circulars of the department..
The operation of legal tender redemp-
ton under the provisions CT the law ex-
hihits a highly satisfactory condition of
public confidence in our government paper
and is happy omen for the success of
that branch of our monetary system in
the future. Ire Secretary of the Treasury
lnterms me that the amount of United
States notes redeemed in gold out of the
reserve fund since the new law went into
operation, is 1913. 2S9"
Many New National Banks.
One of the most interesting features of
Mr. Brosius statement is a table pre-
pared ty the treasury department show
ing the extent to which new national
oanks have been organized under the new
i law. The total number of applications APP
proved Is pa, with a capital of So, $4,000.
ne total applications on file for authority
10 organize national banks is sos, the total
alplcatons for the conversion of old
banks into national banks 3S2, making
totai OF all kinds of new bank organiza-
tons of 800
Mr. Brosius also adds, from unofficial
t sat rehabie sources, a detailed estimate of
Il Sl1l'SS'S9S, as the amount of currency the
atohal banks may issue in the near fu-
ure' as gathered from their expressed