The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-03-15
SECRETARY CAGES CIRCULAR
To BOndhOIders. Lnstructing Them as
TO Exchange Procedure.

to Exchange Procedure.
Washington. March 14.-Immediately
upon receiving notice that the financial
bill had been approved by the president,
Secretary Gage issued a circular to hold
ers of United States per cent bonds of
the act of January IA. 1873: per cent
consoIs of 1907 act of July "A. 1870. and
per cent bonds Of 1898, of the act Of June
13, 1898. in which their attention is di-
rected to section II Of the act approved
today The secretary continues as fol-
lows:
Under the provisions Of this law the
department will be prepared to receive
after this date until further notice any
of the bonds issued under the acts above
mentioned, and as early as practicable
will issue in exchange therefor a like
amount of United States registered coU-
pom bonds bearing interest at the rate Of
per cent per annum, as provided by the
act approved March II, 1900.
''To effect the exchange the outstand-
ing bonds should be surrendered to the
secretary Of the treasury in accordance
with the terms of this circular; they will
he accepted for that purpose on the sur
render of them to him and new bonds
bearing interest at the rate of per cent
per annuIn will be issued IN the same or
der in lieu therefor. a letter Of trans
initial should accompany each package
of bonds for exchange setting forth the
purpose for which they are forwarded
and giving the address to which the new
bonds and checks for the interest thereon
shall be sent.
Bonds held by the treasury Of the
United States in trust for a national bank
may be surrendered by letter addressed
to the secretary of the treasury, accom-
panied with the treasurer's receipt rep
Tesenting the bonds, together with res
olution Of the board Of directors of the
bank authorizing the treasurer to assign
the bonds.
Registered bonds inscribed in the name
of an institution. forwarded for exchanse
must be accompanied by a resolution Of
the board of directors of the institution
authorizing their assignment to the sec
rotary OF the treasury for such ex-
change The resolution must bear the
seal Of the institution, or If the institu-
ton have no seal, there must be furnish
ed with the resolution affidavit setting
forth that fact
Upon acceptance of any bonds for ex-
change under the conditions of this cir
cular the present worth Of the surren-
dered bonds to yield income OF % Der
cent per annurn Will be calculated as of
the date of their acceptance. except as
provided in the next paragraph. and the
sum representing the difference between
the present worth Of said bonds and their
par value will he paid to the owner there
of in due course by a check drawn in his
favor by the treasurer Of the United
States The settlement will include pay
ment by the department of accrued inter
est on the old bonds to the date Of their
acceptance for exchange, and a charge
against the owner for accrued interest
on the new bonds from the date of their
issue to said date Of acceptance. Bonds
surrendered upon which interest has been
prepaid need not be accompanied by a
deposit to favor such prepaid interest. as
the department will deduct at the time
of the settlement any amount which may
be due on account Of unmatured interest
which had been prepaid
1.-The new bonds will be dated April l.
1900; therefore all outstanding bonds sur
rendered for exchange and accepted for
that purpose prior to that date will bear
interest to April /, and interest on the
new bonds will begin. and the present
worth of such surrendered bonds will he
calculated as OF the said April L The
new bonds will be issued in denomina-
tons as follows: Coupon $50. 300 ZOO
$1,000: registered $50. 800, $500. 1900. S. 900
so 600. $50 600
All bonds forwarded for exchange will
be regarded as the property Of the per
son, firm OF institution IN whose favor
the new bonds are TO be issued. and in
each case the check in settlement Of the
present worth. etc, above referred TO.
VIII be drawn in favor Of such person
firm or institution; but II the agent for
arding the bonds shan Sr-i~e o-' ~ w.
quest, the bonds and the check may Be
forwarded to such agents address Tor
delivery to the owner
BLANK forms OF application for he ex-
changes herein authorized and blank res
olutions for use by institutions. have been
prepared by the department and may BE-
obtained on application % the secretary
OF the treasury.
"In exercise Of the discretion given 70
The secretary n the treasury under sec-
ton Il Of the act he reserves the right
- suspend the exchange % bonds above
contemplated, whenever. II his opinion
the interests % the government may be
best served thereby. The secretary -
the treasury also reserves the right -
change the tarrns q exchange a5ove So
forth. either by requiring a tyuus a. pre-
MUM upo1 the ? per cert bonds - ~
requiring the holde-z q bonds osr+ztauj-
ing 70 surrender the sane IN exchange
for The rev bonds - a rate - Yield AZ
income q mere than - per cent pr
anuun."
ckMIiEl kCIIAD IN TUE CTAN0