The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1900-10-26

price paid for them, and then told
the price at which they were sold,
we can much more easily figure II
out, as a business proposition,
whether it was a good thing to sell
the bonds. We must know both
buying and selling prices before we
can give an intelligent opinion on
the subject, and thus far we have
been told nothing of any a
teal value to US in calculating the
worth of that Investment.
Seibert says the bonds we're sold
in 1875 and brought 1913, 1865 in
cash. II he had told us what time
in the year the sale was made, we
could tell better whether his figures
are correct or not. The amount of
money turned into the Missouri
treasury from the sale of bonds
was no doubt what he states, for
Col. Salmon, who was treasurer at
the same time, uses the very same
figures. Accepting that as the
actual figure at which the bonds
went, then it Is easy to calculate
That they went at nearly if5, or
the lowest premium at which bonds
of that issue went in that year.
But they sold as high as 1913 during
the same year, and it appears
from the figures that Missouri got
in on the down-turn of the market.
If the bonds were the 5-20s of 1862,
or 1854, then, also they went at a
sacrifice, for those issues, both of
which were called for redemption
that year, sold as low as ia, but
as high as 12l. So, whether the
bonds of Missouri sold were 5-20s
or Us, and they were bound to be
one or the other, our financiers got
in at the bottom instead of the
top. That is, ii we take their own
figures for it, and as they conducted
the transaction and | wasn't there,
| can't dispute the figures or charge
that u better price was had and
not accounted FOR, or that the honda
ere sold at a low price for the
sake of commissions. Such things
are done sometimes, but not in
Missouri.
Another thing; Who bought the
bondsp That is an important
question concerning which we are
told nothing whatever. These men
treat the whole question as ii it
were n of no importance, or one
concerning which the people are
not entitled to full and detailed
information. The bonds were very
near the date of their redemption
by the government and it would
be interesting to know whether the
parties who bought them, in con-
sideration OF the low rate or pren,-
ium at which they were sold, and
the opportunities it afforded for
making more than $4,000 in the
between the lowest and
the highest price at which these
bonds were sold in that year, or
the certainty of a $780, 900 profit in
the interest coupons; and particu-
in view of the fact that the
United States Treasury would, at
an early day, redeem them in gold,
We're induced to pay gold forthem.
All of this we should have been
told without the asking. We are
entitled to know all the details
OF that transaction, and the men
who Withhold these details from us
must not complain ii they leave
open to suspicion,
The large bond premiums ofthat
year were due to the near approach
of redemption, because the re-
demption was to be made in gold.
The bonds We're to draw interest
but a few months or a few weeks
but their value lay in the
fact that when they were redeemed
the entire amount OF the paincipal
and accrued interest would be
paidin gold.
There was a heavy speculation
in all those classes of securities
in under the refunding act
Of 1870, and tell you that If ] had
been selling those bonds, | would
have gotten a better price than
it5, and it was only ia is that
these bonds went for. There is
nothing to indicate the amount
OF interest due, on them at the
time they were sold. In fact, there
is nothing told us that we ought to
in order to have a proper
understanding of the case, but