The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-09-10

j. w Lyons Register tf tn" ] rtaStLfL-
this morning submitted his annual report
70 Secretary Gage. DO is e highly inter
estiuE document. setting forth in plain
language and tabulatigns the work of
this division tor tho fiscal year ended
June 20. 1877 Speaking o5 the work of
the Division of Loans, tho report says
Like the two years whien next pre-
e, led Il, the year just closed has been
marked 10y changes IN tho public debt Of
great magnitude The values which have
been involved have not been oqualcd Tor
many years. Ths largest single item was
the issue of 2if59Ia.753 ~ engraved bonds
equal 70 nearly half the Understanding
debt of Tho United States, which took
place in little over FIVE months. This
represented the completion of the trans
ferring Of tins amount Of the public debt
from a ., 3, and per cent basis 10 "A -
Pc cent investment
The total amount Of bonds handled by
the division has continuously Increased
every year since the fiscal year 1851
when the amount was Sg72.797 so Daring
the year recently closed the amount was
Sl3jl. $3.50. the increase in values over
the preceding year was SlZ7.2Sl 800. and
the number OF bonds handled was 17.1gs
larger than in l6s9-l9a0"
Speaking of the refunJiug of the public
debt at , per cent Mr. Lyons says.
As stated in my last report. on March
i. 49,. the Secretary Of the Treasury is
sued a circular undor an act of Con-
gress of the same date. I'm which H. Of
fered 10 receive bonds of the per cent
loan Of 1874. the per cent funded loan Of
1s'5, and the 9 per cent loan of Ilg>-Igl>,
and 10 issue i'm exchange therefor a like
amount OF per cent bonds du- I'm 1882
with an adjustment for the differences in
rate Of interest upon the various loans
Very large amounts OF bonds NJ the high
er rates Of interest were immediately PIE
sen1cd FOR refuHdiuE at 2 per cent. and
the issue OF the latter bonds began March
Il. 300 As the preparation Of engraved
bonds IN the usual form must necessarily
consume several months. certificates of
less elaborate design. bat hearing the
exact phraseology Of a registered bond.
were printed for use until the regular
bonds could De completed. These certif-
Gates. which were known as provisional
bonds, were all retained IN the 6enart-
ment, but the owners were permitted 10
transfer them, and they were received
by the Treasurer of the United States as
security for circulation and for deposits
OF public moneys. precisely as would have
Been done with bonds IF the us-aI form.
'Cn the @sth # June. 1900 the amount
Of such provisional certificates 0uts-a1G-
ing was S11Z5.G5'. During tho present
nscal year the issue q thu provisional
certificates vas nee, ssa-i.y continued W.
III bonds were received Of a sufficient
number OF denomiratioas To- render It pos
sible 10 begin the issue OF the encrave!
bonds In exchange for the provisional
bonds During this period the issues Of
provisional coupon certificates amounted
70 S55ol5". and of provisional registered
certificates To slS-21g s00. making the total
issue Of provisional certificates in OK
change for bonds OF other loans from the
beginning S32G004900. During the two
fiscal years in which the issue Of p~ovis-
ional certificates was in progress. the
owners OF s3527.9J1 ia registered rro,is-
ional certificates requested that their or
cers be changed to coupon certificates. so
that when the reissue IF se.ceftffirarcs
finally took place the issue Of 3. Del. cent
bonds. in place Of coupon provisional Ger
tificates S3.9l3. so: registered provisional
certificates. So. 81. ESQ; total. S325. 014.s)9
on July q. -9)J. 4 sufficient amount OF
II gfstered per cent bonds Of several de-
nominations had been received TO begin
the work Of reissuiHg the PROFESSIONALS in
engraved bonds. and September - the
necessary denouinatiors ~ - 80
coupon bonds were delivered TO the Office
-, VIZ Vi itiases was pressed forward
with great rapidity until the exchange Of
PROFESSIONALS for hoftds y-as cg-,-,I....,4
After that engraved bonds were issued
directly in place Of the >. Z. and per
cent bonds received, and without the in
terfileGlate provisional star. rTIa a-,r-rr.-
n = nov o,vt t..,,,7- f......I
bor5s - q - - III
coupon bonds, $-5,J9l-lUo. and registered
bonds. Slof. f34 $50 This makes The t,.a1
amount Il 2 u.,- rent r.-,-v,,-,.7 I'D
49,. - '''-7
Ni-'ch were Issued on account OF bonds
at hl6hef rates OF interest as follows
Coupon bonds va az IN
REGISTERED bonds ~ * -
Total z..- as. -.
80
II may De- noted that the issue Of S12i-
Oe4sJ5 in temporary certificates (which
under the circIT7er4ry-.. 49,, .,,..--.ir..t-,,
nm ''.'-s vs. Una 3l-aD.e)
l.--I- -s,N htIt EF.aliE The Work n the
division over what would ordinarily have
been necessary in r.r..si-y t,.is gr,,.,,,,.
OF bonds. For over frra.-fa-v-b- 80 rl,.
r,ri,-,.....-r - - o- 'i-- "a 'li-
" -'" ID was --'e' a7'.i- ID
issue a- the amounts twice. and t. can
OF lha Spanish frF.r~aff,- ,.rtif..s,-,
the rsDort states no.. 49,. l.....f.r. 5.-.--
uitv ca-ffrgarrs ,l.....-.,.. 7 '-., IN
cso-..---, ~ .'.i .- a c..l ol The
rlfsztr ri p .-..- a.. -'.-i.i AN. rles-il
ss.y-e -...r..s.. 49, L' ,i-S
.1aere ~ --..-.-.- - 't FilNh-
A-Dt-i...-r ...-az.-... .- -. ~
and cons ~g.rirr Of 49,. ....- 80. .t
ports III S..t.- "a ~, .'.', .-lit,I I'D lH-
ga ,...... ..-..-.- o.. .'.-'-i'7. DUO IN
Spanish ga-1- On -ir ,g H. ,'i ~ r- inc