Heppner gazette. [volume] (Heppner, Morrow County, Or.) 1892-1912, 1906-08-16
U. s. BONDS GOOD.
Are Eagerly Bought Bearing
Lowest Interest.

Washington, Aug. 9.-On August
the secretary of the treasury issue
$50 100000 OF per cent bonds u
provide funds for the construction
the Panama canal. Although thes'
bonds bear interest at the low rate OF
per cent, they were sold at q premium
that averaged about $4 on the hundred
the lowest successful bid being at th'
rate of l03 1867. The eagerness to buy
per cent bond is evidenced by the fac
that bids were received for an amour
aggregating $446, 100000. No othe
government in the world can borrow
money at SO low a rate. But there is &
reason tor the high price OF United
States bonds and that is found in the
demand for them on the part OF Nationa
banks. Every National bank before itf
doors are opened for business must
deposit with the treasurer OF the
United States government bonds to
par value equal to one-fonith OF the
banks capital stock, except that banks
with capital over 5000, 900 are not re-
ouired to deposit more than $50, 600 in
bonds. There being 6l32 National
banks now in existence the bonds
deposited amount to S520,7SS, 900. The
banks have the privilege OF issuing il
they so desire an amount of circulating
notes equivalent; to the par value OF the
bonds so deposited with the treasu er,
but, whit ther they issue notes or not,
the deposit OF bonds is required.
In order to create demand Tor the 2
per cent bond congress stipulated when
such bonds were first issued in 1900 that
banks using this class of bond would
pay tax on circulating notes at one
hslf the rate charged if other bonds
were deposited and as result National
hanks own $555 900 900 OF the 1925 .000,.
600 OF per cent bonds.
In addition to the a5o0,000.000 Of
bonds held bv the treasurer to secure
the banks circulating notes he holds
oyer $50, 600, 900 of the banks bonds as
security for government funds on de-
posit with the banks.
The law authorizing the issue OF the
canal bonds stipulated that they should
be in denomination of 500 and mul ipes
of that sum, the evident purpose being
to popularize the loan. Each owner OF
a single registered bond of 500 will re-
ceve at the end OF every quarter an
interest check for 10 cents. For bond
No. l of this denomination $25 was paid
by a man who stated that be wanted to
hand the bond down as an heirloom to
a newborn grandson, and when the
bond was sent there went with it a
letter of commentator from Secretary
Shaw.
This $4,000 900 is the first install
ment of the Sl30 ,000, 900 which congres;
authorized the secretary OF the treasury
10 borrow for the building OF the canal
and other issues will follow as funds are
needed.
TIE senate end OF the capitol cannot
be lef. far behind and on the last day o.
Ju'y at noon the corner stone was lalc
for tie senators office building. On the
similar occasion April II, when the
c1rner stone Of the house Of Representa-
r,ves' addition to the capitol was put II
place the president OF the United States
was 10 attendance together with sena
toys, Representatives and tie eatlrt
Masoric order OF the District OF Celnm
h.a ard there was much sreeohmaein3
2. 4 ceremony. IN contrast the come
-'oue laying Of the senate office bull in.
vas simplicity itself. Besides tht
wn'kmen and the newspaper men the-t
we're not a dozen ether people presen
20 witness the 5neasiug oi the tn %
hich contained some fifty articles sup
rosedly of interest 10 some future an
t;4ua,ian.
The Immigration figures for 'he tiscl
ypar ended June 80, 1906, show tha
.}5 9l5 aliens arrived at New Vol
,uring that period, an increase OF owe
100, 900 as compared with 1905. ltal,
-ent the greatest number, then kns'la
hungary, Austria, Great Britain an
LELAND, and Germany. The lew
romers brought with them $40, ,OOo, ,OUd