The Washington times., 1923-05-07
New Treasury Issne.

secretary Mellon announced las
night the Treasury's May financing
which takes the form of an offerins
OF about $4O0, 200, 900 of Az per cen
4year gold refunding notes dated
May Is, 1923.
- This offering. Mr.. Mellon stated
practically completes the refundine
oIsthe 1880, 900 ,000 short dated deIs1
- the usual quarterly offering on
Snne 10, In connection with the tar
Pa2ment Will be Oh a. moderate scale
Inis issue is intended, with the Hal.
anee OF nearly $500 600, 600 already
on hand. to provide for the payment
S SssnV6dc cU notes outstanding about
Since the issue is a refunding of.
feFing the Treasury, he annn,,noer1
providing special facilities for.
excnanging Victory notes for the
new notes, without the riecaseitS !,
o. adjustments Of interest and with
tuH interest to maturity IN tha
case of uncalled Victory notes
There are about $65, 600, 900 called
victories still outstanding and
about s765, 900 900 OF Victories notes
maturing May 15 Mr.. Mellon re-.
served the right to allot additional
netes above the s4O0, 900 900 offered
70 the extent that payment is fen.
usred In Victory notes.
me new notes will be dated and
- interest from May Is. 1924
s payable on March Is, 1927.
80 WIN Dear interest at the rate
- per cent per annum. nav.
ape September Is. 1923. and t,e,e.
atger semi-annually on March *
ana September Is of each ves !,
bearer notes with interest couro,.
attached will be issued IL dano,,,t
nations of 800. $500. 81 .0oo e. 900
$4,000 and 800 900. T''OOO
Not Subject to Call
.Ine notes are not subject TO call
~ redemption before maturity.
form, registered
This offering" Mellon said.
SnpIetes Or practical purposes
tne refinancing of the Victory
Liberty loan. and it is. therefors
an appropriate time to indicate The
results OF the refundinR opera tions
which have been in progress On
April 30, 1921. the Tresaury an.
nounced its program for the refund
ing or the short dated debt, and II
mas since been carrying out the
policy Of orderly refunding and
gradual liquidation outlined in that
announcement.
Except for the issue of about
tI5O,OOO.0 900 of $3.50 year Treasury
bonds in the fall of 1922, the re-
FUNDING has all been on short term
basis. and it has been arranged
with a view TO distributing the
early maturities of debt at con.
venient intervals over the period
between now and the maturity Of
the Third Liberty loan i'm 1924 in
sucn manner that surplus revenues
might be applied most effectively
10 the gradual reduction of the
debt.
With this object in view. all Of
the short-term notes issued IN the
course OF the refunding have been
given maturitieS on quarterly tax,
payment dates, and ALI Outstanding
Issues or Treasury certificates nave
likewise been reduced TO tax MA
turltes. There has been at the
IAN" time = substantial reduction
IN the total debt, particularly the
snort dated debt, through the op!
GRAFTON Of the sinking fund and
other debt retirements chareea,le
against ordinary receipts, as wei
as through the application of sur.
plus revenues. The result Is that
the public debt stands today at a
much reduced figure and in man.
ageable shape. with maturities dis
tributed in such a way as to give
the Government adequate control
: over il and facilitate it's gradual
retirement