Year: 1876

a basis OF four per cent as borrower In the markets
OF the world by Illustrations taken from the goldbear
ing bonds gold bond which, at its market prlcc In
gold will yield four per cent pcr TO tho investor
n gold the time Il has to run, this equivalent OF


tour per bond principal and interest payable in
gold, sold at par In gold New fvO per cents
selling tho 1s of March At about 49, equal to about
lO4k in gold As they run only i've years, which is
all they have the promise Of they pay only four per
cent The skies OF 1881, 'long sixes' they are
called, were selling the day at 1e3E,
which Is little over los in gold. With only
nve years to run, they pay even less than four
per cent Going over to London VIC find the 67s,
which have time at all to run selling at 10s; in the
same market the skies Of Sl selling at look At
100 they would pay only four per cent Tho hves
London worth lO6 with only i've years to run
These bonds, they had as long eight years TO
run would pay only four per cent at 1861 For these
reasons the committee have been urged to consider
whether it would not be we'll 10 give up the notion OF
issuing anything over four per cent bond, which
latter security could made marketable at once were
It allowed to forty fty years The difference be-
four and four and half per cent $500 900 600
in thirty years would rea saving or S750o0Oo0 II We
should have to wait two years TO sell four per cent
bond there would still be saving OF $55, 900, 900.


These arguments hare brought tho committee to
believe that there ought to be precpitate effort to
refund the public debt uatl the facts cited have been
considered and dgesied. Should Mr. Bristow wish TO
keep the funding operation going on Congress might
allow the negotiation OF OOO 5000 600 OF
four per cents and by the time these disposed OF
the abty tho government fund at four per cent
would be still moro clearly demonstrated


Itis thought that the Secretary OF the Treasury m In
receipt OF an offer from the Syndicate TO take
$25 600 600 $50 600 900 with the usual option
large portion OF the remainder OF the proposed thirty
year four and half per cent bonds, and hence the
urgency he has shown before the committee TO have the
bill passed.


oRyHLE GRANT ExPLALNs-HIs INFLUENCE WITH


THE PREs1DENr DEPENDENT ON HIS GOOD


BEHAVIOR.


In an interview this evening Orve Grant was asked
II he had anything to say in addition to the testimony
he gave before Mr.. Clymors committee to-day. He
replied that he would like TO explain more fully one
point in his evidence He asked this morning II
he had influence with the President. IL should have
said" continued orville, 'that my influence would
as soon as did anything wrong. In case did
do wrong should have more influence with the
President any more favors shown me by him thar
any other person. II transgressed tho laws would
expect suffer the same penalties any other cti
also wanted TO say that l had done nothing
In connection with tho matter but what was legt
mate. should be very sorry to do otherwise.
II anyone connected with me should commit irregu
larities deiraud the government would withdraw
at once from such connection" Mr.. Grant said that
he had nothing to do with any military post, but he
interested the Indian trading stores At Standing
Rock and Fort Peck.