Democratic Sentinel, Volume 10, Number 42, Rensselaer, Jasper County, 19 November 1886 — INTEREST IN ADVANCE. [ARTICLE]

INTEREST IN ADVANCE.

The United States Treasury Offering to Prepay Interest on Bonds Without Rebate. [Washington dispatch.) The Secretary of the Treasury has issued the following circular in regard to prepayment of interest on the public debt: “By virtue of the authority conferred by law upon the Secretary of the Treasury, notice is hereby given that the interest due December 1, 1886, on United States coupon bonds of the funded loan of 1831 will be paid without rebate on the presentation of the proper coupons at the Treasury in Washington, D. C., and at the various subtreasuries. The checks for registered interest of that loan will be forwarded to holders as soon as prepared, aud may be presented ior payment without rebate on or about the 20th inst. Coupons of the 4-per-cent, consols of 1907, falling due January 1, 1887, will be paid on presentation before maturity upon a rebate of interest lit the rate of 3 per cent, per annum. The interest on registered stock of that loan will also be paid on and after Dec. 1, 1886, upon receipt from the Treasurer of the United States of application, accompanied by power of attorney authorizing that officer to collect the interest for the quarter ending Dec. 31,1886, and to retain the propprtionato amount of rebate, remitting balance to applicant.” Treasurer Jordan said to a reporter that the effect of the offer to prepay interest on the public debt would be to distribute almost immediately about $10,000,060 among about two thousand banks and individuals in every section of the country, and would, in his opinion, be of great advantage in the moving of crops and in other branches of business. The Secretary’s action, said he, was entirely for the benefit of business interests.