Rensselaer Republican, Volume 23, Number 41, Rensselaer, Jasper County, 11 June 1891 — AN EXTENSION OF TIME. [ARTICLE]

AN EXTENSION OF TIME.

A Measure to Relieve National Banka aa4 Currency Circulation. An Associated Press dispateh says: ltd* tice ha 9 been given bv Secretary Fostet that the principal and accrued interest ot such of the fonr-and-one-half per cent, bonds issued under the acts of July 14 1870, and Jan. 30.1871, as may be outstanding on the second day of September, 1891, will be paid at the Treasury of the Unite# States in the city of Washington on thai day, and that the interest on said bondt will then cease. Suggestions have beer made on the part of the holders of some ot these bonds of a desire to extend the payment thereof, at the option of the United States at 1 or 1% per cent per annum and that the Secretary wilLhereafter consider whether the acceptance of such offers, or any of them, will be profitable t« the government, and In that event reserves the right to except such bonds fron this call. , It is officially stated that the suggestions as to the extension of the fonr-and-one-half per cent, loan added to the .cal is made moie as a matter of precedence than of necessity. The Treasury Department, it ie said, is abundantly able to pay all of the fifty-one million four-and-one-half percents, outstanding, but in view ol the uncertainty of future receipts and expenditures, it is judged better to take th« side of safety. The Secretary not only believes that h« has ample means to defray "all the expens es of the government, but is confident tha* he will be able to retire a considerabl* amount of the public debt, in addition t« the $236,000,000 already paid during th« present administration. One of the purposes in suggesting an opportunity to extend the maturing loan at a nominal rate of interest is the desire to avoid the en-

forced retirement of a part or all of the 123,000,C0D national bank circulation now secured by four-and-one-half per cent, bonds. The Treasury Department statement of the changes in circulation during the month of May shows a net decrease in the circulation amounting t 0525,038,324. There ‘was an increase of f 1,092,028 in silver treasury notes and $484,719 in subsidiary silver. On the other hand there was a decrease of $16,765,460 in gold certificates, $2,332,062 iq silver certificates, $2,315,647 in national bank notes, $2.200,920in gold c0in,51,824,108 In standard silver dollars, and $1,115,872 Ini United States notes. The total circulation of the country on June 1 is placed at $1, J 504,278,209, against $1,431,193,651 on June 1, 1860, an increase during the twelve months of $73,084,855.