Rensselaer Union, Volume 7, Number 9, Rensselaer, Jasper County, 19 November 1874 — Annual Report of the U. S. Treasurer. [ARTICLE]

Annual Report of the U. S. Treasurer.

Washington. Noy-, 9. Gen. Spinner’s report is completed and in the hands of the printer. He devotes considerable space to an argument in favor of issuing interchangeable bonds, to bear interest at the rate of 3.65 per cent. His arguments on this point, are, in the main, the same as those of last year, except that he believes that it would be wise to allow holders to exchange the 3.65 for outstanding 5 and 6 per cent, bonds. He says that the greatest objection to a metallic currency is its lack of elasticity, and is of the opinion that the adoption of the convertible bond will correct this evil. He thinks the rate of interest will be high enough to sell the bonds, to the absorption of any surplus currency, at any time, while it will be enough to force a return of the bonds in exchange for legal-tender notes when the business of the countrydemands more, currency. The rate of interest at one cent a day on the hundred dollars would be popular with the people, he says, because it is easy of computation. He argues that the conversion of the 5s and 6s into low-rate bonds in the event of the condition of the currency demanding such conversion would result in the material reduction interest on the public debt, and make it payable entirely in national currencV at home, and not in gold to foreigners.