Rensselaer Union, Volume 11, Number 45, Rensselaer, Jasper County, 24 July 1879 — The Profit of the Refunding Operations. [ARTICLE]

The Profit of the Refunding Operations.

A memorandum of the financial operations of the Government has been issued from the Treasury, showing that the reduction in the interest-bearing debt from the highest point, August 31, 1865, to July 1, 1879, amounted to $583,886,594, and the reduction in the annual interest charge, when the present funding operations are completed (August 1, 1879), will be $67,203,919. The total debt has been reduced $729,f 24 and the reduction since March , 1877, is $61,553,886. The bonds refunded under the acts of July 14, 1870, and Janury 20, 1871, amounted to sl,196,022,000* on which the annual interest charged was $81,673,947. In place of these bonds there will be issued when the present refunding operations are completed, which will not be later than August 1, 1879, bonds on which the annual interest charge will be $61,765,880, making an annual saving hereafter in interest charge, on account of the refunding operations, of $19,907,607, of which amount $14,207,177 arises from transactions since March 1, 1877. Bonds have been sold for resumption purposes since March 1, 1877, the interest on which represents the annual cost of coin reserve, as-follows: Bate, Annual ini. Title loan. p.e. Amount. charge. Funded loan of 1891.4 H $66,000,0110 $2,925,100 Funded loan of 1907.-4 126,000,000 1,000,000 Total S9O 000.000 $3,925,000 Making a net ahnual saving in interest through the refunding and resumption operations since March 1, JLB77, of* $10,372,177. In addition to the above bonds, there were issued in 1878, to replace coin used in payment of the Halifax award, four-per-cent, bonds of 191)7 amounting to $5,500,000. — Washington Telegram.