This sum,
together with the amount which may accrue from further redemptions under
the call, will be applied to the sinking fund.
The law of March 14, 1900, provided for refunding into 2 per cent
thirty-year bonds, payable, principal and interest, in gold coin of the
present standard value, that portion of the public debt represented by
the 3 per cent bonds of 1908, the 4 percents of 1907, and the 5 percents
of 1904, of which there was outstanding at the date of said law
$839,149,930. The holders of the old bonds presented them for exchange
between March 14 and November 30 to the amount of $364,943,750. The net
saving to the Government on these transactions aggregates $9,106,166.
Another effect of the operation, as stated by the Secretary, is to
reduce the charge upon the Treasury for the payment of interest from the
dates of refunding to February 1, 1904, by the sum of more than seven
million dollars annually. From February 1, 1904, to July 1, 1907, the
annual interest charge will be reduced by the sum of more than five
millions, and for the thirteen months ending August 1, 1908, by about
one million.
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