298 



FINANCES OF THE UNITED STATES. 



STATEMENT OF THE OUTSTANDING PRINCIPAL OF THE PUBLIC DEBT OF THE UNITED STATES, 



JUNE 30, 1874. 



"With regard to refunding the national deht, 

 the Secretary of the Treasury makes the fol- 

 lowing statement : 



On assuming charge of this Department, June 3, 

 1874, the Secretary found the balance of the five per 

 cent, loan authorized by the acts of July 14, 1870, 

 and January 20, 1871, then unissued, to* be $178,- 

 548,300. 



On the 2d day of July a circular was issued by 

 the Secretary, inviting proposals, and in response 

 thereto bids from various parties, at home and 

 abroad, were received, the aggregate amount of 

 which was 875,933,550. Of this amount, $20,933,550 

 comprised the domestic, bids, and $55 ; 000,000 the 

 joint proposal of Messrs. N. M. Kothscliild & Sons, 

 of London, and Messrs. J. and W. Seligman & Co., 

 of New York. The domestic bids at par and above, 

 which were accepted by the Department, aggregated 

 $10,113,550, and those at less than par, which were 

 rejected, amounted to $10,820,000. 



The proposal for $55,000,000 excluded the accept- 

 ance of all other bids, and provided that the parties 

 should purchase $10 ; 000,000 on or before August 1, 

 1874, and the remaining $45,000,000 at their pleas- 

 ure, in several successive installments, prior to Feb- 

 ruary 1, 1875 ; also that they should have the option 

 of the entire balance of the five per cent, loan, $122,- 

 688,550, until the expiration of six months from Jan- 

 uary 31, 1875, and that the Secretary should keep an 

 agent in London to deliver new fives and receive 

 payment therefor. This proposition was modified, 

 and on the 28th day of July a contract "was entered 

 into between the Secretary and Messrs. August Bel- 

 mont & Co., of New York, on behalf of Messrs. 

 N. M. Rothschild & Sons, of London, England, and 

 associates, and Messrs. J. and W. Seligman & Co., 

 . of New York, for themselves and associates, for the 

 negotiation of $45,000,000 of the five per cent, bonds, 

 the contracting parties having deposited with the 

 United States Treasury two per cent, of the amount 

 subscribed for, as a guarantee for the fulfillment of 



