Duke University Libraries Communication f Conf Pam #358 HOUSE OF REPRESENTATIVES, Fkb. 3, 1S65.— Laid on the table and ordered to be priated. [By the Chair.] COMMUNICATION FROM SECRETARY OF TREASURY. Treasury Dkpabtment, C. S. A. Richmovd, Feb. 1st, I860. Hon. Thomas S. Bocock, Speaker of House of Representatives : Sir: In compliance with the resolution adopted by the House of Representatives on the 25th ultimo, I have the honor to submit the following information: The resolution is as follows: "Resolved, That the Secretary of the Treasury be requested to in- form Congress what amount of five hundred million non-taxable bonds have been disposed of by the government — stating the amount dis- posed of in different months, and distinguishing between the amount sold and the amount given in discharge of the public indebtedness; also, that he state the price at which those bonds were sold, with the Treasury orders regulating their sale." The accompanying table exhibits the amount of bonds sold, namely: $44,517,500 taken at par. The premium realized amounts to $ 14,059,428 05, or about 33 per centum. Some of the first sales were made at 25 per centum premium, which is the cause of this redaction below the establislied rate of 35. The table exhibits the amount sold in the several months from June to January, inclusive; but in the accounts of the Treasurer no dis- tinction has been made between tht; bonds actually sold and those given in discharge of the public indebtedness — the entries upon the books being the same in both cases. The requisitions satisfied in bonds would indicate that about $30,000,000 had been thus applied, but a part of this sum remains yet unai»propriated, in the hands of deposi- taries. The established price for the bonds hitherto has been 35 per cent, premium, and no authorit}'^ has yet been given to the agents to reduce the price. As long as the demand continued, it was deemed the best policy to maintain the price at $ 135. Creditors took them with more confidence and readiness in pay- ment; and by leaving the open market to them, tree from the com- petition of the government, they became active and efficient agents in effecting sales. They tested, in the most effective manner, both the value of the bonds in the estimation of the public, and its capa- city or disposition to absorb them. While a demand was found at a price approaching $135, they continued to accept them in payment, and to exert themselves in efiecting sales to others. More recently, however, the market price has declined to par, and even less, and the demand has become extremely limited. Under these circum- stances, no advantage can be gained by reducing the price of the bonds and entering thr market in competition with private sellers. A copy ol' the ordeis reguhiting the sale of the bonds, originally issued to the agents, is appended to this report. G. A. TREXHOOr, Secretarij of' Treasury. CIRCULAR. Treasury Department, C. S. A. Sepf ember 26, 1S64. Some of the depositaries having stated that they are without spe- cific instructions from the Department in regard to the " 4 per cent, call certificates on bonds hypothecated," and of the (3 per cent, non- taxable bonds, it is deemed proper to advise by circular, that the minimum certificate intended to be given for new issue treasury notes received on call is live hundred dollars, and the larger ones, multiples of five hundred. For the accommodation of holders of old issues who wish to deposit them for 4 per cent, call certificates, payable after ninety days, certificates of one hundred dollais each have been prepared, to be used when the sum deposited is below $ 500, or iDctween $500 and SI, 000, or greater sums re<|uiring odd hundreds, but all fractional parts of SI 00 are to be exchanged at 0G§ cents to the dollar and new issue given. In all sales of the G per cent, non-taxable bonds (i. e. the -500 mil- lion loan), the accrued interest must be charged, and on making the entries for all such sales, and of the proceeds of such sales paid into the depository by an agent authorized to sell the bonds, it must be stated on the books and in the weekly returns to the Treasurer, how much is for principal, how much for premium, and how much for interest. The depositaries will insist upon the agents furnishing them with such specific statements, when they make their deposits. 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