United States or Montserrat ? Vote for the TOP Country of the Week !
During the two last-mentioned wars, annuities, either for terms of years or for lives, were seldom granted, but as premiums to the subscribers of a new loan, over and above the redeemable annuity or interest, upon the credit of which the loan was supposed to be made. They were granted, not as the proper fund upon which the money was borrowed, but as an additional encouragement to the lender.
The thrifty German makes a practice of seizing all the good redeemable French money of the repatriés before he lets them escape him, giving them in exchange worthless paper stuff of his own manufacture, which has no security behind it and is therefore not negotiable. We came to the Casino, where endless formalities were necessary.
And Austen Vane, in common with that younger and travelled generation, thought largely in terms of the Republic. Pepper County and Putnam County were all one to him pieces of his native land. And as such, redeemable.
The entire amount of the public debt remaining due on the first of January next will be short of $81,000,000. By an act of Congress of the 3d of March last a loan of $12,000,000 was authorized at 4.5%, or an exchange of stock to that amount of 4.5% for a stock of 6%, to create a fund for extinguishing an equal amount of the public debt, bearing an interest of 6%, redeemable in 1826.
The proposal set forth at great length, and under several heads, the debts of the state, amounting to 30,981,712 pounds, which the Company were anxious to take upon themselves, upon consideration of five per cent. per annum, secured to them until Midsummer 1727; after which time, the whole was to become redeemable at the pleasure of the legislature, and the interest to be reduced to four per cent.
Certificates were to be issued for subscriptions in the interest of the domestic debt to the full amount, redeemable at the pleasure of the government, and bearing interest at the rate of three per cent., the interest to be paid quarterly, and to commence with the first day of January, 1791; all interest becoming due on continental certificates, up to that time, to be funded as above.
The paper money and the certificates were redeemable at a definite date, but at a reduction of at least 3 per cent of their value; this, too, yielded a certain revenue to the state.
General Lebrun was said to be there, closeted with the mayor. He had been endeavoring, ineffectually, to arrange for an issue of bonds, redeemable at the close of the war, in order to facilitate the victualing of the troops. Money had ceased to have any value when there was nothing that it could purchase.
William Windom, the Secretary of the Treasury, had prepared a bill of the type known as a "straddle." It offered the advocates of free coinage the right to send to the mint silver bullion in any quantity and to receive in return the net market value of the bullion in treasury notes redeemable in gold or silver coin at the option of the Government.
The loan was placed in London on terms which netted only £85 per bond of £100, redeemable at par in 15 years and bearing interest at 7 per cent. The amount thus offered was further reduced by the requirement that the first two years' interest should be paid in advance.
Word Of The Day