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Callable bonds have been refunded and paid, so that during this year the average rate of interest on the present public debt for the first time fell below 4 per cent. Keeping the credit of the Nation high is a tremendously profitable operation. The immediate fruit of economy and the retirement of the public debt is tax reduction. The annual saving in interest between 1925 and 1929 is $212,000,000.
"Among those who were about her" was one witness well equipped to silence all tongues, abolish all doubts, set our minds at rest; one witness, not called, and not callable, whose evidence, if we could but get it, would outweigh the oaths of whole battalions of hostile Hoggs and nameless surgeons the baby.
Callable bonds have been refunded and paid, so that during this year the average rate of interest on the present public debt for the first time fell below 4 per cent. Keeping the credit of the Nation high is a tremendously profitable operation. The immediate fruit of economy and the retirement of the public debt is tax reduction. The annual saving in interest between 1925 and 1929 is $212,000,000.
To the bonded obligations of the country the policy of refunding was early applied, bonds of high rates being called in so soon as callable, and replaced by others bearing lower rates. The income of the Government was so immense that it proved unfortunate to have set so late a date as 1891 for the time at which the 4-1/2's could be paid off.
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