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Updated: May 28, 2025
It was at any rate a comfort that the beautiful lady was not seeing anything of this. And he could explain afterwards to his friends that the Englishman was clearly a lunatic, deserving pity rather than punishment. He made some sound of protest, but attempted no delay in refunding the money Benham had prepaid. Outside sounded the wheels of the returning carriage. They stopped.
"I've thought a good deal about this," he said, "when I've had time to think, these last weeks. I'd give a lot to stand clear with the world. I'd like to do a spectacular refunding of what I stole and lost. But I'd far rather pitch in and save Addington. Maybe it means I'm warped somehow about money, standards lowered, you know, perceptions blunted, that sort of thing.
The money which had been deposited in banks without interest has been gradually withdrawn and used in the redemption of bonds. The result of this policy, of the silver legislation, and of the refunding of the 4 1/2 per cent bonds has been a large increase of the money in circulation.
The two laws for purposes of refunding, taken together, authorized the issue of $500,000,000 at five per cent, $300,000,000 at four and a half per cent, and $1,000,000,000 at four per cent, all to be payable in coin, to be exempt from taxation, and to be issued without any increase of the debt.
Its items at this time were $222,207,050 in bonds at 4-1/2 per cent., payable in 1891; $714,315,450 in four per cent. bonds, payable in 1907; four per cent. refunding certificates amounting to $141,300; the three per cent. navy pension fund of $14,000,000, and the Pacific Railway six per cent. bonds, $64,623,512.
Of five-twenties of 1862 10,300.00 Of five-twenties of 1864 7,050.00 Of five-twenties of 1865 9,600.00 Of ten-forties of 1864 133,550.00 Of consols of 1865 40,800.00 Of consols of 1867 235,700.00 Of consols of 1868 154,650.00 Of Oregon War debt 5,450.00 Of refunding certificates 109,150.00 Of old demand, compound-interest and other notes 13,300.00 Total 134,178,756.96
How it came to pass that people were so violently bent upon getting into this assembly, which I allowed to be a great trouble and expense, often to the ruin of their families, without any salary or pension: because this appeared such an exalted strain of virtue and public spirit, that his majesty seemed to doubt it might possibly not be always sincere; and he desired to know whether such zealous gentlemen could have any views of refunding themselves for the charges and trouble they were at, by sacrificing the public good to the designs of a weak and vicious prince, in conjunction with a corrupted ministry?
Again, if I had the support of the President and Cabinet, I could not have used the fact as an excuse for myself. The public knew no one but the Secretary. I chose to act upon my own judgment knowing that there was no one else to share the responsibility in case of failure. In my report to Congress, in December, 1869, I set forth a system for refunding the Public Debt.
Though an act merely for the deposit of the surplus moneys of the United States in the State treasuries for safe-keeping until they may be wanted for the service of the General Government, it has been extensively spoken of as an act to give the money to the several States, and they have been advised to use it as a gift, without regard to the means of refunding it when called for.
But times have improved with Tevula since then, and he is now in a position to claim the poor defendant's whole herd, though he generously says he will not insist on his refunding those cows which do not resemble the original heifers, and are not, as they were, dun and red and white.
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