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Refunding of National Debt

Refunding of National Debt

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Excerpt from Refunding of National Debt: Statements Before the Committee on Finance, United States Senate, With Regard to the Bill 4592 to Facilitate the Refunding of the National Debt

The market rate of three per cent, interest has practically never existed in England, as will be seen from the following paragraph from the London Economist:

In 1852 consols were quoted at prices varying from 3 below par to nearly 102; the history of matters for that year being as follows: Consols rose from 97 ex div. in January and touched 100 in May, and 101 early in June. They were then quoted ex div., but were again quoted at 101 ex div. on the 23d of June. Best bills wore at that time taken in the open market at 1 1/2 per cent. During August there was a relapse to 99 1/2. But at the beginning of September consols were again above 100. They remained about that price until November, when they rose to 101 1/4, and in December to 101 7/8, They were then quoted 100 1/4 ex div., but closed for the year at 101 ex div. In 1853 from 101 they fell below 100 in the first fortnight in January, and reduced 3 per cents, then at 101 1/2, quickly followed. But in March they recovered to 100, and towards the end of April they rose to 101. Consols relapsed to 100 in June, and were then quoted 98 1/2 ex div. They were as low as 90 in October, 1853, and have not since been at par until November, 1880. - London Economist, November 6, 1880.

The table in regard to France embraces all the loans of that country from 1816 to 1880. I have no information of any loan in France since the popular loans from 1870 to 1872, which was taken by public subscription. It will be noticed that in 1863 the French 3 per cents were sold by public subscription at 66.30. In 1868 the same class of securities was sold by public subscription at 69.25. In 1870 the 3 per cents were sold by public subscription at 60.60. The 5 per cents in 1871, immediately after the Prussian war, were sold at 82.50 in very large sums, and in 1872 at 84.50.

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