Page:Oregon Historical Quarterly volume 11.djvu/441

 Financial History of Oregon 411 A statistical abstract of this "Indian War Bonds" issue fol- lows: INDIAN WAR BONDS Authorized October 7, 1878 Date of Report Debt at Open- ing of the Period Debt Reduction During the Period Interest Payments During the Period Total Payments 1880 1882 1885 1887 1889 5,137.83 7,083.64 6,442.83 5,137.83 21,649.16 36,648.94 45,475.51 30,910.00 704.89 650.894 14,565.511 30,206.112 8,670.233 4,212.28 (1) In the statement of disbursements from "Indian War Debt Fund," pp. 74-5, the total is $21,649.16. By adding items of principal payments and of interest payments of this account separately they are found to total, respectively, $15,391.99 and $6,257.17. The figures in the table are obtained through substract- ing amount of debt at close of period from amount at opening and counting as interest payments the difference between the debt payment so secured and the total payments for the period. (2) The payments of interest and of principal are not segregated. The figures of the table were secured by method indicated above in (1). (3) Treasurer's Report, 1887, p. 118, gives as "Indian War Fund" disburse- ments the sum of $8,670.23, though the total indebtedness on account of "Indian War Bonds" (principal) outstanding at opening of the period was only $704.89. In like manner the Treasurer's Report of 1889, p. 141, gives the sum of $4,212.28, though the total Indian War Bonds outstanding at the opening of the period was only $650.89. (4) Treasurers' Reports regularly list all outstanding bonds under the cap- tion "Liabilities of the State of Oregon," but no item of "Indian War Bonds" appears in the reports for periods, 1889-1890 and 1891-1892. From 1893 to 1901 and item of $700.94 is given. From then on it is $393.43. Oregon War Debt Bonds. As no provision had been made to meet the payment of the Modoc War bonds when they became due, January 1st, 1880, the legislature at its meeting in the fall of that year provided for the securing of funds for the payment of the sums due on these bonds through an authorization of an issue of bonds of such an amount which, with the surplus accumulated from a special tax levy for current indebtedness, would suffice to liquidate the matured bonds. The bonds of this last issue were "to be sold, but for not less than their par value." They were "to bear interest at a rate not greater than seven per cent," payable semi-annually, and were "payable on the first day of January, 1890, or sooner, at the option of the state, . ." 1 iGeneral Laws, 1880, pp. 13-16.