Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1812-05-20

well Of Virginia, Mr.. Pickens of n. Carolina,
Mr. Taylor of S. Carolina, Mr.. Crawford OF
Georgia, Mr.. Anderson Of Tenn. Mr. Pope
of.Kentuoky, Mr.. Morrow of Ohio, Mr.. Fro
mentin of Louisiana, MIR. Poindexter of Mis-
sissippi, Mr.. Jennings of Indiana.
And the meeting adjourned.
]. B. VARNUM, Chairman.
r. M. JOHNSON, .Stc'ry.
T A letter was received from MIR. Black
ledge, of the House of Representatives, eX-
preSsive of his regret at being confined by IN
disposition, and asking to be permitted to
vote by proxy for James Madison. The vote
by proxy was not deemed admissible.
The following letter was received from the
Secretary of the Treasury, through the hands
of the chairman of the committee of ways and
means.
TREASURY DEPARTMENT,
May "A, 1912.
SIR-SubScriptions were opened on the
first and second inst to the loan of eleven mil
lions of dollars authorised by the act of the 4th
March last, in conformity with the enclosed
notice (A) 1t was left optional with the
Banks which were disposed 10 subscribe, Ell
Their to receive stock or to loan the money by
special contract. The enclosed circular let.
tiers (B. C. D. shew the instructions trans
mitted and the manner In which the proposals
were made to TIE several banks. 1t was tho't
most eligible not to limit in any place the a.
mount of subscriptions to any specific sum
for which reason the loan was kept open only
for two days, in order that the general result
might be sscertained, and a reduction, If ne
cesssary be made.
All the returns have now been received, *
an abstract (E) is herewith transmitted
From these it appears that Se,lis,eo0 were
subscribed in those two days, VIZ. S4,l9o,ooo
by Banks, and Sl,92s,ooo by individuals =
This last sum is greater than the aggregate OF
all the loans at E per cent. yer before obtain
ed by the government from i divlduals IN the
United States;* and, considering the price of
stocks, s various obstacles which at this time
have impeded the subscriptions, the amount Is
as great as might have been expected within
so short period. The unsubscri6ed residue
will now be apportioned among the several
places according to the apparent demand in
each, and subscriptions will be received or
stock sold, until the sums thus respectively
apportioned shall have been disposed Of
1t is confidently believed that the amount
which remains unsubscrbed for, will thus be
filled as the money will be wanted for the pub
lie service. In order, however, to prevent the
possibility of disappointment, and to remove
doubts and erroneous expectations, beg leave
to submit the propriety of authorizing the is
sue of Treasury notes OH the following prin
ciples, viz.
/. Not to exceed in the Whole the amount
which may ultimately not be subscribed to the
loan; that is to say, that the amount received
on account of the loan and that of the Treasu
ry Notes shall not together exceed eleven mil
lions; which limits therefore the greatest pos
sible amount of treasury notes to less thai
100000 dollars.
9. To bear an interest of and % per
cent. year equal to and l-2 cent per day
on one hundred dollar note
3. 10 become payable by the treasury orc
year after the date of their respective issues.
4. To be in the mean while receivable IL
payment of all duties, taxes, or debts due to
the United States.
] have the honor to be, &c.
ALBERT GALLAT1N.
The only two six per cent. loans obtained
from individuals in the United States by this |
government are /. On account of the loan o.
100000 Of dollars authorised by act of "a
MAY, 1895, one half of which stock was adj
yetised for sale for several weeks without
any offer being received, and of which at las
enly 10000 dollars were sold at private sale.
9. The navy per cent, loan authorised by
act of June 80, 1893; which made the money
subscribed applicable on the spot, to favorit'
object, and left the management and applica
ton of the fund in the hands of the subscr-
bers. The amount of this stock issued, in the |