Martinsburgh gazette. [volume] (Martinsburgh, Va. [W. Va.]) 1810-1825, 1814-10-06

condition was annexed been rejected, TIE cohse-
auence would have been TO reduce the amount
Obtained to less then FIVE millions, SUM Alto
petber Inadequate to the public demands or,
by depressing the stock IS per cent. to have
obtained only little than SIX millions, which
would still have been insufficient to answer the
purposes Of government. Offers were subsequent
IL made 20 this loan, of sums amounting to 5oo,O0o
dollars, which were accepted on the same terms
as the original offers, and augmented the amount
of the loan which was taken TO 9,795,056 dollars
The papers annexed under the letter exhibit
the particulars relating to this loan.
There was paid into the treasury on account Of
the oan Of ten millions, prior to the LIST of July
6,087 oil dolls leaving TO be paid after that day,
3,708O45 dolls Ofthis sum, failure Of payment
on the days fixed by terms Of the loan, N about
100000 dolls. lras takenplace and it is doubtful
whether the payment will be effected. No more
therefore, can be relied on towards the supply
necessary for the third and fourth quarters OF the
year 1914 than what has been already paid and
amounting to about 100000 dolls.
Proposals again invited on the 22d OF Au-
gust, for loan of six millions Of dollars, IN fur
ther execution of the power contained in the act
ofthe Oath of March, for borrowing twenty-five
millions. The whole amount offered only
$685., 800 dollars Of which 100000 dolls. were at
rates less than 80 per cent and 2,2l3,00 dollars
were at the rate OF 30 dollars in money, for 100
dollars OF six per cent stock The remaining sum
of 510,3OO dollars offered at various rates
from 80 to SO. Notwithstanding the reduced rate
at which the greater part OF the above sum
was proposed, yet as the market price of stock
hardly exceeded 80 per cent; as there was no
prospect Of obtaining the money on better terms,
and as it was Indispensable for the public service,
it was deemed advisable to accept the sums offer-
ed at that rate Including the sums offered at
rates more favorable to the u. States than that
here stated, the whole amount OF the propos ais
accepted was 2,723300 dollars and further
SUM- of 207, 900 dollars has been since accepted at
the same rate f; making the whole amount taken
of this loan, $3.50. 500 dollars.
The annexed papers under the letter relate
10 this Loan
Some of the persons who originally made pro.
posals for this loan, which were accepted, have
since given notice that they could not carry their
proposals into execution. The sums in relation to
which this failure has taken place amount to
100000 dollars and there can, therefore, be relied
on for the proceeds Of this loan, only 2,52o,300
dollars.
Monies have been heretofore obtained by the
United States on loan i'll Europe, upon favorable
terms; and the punctuality and fidelity with which
they repaid having established their credit
there, or firm and respectable footing, 1t was
determined, in consequence at the difficulties
perlenced in obtaining at home the sums relui-
site for the public service, to try the market in
that quarter. To effect this purpose the requisite
powers aud instructions have been given for nego
tiating loan for six millions of dollars, as fur
ther part Of the loan of twenty five millions au-
thorised by the act OF the 24th OF March last
and in order to facilitate this object, six per
cent stock to that amount has been constituted
and transmitted, with directions for its sale, if
that shall be found the most advantageous mode
for obtaining the money. The result, however,
OF this experiment is not certain and the pro-
ceeds in case it should Be successful, vii not
probably come into the treasury in the course Of
the present year. They cannot, therefore, be plac-
cd among the resources of this year but as this
sum forms a part Of that which authorised
to be Borrowed, and which will be necessary for
the service of the present year, further authority
will be required from Congress for obtaining this
sum by loan or otherwise; in which case the
proceeds OF the negotiation undertaken i'll Europe
viii be applicable to the Sc ryce of the ensuing
year
With view to avoid the inconyenient increase
Of stock in the market, and its consequent depre-
Citations, an effort was made to obtain temporal
~ Loans from the banks by special contracts
but the attempt was not attended with success.
The amount OF Treasury notes issued
prior to the LIST Of July last, under the act
of the 4th of March, 1914, was s ,392, 100.
Those since issued amount to S l,5l2, 800
The annexed statement marked Il shows
the particulars relating to these notes and
IN the paper marked d an account is given
of those Treasury Notes issued under the
act of the 25th of February, 1918, which
have not been heretofore reported to Con-
gress,
There are now in circulation near
100000 of dollars in Treasury Notes of
which during the fourth quarter of the pre-
sent year, notes for more than four millions
of dollars will become reimbursable A
part of them may perhaps be replaced by
new notes; but it is not believed that up
on their present footing more than mil
lions and half of dollars can thus be re-
placed. This would still leave more than
six millions of dollars of notes in circula-
ton, which the experience of two years
has shown to be nearly as large a sum,
while the other circulating paper-medium
of the country remained unembarrassed,
and maintained itself in the public conf
denee, as can in their present shape be
freely and easily circulated. Notes of a
ilar ION 4 h., v, +hooa l. .uat cnuo