The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-10-01

tanned Of an early return Of peace, and the
Importance OF maintaining unimpaired the
public credit, bv sustaining the price OF stock
III the yneantime': and also considering the
measure WIS sanctioned by precedent, 1t was
agreed to accept the loan with that condition.
Hat, the sum to which the condition was au-
nexed been rejected, the consequence would
have been TO reduce the amount obtained to-
less than five millions, sum altogether made
quate to the public demands or, by depress-
ing the stock To IS per cent. TO nave obtained
only Il little more than six millions, which
would still have been insufficient to answer
tbs purposes of government. Offers were
subsequently made to this loan, of sums IA
mounting to 500 900 dollars, which were ac
ceptcd OH the same terms as the original Of
fers, and augmented the amount of the loan
which was taken to 9,795 csc dollars.
The papers annexed under the letter Is ex-
hibit the particulars relating to this loan.
There was paid into the treasury account
of the loan often millions. prior to the list of
July, S6.037 OIL leaving to be paid after that
dav, S5,7OS,O45. OF this sum, Failure of
payment on the days fixed by terms of the
loan, of about 100000 dollars has taken
place 4; and it is doubtful whether the pay
nent 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 "a
mounting to about Sl,S00,o00
Proposals were again invited on the 22d of
August, for loan of six millions of dollars,
in further execution ofthe power contained in
the act of the 24th Of March. COR borrowing
twenty FIVE millions. The whole amount Of
fered was only $685. 500 dollars, OF which
100000 dollars were 1T rates less than so per
cent. and 2,2I5,O0o dollars were at the rate
of so dollars in money for 100 dollars of six
per cent stock. The remaining sum OF 10 500
dollars was offered ut various rates from so to
IS. Notwithstanding the reduced rate at
which the greater part OF the above sum
was proposed, vet as the market price os
stock hardly exceeded so per cent as there
was no prospect of obtaining the money ON
better terms, and as it was indispensable for
the public service, II was deemed advisable
to accept the sums offered at that rate. In
Guiding the sums offered at rates more favo-
rable to the United States than that heve sta
ted, the whole amount of the proposals ac-
cepted was 2,725,3Oo dollars and further
sum Of 2O7 900 dollars has been since accept
ed at the same rate making the whole a
mount taken of this loan, 2,95o,3C0 dollars
The annexed papers under the letter c. re-
late TO this loan.
Some of the persons who originally made
proposals for this loan, which were accepted,
have since given notice that they could not
carry their proposals into execution The
sums i'll relation to which this failure had ia
ken place amount to 10000 dollars, & there
can. therefore, be relied OH for the proceeds
of this loan, only $3.50, 800.
Monies having been heretofore obtained by
the q. States on loan in Europe, upon favora-
bic terms and the punctuality and fidelity
with which they were repaid having establish
ed their credit there, on firm and respecta-
BILE footing, it was determined, in consequence
OF the difficulties experienced la obtaining at
home the sums requisite for the public service,
to try the market in that quarter. To effect
this purpose the requisite powers and instIuc-
tons have been given for negotiating loan
for six millions of dollars, as a further part of
ohe loan of twenty-five millions authorised by
the act or the oath of March last !; and in or
der to facilitate this object, six per cent stock
to that amount has been constituted and trans
mittcd with directions for its sale, if that
shall be found the most advantageous mode
tor obtaining the money. The result, howe
Yer, of this experiment is not certain and
the proceeds, i'll case it should be successful,
will not probably come into the Treasury in
the course of the present year. They can
not, therefore, be placed among the resources
ot this year but as this sum forms part of
that which was authorised to be borrowed, &
which will re necessary for the service Of the
present year, further Authority will be reunir-
ed from Congress for obtaining this sum by
loan or otherwise in which case the proceeds
of the negotiation undertaken in Europe will
be applicable to the service of the ensuing
year.
With view TO avoid the inconvenent in
crease of stock in the market, and its conse-
quent depreciation, All effort was made to
obtain temporary loans from the banks by
special contracts; but the attempt was not at
tended with success.
The amount of treasury notes issued prior
to the 1st Of July last, under the act of the 4th
of March, 1914, was 81 ,392, 100. Those since
issued, amount to 81, 512,3OO The annexed
statement marked E. shows the particulars re-
ldting to these notes; and in the paper mark
ed ID. an account is given of these treasury
notes issued under the act of the 25th of Fee
bruary, 1918, which have not been heretofore
reported to Congress.
There are now in circulation near 8, 100000
OF dollars In treasury notes of which, during
the fourth quarter of the present year, notes
for more than four millions of dollars win be-
come reimbursable.--A part of them may per-
haps be replaced by new notes. but it is not
believed that, upon their present footing,
rnore than two millions and half of dollars
can thue hp rpp1.,CeI .yo,,1J e4;u 1.,,...