Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-12-23
10000
4,142,850
OF THE LOAN.

VT lO<lINs
The act of the Sd of March 1915, au-
thorized loan, for sum not exceeding
l8.452. 800 dollars lit was made lawful to
accept in payment of subscriptions such
Treasury Notes, as had been charged on
the sinking fund: and commission not
exceeding one quarter of one per cent.
was allowed, for selling the certificates of
stock, or procuring subscriptions to the
loan. Under this authority the annexed
notice, marked F. dated the 10th of March
1918, was published, openins; loan for the
sum of 10000, 900 dollars, with view, 1st,
to absorb portion of the Treasury Note
debt Cd, to obtain funds for paying the
unsubScribed arrearages of that debt and
Sd, to aid the treasury with supply of the
local currencies of different places, in
some proportion to the probable amount of
the local demands.
The offers to subscribe to the loan prior to the
18th of April, 1915, placed Gas il was proper to
place) money and treasury notes upon the same
footing but the offers varied essentially,in the
terms and conditions that were annexed to them !;
and, in point of fact, no direct offer was made TO
subscribe at higher rate than 80 per cent. while
some of the offers were made at rate lower than
seventv-ive per cent. Upon this experiment,
therefore, it was seen at once, that the situa
ton OF the treasury required new course of pro-
ceeding, and that neither ,he justice due 20 the
equal rights of the public creditors, nor fair es-
innate of the value of the public property, nor an
honorable regard for the public credit, would
permit the loan TO assume the shape and chatac-
ter of a scramble; subServient to the speculate
ons which create what is called market price,
and shifting in every town and village of every
state, according to the arbitrary variations of
what is called the difference of exchange.
In this view ofthe subject, all the offers fsub.
scriptlon to the loan, made In the first instance
were declined; but it was declared at the same
time, that offers at the rate of 95 per cent would
be accepted. The rate thus proposed, was a
dopted, upon consideration of the value of the
stock OF the equitable, as well as legal claim
of the holders of the treasury notes and of the
real condition ofthe public credit. The objects
of the loan being (as already stately to absorba
portion Of the treasury note debt, and to acquire
sufhciency oflocal currency, for local purposes,
the price of the stock at the treasury was, of
course, independent of the daily up-and.down
prices of the various stock markets in the union,
and could only be affected by the progress to-
wards the attainment of those objects. Thus,
while nc wants of the treasury we're insufficient
ly supplied, offers TO subscribe were freely ac-
cepted, and the parties were sometimes autho-
rlsed and invited to increase the amount Of their
OutIS out Wllefe local IlinQS naQ so aCCumulat-
ed, as 10 approach the probable amount of the
local demands, the price of the stock was raised
at the treasury and, where the accumulation
was deemed adequate TO the whole amount of the
local demands, the loan was closed
The policy Of the course pursued at the treasu-
ry was soon demonstrated. Offeryof subscription
to the loan, at the rate of IS per cent payable in
treasury notes, or in money, were presented to
a large amount soon after the rule of the treasury
was declared and the annexed table marked G,
will exhibit the progressive and actual state Of
all the subscriptions to the 30th of September
last.
In the District Of Columbia the money sub
scriptions Qncludng the subscription ofcertan
lquldsted claims upon the treasury were sue
ccsslvely at IS, 90 2, 81, and 90 per cent. and
finally, at par. In the city of Baltimore, the mo-
ney subscriptions have been entirely at o5 and
90 IL per cent. nthe city of Philadelphia, the
money subscriptions have been entirely at IS per
cent. The price was raised at the treasury from
IS TO 98per cent. on the 18th of June (subiect
OF course, to all unexecuted subscriptions preyi.
ousy accepted or authorzed) and, since that
time, considerable offers have been received at
IS and 90 per cent. but none have been received
at the encreased rate Of % per cent. The sub.
scEiptions payable in treasury notes have been
made in all places, at the same rate Of o5 per
cent. general abstract Of the state Of the
loan may, therefore be reduced to the following
form
In the District of Columbia the subscriptions
have amounted,
1. In money 70 the
sum Of oQ1 oqz 40