Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-05-13

at is said by etter-writers, that the Secretary
has resolved to call in the loan at the rate of only
two millions a month"; If this be true, and it had
been told the bidders before they made their offers
land the Secretary was lmpOrtuned to give them
some notice of the sums and times in and at which
lie would probably want money! it would probably
have enhanced the rate of bidding. But whether
not there is positive evil that there should be
any uncertainty In the matter and there is no ex
cuse for it compatible with honest and intelligent
discharge of the duties of the Department"
The above is one paragraph of political money
article in the Courier of Saturday 1t is very easy,
aud agreeable perhaps, TO sit up stairs in arm
chair, and presume that all the world is poorly
informed as ones SELF Yet there is a better, though
more laborous way and that IS to know at least so
much as is generally known in the street below. To
make practical application of these general re-
marks 1t is well known through all Wall street,
that the Secretary of the Treasury did say TO all the
gentlemen, that although he could not pledge himself
as TO amounts, he could say that the money loaned
would not be called for faster than it should be want
ed for disbursements; and that 10 his Judgment the
amount called for from May to September would not
be more than two millions month. This as
public at Washington, that money wanted at
all As to making all the bids public, the plan
adopted by the Secretary Is quite satisfactory to all
the bidders There is not the slightest suspicion, or
ground Of suspicion that the Secretary acted unfairly.
The successful bidders known, 0nd the unsuccess-
fu are known to themselves. 1t is of no Importance
that they should be known more extensively. If any
man bid more than one-eighth of one per cent. pre-
MUM, and did not receive what he bid for let him
speak. for he has been wronged But there are 10
such persons.
The whole matter is perfectly we'll understood.
Some of the parties here and at Boston, were eager
for too good bargain Almost all the great bidders
of Wall street and State street, in conformity with the
urgent opinion Of one two of the Chiefs agreed TO
bid together in bunch, or at least at price
and that, - be five cents premium hundred dol
lars COrcoran g. Riggs urged to become par
ties to this arrangement, and knew all about it, and
seemed inclined 10 do so, but did not finally come in
The great bidders felt sure, however, that c. & r.
wanted only two Millions any rate and that
there would be plenty for all. c. g. X. therefore
needed information help from the Secretary.
They knew all that any body knew. The bids were
put in at a late hour, and when they were opened,
behold, Elisha Riggs had bid for large sum at
twelve and one-haf cents premium a hundred dol
lars, and Corcoran g. Riggs had offered to take any
sum at that price which might remain Ii a
grand sweep, and grand disappointment But the
only game was among the bidders, and if another
loan should be wanted, the bidding will be on better
plan. The whole affair is most gratifying testi-
mony to the growing wealth Of our country, and
proves, that though many Of capitalists cry ruin
as the result of free trade and the sqbtreasury vet
the fundamental substratum Of moneyed opinion, is
firm confidence In the government and people of the
country, aud thorough disbelief in the prognosca-
tons Of dsaster.-N Y Journal Of Commerce.