The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-26

'cC"i'lutHial ba'lu Ell Europe VIII aOpea', 10
the confidence that good os,ioes will be given ia
behal, ofthe best 10 'erests Of all.
STATE LOANS AND PRIVATE CArnAL.-D During
the past week three government loaus have beea
awarded to bidders here, which give a practicu
illustration of the value of money among us, and
the estimation in which undOubted securities are
held.
The first and most important was the United
States Treasury note loan for five millions az dol
lere; the second was portion of the General
Fund debt of the State Of New York to
the amount of three hundred and fifty thon
sand dollars and the third was city loan o.
three hundred thousand dollars for the Central
Park Improvement fund. No extraordinary
efforts were made to secure subscriptions for
these loans, no patriotic appeals to the masses,
nor any efforts by anxious officials to sttmu.
late capitalists. Nothing more was done than
simply to announce in the newspapers that
proposals would be received up to particular
day. The first result worthy of notice ia. that for
the five millions of United States Treasury note
loan, thirteen and half millions in bids were
u
amount required; and for the New York State
loan of S350,000, over one million was bid for,
being also about three times the amount that
could be taken.
The next circumstance is the value placed by
capitalists on their money. For the treasury
notes of the federal government, without any
specified time to run, but partakiug of the cha
racter Of payment to be made when it suits
the creditor, little over one half of the desired
amount was offered at an average of So per cent,
and eleven millions at Blk per cent. For the
State loan the offers were made ia different
form. A five per cent stock was put up for sale,
With fixed term to rum and commanded an
average Of one per cent premium. These facts
prove that there is an abundance of capital here
seeking permanent or long term investment at
something less than Eve per cent per annum, but
that when taken to be repaid at the cali of the
creditor, it demands six per cent per annum In
terest.
States is as much entitled to confidence as the
faith of the State Of New York. That one should
have to pay six per cent for money when the
other can obtain it at five, is due only to the
different plan of making the loans which We
have pointed out. When capital seeks employ
ment in undoubted securities it does not want to
be returned within short period, and to run its
chance for reinvestment- Our politicians in
Congress, by losing sight Of one of the plainest
principles in finance, and living from hand to
mouth, cast discredit on our public securities,
as is shown in the facts we have cited.
PROTECTION FOR JMNIGRANTs.-We have re-
ceived recently several communications in rela
ton to the manner in which the foreign immi-
grants are treated upon their arrival at Castle
Garden. The latest information that has reached
us is in semi-official form, and embodies
the proceedings Of a meeting of the German
society," held at ST. Matthew's church on the 23d
instant The society states, what has frequently
been charged before, that the action of the
Legislature whereby the business of receiving
and transporting immigrants was turned over to
the Commissioners of Emigration, and under
which the emigrant depot at Castle Garden was
established, has not answered the expectations of
the societies which projected it; that 1t has been
used chiefly to legalize the old system of run
ners which it was intended to suppress; that it
has been further employed for the aggrandse-
ment Of politicians, and that it has in no way
answered the purposes for which it was ostensi.
bly, formed.
We are inclined to believe that the German
society is right II is beyond doubt that the
establishment of the Castle Garden depot was
only justifable as a violent remedy for violent
disease. 1t appeared that the police of the city
was not strong enough to prevent the wholesale
robbery Of immigrants, and consequently they
were put in sort of quarantine to protect them
from the land sharks. In fact, they were and are
confined in Castle Garden, restrained from the
transportation Of their effects, and denied the
choice Of transit from the city, the depot being
the agency of two railroad companies. Not to
adopt altogether an expression which is freely
used, it is alleged that the immigrants now only
escape from the hands of one set of thieves to
fall into those of another.
Without endorsing any of these charges. we
may cay that the system adopted at Castle Gar.
den is altogether wrong. and that there is an ex
cellent opening for radical reform; otherwise il
might as well be done away with altogether.
THE COLLEGE COMMANDMENTS. exam
nations terminating the collegiate years, and
which are oddly enough called commandments,
vii! soon be in session all over the country.
Our youth look forward to them as epocbs of i'm.
portance in their career Some hail them as Donor
tunities for distinction, whilst others regard them
as the term to the drudeery Of collegiate
course little Imagining how glad they may feel
at some future period to return to the easy and
measured labors Of their Alma Mater. The re-
Election which suggests itself ir connection with
the advertisements that crowd our columns In