Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-07-06


! on City Stocks and Bonds, and the amount O
dividends payable on various Stocks Of Bank
g and Railroads, have made some millions 0
I dollars change hands since tn o'clock thi
morning.
The State of Ohio has paid ths interest oI
> the foreign debt of the State, (the principa
and interest payable in this city being $l4,
32l, ,s66. Of this amount $500 is du,
to-day, being q Temporary Loan. The whole
: amount Of interest paid is $424, 4,5es.6O. o
the Temporary Loan Of $3.50, 900, due to-day
the State holds in the name of the 'Commis-
sioners of the Sinking Fund" the sum o.
s22O,3s By judiciOus management in
taking advantage of the Stock Market some
months ago, the Commissioners OF the Sink
ing Fund have saved to the State, in the sim
T pie matter of interest, on this Temporary
Loan, ss,s7292. And in purchase of stock,
Iese par value, $4sl.74, makinga total benefit
to the State Of s,334.56.
This saving viii pay the expenses ofthe Of
fee ofthe Agency in this city three years. For
this good fnanciering credit is due to the
excellent Board of Commissioners who man
age your financial affairs.
On the lst of January, 1861, a Loan Of So
Alb, 925 becomes due, according to the
policy of the State, although the foreign debt
Of the State is never due, only at the option
of the State, as the certificates of Ohio State
Stocks, with the exception of the domestic
debt and $3.50, 900 OF Temporary Loans, are
'redeemable at the pleasure Of the State after
a day named" The holders of the Loan of
1860, $6,4l3,32 would be very glad to have
it continued, for any length of time, at six
| per cent. But, this season, the State of Ohio
will be in the market for new loan to pay
the loan of 1850, which falls due in January
next If the money market remains as easy
as it has been for the past three months, the
Commissioners hope to exchange the six per
cent. for five per cent stock, having from
twenty to thirty years to run. If they can
succeed in making the exchange, or in negO-
ciating five per cent. loan to pay the So
4l3, 1925, this will be the last loan the State
will make, as the Sinking Fund, provided
for in the Constitution Of the State, will take
care Of the entire debt in thirty years.
The high reputation Of Ohio as a State
! whose credit has never been questioned-her
large and increasing taxable property, it haY-
ing increased about $500, 600, 0Oo in twenty
years; the entire debt of the State being only
one and half per cent. of her taxable valu-
alton; and the TACT that money every year in
the great commercial centres of the world is
becoming cheaper, by the addition of at least
| 500, 900, 900 Of gold annually to the circu-
| lation or natural wealth of nations all these
things favor a five per cent loan, and the
stock very desirable one to hold.
Hereafter money must be cheaper, and an
acre of land must be worth more. The gold
of California and Mexico, and the mountain
slopes of our continent; of South America
and Australia, of Africa and the islands, will
be increasing every year in quantity, as facil-
tiles for mining and improved machinery are
perfected and improved.
As individuals increase in wealth, the feel
ing also increases Of having that wealth Sc
cure. They do not care so much about haY-
ing high rate of interest for their money, as
they do to having their Investments secure be-
yoHd any contingency. There are persons OF
large money l0eaEtk in this city, who would
prefer perfectly secure Eve per cent. Invest
ment here, to good ten per cent. investment
out of the city Security is what the large
money lender wants. You see this in the
sales of Government stock every day at the
Brokers' Board. U. S. 5s due in 1874 sell at
Al per cent. premium, Ohio 9s due in 1886,
sell at 10 per cent. premium; while Missouri
and Virginia 6s sell at s4a and 935, and Cal
ifornia Is at 9l3 and SO.
Parties at the West often wonder why
they cannot get money more frequently, in
this market, on their real property or person
al security. The reason is because the money
lender knows nothing of the property-be-
cause it is great way Of;-and because he
has an idea if he loans his money West the
laws for the collection of debts are such that
he viii not be able to get it back again du-
ring his natural life, and he must leave the
matter to be settled by his executors, or col
lected by his heirs, with loss offve per cent.
Attorneys fees. On A. l, stocks, or city
paper, money can be obtained here at five
and six per cent. But a party from your city
may come here with a note, drawn by L.
Case, ESQ.,, and endorsed by Mr.. N. Perry for
So, 1000, and this note represents 81, 900, 900 of
wealth, and he could not sell it here in the
market at any rate. Many would even OBJ
ject to it as collateral security. The laws of
money and trade are arbitrary. Good sscuri-
n is all that money knows or asks for here
and the security must be in sight.
The legal rate of interest will be reduced
to six per cent ere long in this State. In ten
wears, six per cent. viii be high rate of in
terest Let US have economy in our public
expenditures good administration of our
National and State Ternments--commercial
treaties with the Eastern Nations, so that we
can supply them with food and cottons, and
yankee Notions" free of onerous duties; let
the earth yield a few bounteous harvests-and
in all our land there will be plenty, and to
spare--peace and prosperity, and harmony
and fraternal feeling from the Arostook to
the HGolden Gates Of the Pacific City.
It is a matter Of deepest regret that the
Homestead bill of the House did not become
a law of the land. Gen. Jackson, when Pres
ident expressed the opinion, 'fhat the Pub !
lie Lands should no longer be a source of
revenue to the Government" Since that
OpluApn was WAALtsuj INV mEul Aull4AOu5
of our acres have been squandered and be-
come the prey OF Spectators? 1t is strange
that man who processes to be Democrat
should have vetoed a measure, so calculated
to aid the man of limited means as the Home
stead bill that did pass. Never did any man
take the Presidential Chair with so grand an
opportunity to leave it with an honorable
name and truly enviable fame as James
Buchanan, and never has any man so dis
gFaced that high Office, and his party and his
country. Well may Statesmen, who seek
that Office, exclaim-
~ would not be for earth or sky,
So seOrned and mean thing P'
presume that of the tens Of thousand
acres given by Congress to soldiers, &c, not
one thousand acres are now occupied by the |
parties to whom the land was granted. The
warrants passed Immediately into hands of |
spectators, or were thrown into the market. !
The Homestead Bill win vet become a law, |