Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-07-03

Of t65 0ov 6spmsut, "a the air 10 81 ed
with projects for the supply Of the treas
ury. The problem b TO squeeze the
money out Of the public for the main
tenance Of the war, and the operators
seem to follow the advice Of old Lzaack
Walton. wto said, when frog is impal-
ed for bait, The must be handled %
though you loved him. The portion Of
tho psopls thss de- not fight are 70 pay
the expenses Of those who do, and tLat
TO pretty round figure. Az > large
portion Of the money il to 60 into the
pockets ofjobbers aid contractor, whose
patriotism 6nds profit in . war express
ion Of il, the tax payers must b put I'M
der the;innuence Of chloroform projects.
That the nation was, six months ago,
immensely rich there can be no ques-
ton, bnt it was because the people we're
productivity employed and capital CIR
culated freely. Every means OF revenue
was active. Labor was sold to advan-
tage, and the proceeds furnished COM
forts and Injuries to the employee, rents
were paid, goods purchased, travel fre-
quent, aud real estate, banks, insurance
companies, railroads, ships, every de-
scription ofproperty yielded the owners
an income which they discussed to the
general benefit Of producers of food and
manufacturers OF goods, and every por
ton of the community prospered in the
active circulation of capital.
The approach Of war has stricken all
with paralysis. The whole circle Of OPP
erations is brought to stand. Houses,
ships, railroads, banks, corporations Of
all kinds are devoid of profits, all who
depend upon them look for a loss OF in
oemo, end all vf vu- a.,v.d economist
purchases. Factories stop, manulacto-
iies reaso operations. hands are dis
charged, and a common desire is mani
fest to collect outstanding accounts, and
to defor payments. Produce falls in
value to an extent that doubles the
weight of every farm mortgage in the
country, and all holders Of mortgages
dread in the fall of property an INSULT
cheney of security when the morgagor
can no longer pay his interest. Amidst
the universal distress there is an insa-
tiate demand for money for war pur-
poses. Nearly one hundred millions
have 10 sixty lays been raised already,
and the movement has but begun. Let
us enumerate. The Government raised
3lO,00O,OOO in January, and in Fcbrua-
nv a law was passed to raise $25 ,OOO,-
900. 1t has required four efforts 10 OBJ
tain this money. which was finally got
rs follows:
Amount asked. Seld. Prce.
Fcb.23 SO Oo0, 900 $.,OO0,O0O Stock at 9o15
April 3. 100000 3,loo,rsf Stock at94
April H.. 4s99906 4,s99,9o6 Notes at par.
! 6,753,000 Stock at IS
Nay U.s.. 100000 $4,000 Notes at par.
Total $25, 900, 100
The amount offered April ID was at
The moment the expedition was fitting
out in New York for Sumter. The pub
lie offered for the whole at 90 l-2 to 81.
but the Secretary having the incredible
folly on the eve OF such events to reject
all below "a, was obliged on the 18th of
May to sell part OF the same loan at IS.
Oct. 22d the Department negotiated
slO,ooO,Ooo in a . per cent. stock, at
100 8, 10 years ~ luu, equal 10 l1G
for 6 per cent stock. Thus, in little
over six months, the Government edit
fell 80 per cent Ia addition to this
5l5,ooo,000 borrowed by the Federal
Government, the several States have
created war loans to an aggregate of
s26, 100000. There have been private
md city contributions to the amount OF
s7,ooo,ooo. aud the supplies and mate
rails furnished to the troops privately
ale estimated at still slO,000,oO0.
The following is a list of the promi
nent State loans now on the market for
war purposes. 1t may be stated that
generally they have twenty years to run,
are in the form of bonds with coupons
attached, and transferable by delivery
They are ofvarious denominations, IS ONE
) low as $50 each, bnt the majority are
81 900. Those of Indiana and Illinois
are payable in New York.
WAR LOANS.