The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-17
FINANCIAL AND COMMERC GAL.

circles. 1t is a very brilliant success and the
more remarkable as the absurdly stupid act passed
by Congress at the extra session rendered it doubt
full whether government would get any money at
| all. Mr.. Chase will now proceed at once to appeal
to the people for subscriptions to the national loan
offering them 7 $40 per cent Treasury notes at
par. We presume that the notice will be given
tomorrow, and that books of subscription will be
forthwith opened at the various sub-treasuries and
| post Offices throughout the country. Whatever
amounts may be paid in will be credited to the
banks so rs relieve them of the $50 900 900 they
have 80 nobly subscribed 1t is of course impOssi-
BILE to form accurate idea of the amount which
may be subscribed by the people. From present
appearances, however, it promises to be large.
At this mornings board 97H was bid for two
year Treasury notes, which bear only six per
cent interest, and many applications for $40 per
cent notes were made at the Office of the Sub
| Treasurer. On reflection, the public cannot fail
to perceive that these Treasury notes the best
| and safest investment in the market The income
| they offer is more than can be obtained by any
| other safe investment, and their security is I'M
| doubted. If our government is not good for its
debts, nothing in the country is good neither
| banks, nor mercantile paper, nor bonds and mort
cages, nor any other kind or description Of secur
ty. All of these depend for their value upon the
| maintenance of government, law and order;
if government is to go down, its credit TO be
broken, no property in the country is worth own
ing England, with debt of 81 900, 900 900, floats
her per cents upon the market at 80 surely this
| country, which is far richer than England, and
owes only 100000 600, can dispose of 1910
per cent notes at par. The general opinion to-day
among well informed persons is that the public
will perceive the force of these considerations,
and will bid the new Treasury notes up to a
premium, We trust this may be the case In the
meantime it is satisfactory to know that, besides
the gold now in the Treasury, the Secretary has at
his disposal $50 900 000 advanced him by our banks
and $50 600 900 Of demand notes, which he will
at once in the payment of troops and contractors
throughout the country. For the present all dan
ger Of financial endorsements is passed, and
the negotiation of the first fifty millions of the
Treasury notes secures the future disposal of the
remainder.
We subjon a report of the meeting Of banks, pre-
pared by the Secretary MIR. George S. Coe. 1t
will be noticed that some eighteen banks were
absont when the final vote was taken. We are gra-
titled to learn that to-day every one of these banks
has come into the arrangement, and agreed to adj
vance its proportion of the money. These banks
hold to-day about $50, 250 900 in specie. The fol-
lowing is the report
PROCEEDINGS OF MEETING OF BANK OFFICERS HELD Tugs
DAY, AUGUST 49, 1861.
An adjourned meeting Of bank officers was held this day
at the American Exchange Tank, at eleven O'Clock A. M
A. Stevens, ESQ., in the chair, and George S. Coe, Sc
| viz.;-Bank of New York, Manhattan Company, MGR
chants Bank, Mechanics Bank, Union Bank Bank Of
Merchants Exchange Bank National Bank Butchers and
Drovors Bank, Mechanics and Traders Eank Bank Of
the State Of New York, American Exchange Bank, Blink
of Commerce Ocean Bank, Pacific Bank Bank of the Re
public, Peoples Bank, Bank Of North America, Hanover
Bank, Irving Bank Mcropolitan Bank, Saint Nicholas
the Commonwealth, Oriental Bank Marine Bank, Atlantic
Bank, Importers and Traders Bank Park Bank, Mechan
ics Banking Associaon Grooers Bank East River Bank
aud Manufacturers and Merchants Bank-thirty
banks at roll call subsequently the Citizens Bank and the
Market Bank were represented.
The following banks, members Of the Clearing House
Association, were not represcnted-viz Futon Bank,
Chemical Bank, Greenwich ranS Leather Manufacturers
| Bank, seventh Ward Bank Broadway Bank Mercantile
Bank Chatham Bank Nassau Bank Corn Exchange Bank
and North River Bank-cleven banks not represented
The minutes of the meeting Of the l4th inst read
The Chairman called the attention of the meeting to tho
second section of the report of the committee amended
but not adopted by the meeting of the preceding day
cipatcd in by Mcssrs J. +. Williams, W. A. Booth, Caleb
Barsow, NJ. Freeman, Shepherd Knapp, dos. NJ Price,
Thomas Teston James punnett James Galatin, George
s. Coe, j. A. Stevens, Messrs. Mercer and Patterson
Philadelphia and Gray of Boston During the discussion
Mr.. Punnctt offered the following resoluton-viz:
IL
Secretary of the Treasury should only to the issue
of Treasury notes, payable on demand very last
Sort after all other modes of issue shall have been
haused
This resolution was afterwards Withdrawn.
Mr. Gray, of Boston, presented the following PLAN for
| the consideration Of the meeting, viz.
The banks of New York. Boston and Philadelphia, with
regulations to be established by the banks in the three
cities named, TO take of the United States governments
loan of one hundred and fifty millions of dollars.
The whole amount of the loan to be placed at the credit
Of the United States the books Of the several banks
and to draw interest at the rate Of $40 per cent per
The Secretary of the Treasury to draw tho sums
CURED from time to time, but not exceeding fifty millions
in the aggregate before October 1851 exceeding
additional ny millions in the aggregate before November
Provided, That if the Committee Of the Associated
before October 1851 that the Associated Banks desire
to take beyond ATTY millions Of said loan hs agree
ment entirely at end for any amount beyond fifty
millions, in which case the banks shall have claim for
interest on any amount beyond fifty millions Of the otg
The second section of the report of the Committee
anisnded was then adopted by a unanimous vote..
Barsow moved to amend the section by inserting 90 per
cent in place of rs cent The amendment was adopt
ed twenty banks voting in the affirmative and nine
Mr. vermye moved to strike out the words nclosed in
brackets at the close Of the third section follows viz
except that the interest and proportion of no one nst
tuition shall exceed one-tenth Of the whole" After
moi Of the object proposed by the clause made Sv
Mr.. vermilye. Mr.. Gallatn renewed the notion which
was seconded by Mr. Punnett
Mr.. J. f. Williams moved to add the words s'nfty mil
lions Of dollars to the clause after the words Of
the whole" Mr. Gaatn then withdrew his motion, and
the amendment proposed by Mr.. Williams adopted.
Mr.. Price proposed the following, as a substitute for
part Of the third section viz
Resolved, That the notes thus purchased received
shall BIO held in trust by committee appointed for that
purpose for the respective Associated Banks in the pro-
portion that the whole amount Of notes bears the
of capital and that they be empowered to dispose Of the
in sums to suit purchasers for their par value and
| accrued interest to date or sale.
Resolved, That said committee shall apportion to each
bank the required toS meet the payment Of each
stated draft Of the Secretary of the Treasury after hav
ing deducted the par of such sales shall have been
made since the payment of the precedingdr Of
the Secretary and that they deposit the accrued interest
received to their credit the to be apporoned
monthly after deductng the expenses properly pertaining
| to the discharge Of their duties.
On motion the proposed substitute was laid on the table
The third section amended was then adopted by
| unanimous vote.
The fourth section was read, and without alteration
adopted unanimously