The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-16
The Treasury Loan.

At meeting of the Bank Ofcers, held at the American
Exchange Bank Thursday, August Is, 1861, at which
thirty nine banks Of this city represented the fol
lowing plan FOX assisting tho United States government
was unanimously adopted-,he votes being taken by
call of names
SECTION l. An Immediate issue made by the United
states Treasury Department OF treasury notes dated
August f6 1861, bearing interest from that date
per cent, to the extent Of nfty millions Of dollars
Sec 2. The banks of New York, Boston and Pfadcl-
pa associited to take jointly this fifty millions par
With the privilege Of taking at par additional fy mil
lions October 15 by giving their decision to the Depart
ment October l. and also at par fifty millions December
Is, by giving their decision December l. unless said
amount shall have been previously subscribed ma
tonal loan bstg understood and agreed that other
government stocks bonds treasury Except trc
sury notes payable on demand and fhe Oregon
February 1852 should the associates avail Of both pr
vleges, until December 10, 1861 should they avail Of
the first only, until October IS 1861 il they take but
the present fifty mions--exccpt that the government
may negotiate in Europe, or through subscriptions TO the
national loan.
Sec g. An appeal to the people for subscriptions TO the
national loan 10 be made by the government, and the
subscriptions for the notes progresses and the moneys
are paid in the same shall be paid over to the govern
ment deposited with banks selected by the Secretary
of tho Treasury with the Of Committee Of
the Associates and so much of The proceeds Of
said loan as shall be required for the purpose
shall be applied in reimbursement of the associates for
subscription, by them paid in and not otherwise REIN
burscd The treasury notes issued to the associates,
SO far as the New York banks concerned shah be
received by the loan Committee Of New York banks nt
80 per cent, basis for issuing Clearing House cerh
Gates to any bank desiring, under tho existing arrange
ment (Which must ncc ssary be continued and the
subscription of the banks shall bs in the proportion
capital except that the interest aud proportion Of
institution shall exceed Onc-tcnth Of the whole fifty
millions.
SEC 4. On the 1st Of October should the Associates Cor
any decide not 10 avail OF the privilege Of taking
tho second fifty Millions then the balance Of notes re-
naming Of the fifty millions already taken by them shall
be apportioncd and divided among them (pro rata
and they shall make paym for THOR respective pro.
portions
Sec. 6. OF this subscribed by the Associate ten
per cent shall be paid forthwith To the Assistant Treasurer
at New York, Boston Philadelphia and the residue
shall be placed to the credit OF the United States on the
books Of tho banks subscribing Certificates shall he
issaed TO each sabcrber stating the amount paid in
and deposited and the deposits shall be Withdrawn or
paid into the Treasury (Which shall be- nearly ne may
be- in proportion OF the several subcriptions Treasury
notes bearing $50 interest shall be issued IN ciua
the subscribers respectively And when the
deposits shall be entirely paid to the United States Tres
sury notes for the ten per cent originally paid sha also
BIO issued and all notes issued TO snrh subscribers shall
bear even date with the certificates and carry interest
from such date
Sec O. In part payment Of deposits for the first fifty
millions dollars the Treasury Department will receive
from the Associates past due notes sixty
days treasury notes, Should the second amount Of fifty
millions dollars be taken by the Associates tho Depart
mcnt will receive on account of deposits. any treasury
notes outstanding, except 730 per cent notes
10 Luz @ On .he ParS o. e Assocatcs
the banks OF Boston and Philadelphia should be repre-
sentedwhich committee should meet daily for the dir.
ton of details and at least weekly for deberson and
consideration OF imrortant business.
Sec g. In idition TO the banks Of New York, Boston
and hiildo pha, it woud 'siTabe that other parties
sio Ill be ome associates say trrs mics siIi rs
banks, rance companies and private bankers, who
In len oi pro rata Of capital, should sienatc when
jim n The Association what amount OF interest they de-
Sc. o. The capital Ct the banks Of Now York Boston
and Paie ,aa, and the resi- ecve proportions under
PRO rata div son, would be as follows
Pro rata proportion
Baak capital Of 80 millions