The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1861-12-17
From the Washington National Inteiligencer.
THE FINANCES OF THE COUNTRY.

Mr.. Chase, the Secretary of the Treasury
returned to this city yesterday, having, du
ring bis absence, completely succeeded n the
purposes of his visit to New York.
1t will be remembered that Congress- at its
July session, authorized loan of two bun.
dred aud fifty millions Of dollars, leaving at
the opinion of the Secretary in his negotis-
tions three forms of issue, viz Bonds at
twenty years, Bonds or Treasury N ties not
to exceed thr'e years, and United States
Notes Of small denominations withnut inter
eat, payable on demand. or running one year
with interest. In all cases the interest to be
paid was limited, and the aggregate amour t
Of increased Indebtedness was not to exceed
the sum Of two hundred and fifty millions Of
dollars.
In tha month of August the Banks of New
York, Boston, and PhiadelphIa were invited
tc a conference and the delegates appointed
10 pursuance Of such invitation received from
the Secretary in person frank and full state.
meet o. the wants Of the Government. acco.n.
panied by an expression Of his own finantia
views. The several conferences so held in the
city Of New York, notwithstanding the gloom
which then hung over the country, resulted
rs our readers already known, in an agree.
| neut by the Banks to take Immediately fifty
option an hundred millions adlitio, al, in two
amounts Of five millions each.
Subsequently the :cond fifty millions were
subscribed by the Banks, the option Of ta-
king third fifty millions expiring on the lst
December proxmo. The issues for these
hundred millions assume the form Of three
years bonds, paying an interest Of 70 10 per
cent.
1t is understoo that the Secretary propos-
ed for ouly one hundred and fifty millions uu
der this head Of the national loan. Such
was his confidence in the patriotism and en-
erges of our people and in the RESOURCES Of
the country that no doubt rested upon his
mind that, with the immediate aid Of the
Banks supported by a popular subscription.
the large sums necessary for the successful
prosecution Of the war could be assuredly rails
cd.
Events have fully proved his wisdom and
foresight. the first two subscriptions for fifty
millions each have be- followed by seven
per cent. loan at par, in twenty years bonis,
of a third fifty millions, leaving with the
Banks the option of taking the fourth fifty
millions IN three years bonds at 70 10 per
cent.
The columns Of this journal have recorded |
the financial transactions OF the Governments |
Of the Old World as well IA the New for !
a period Of half century. We feel a pride
in declaring that we can find no PARALLEL 10 /
the history Of any European Government,
and certsuly not in our own, Of transactions
Of such magnitude carried to successful ter
minatiou by any fiEantal Minister, surroun'
ded, "a Mr.. Chase has been, by gigantic re
bellion and civil war at home and an almost
entire absence of sympathy from abroad.
1t is true, as We learn, that several propo.
stions from abroad, having reference to an
alleged desire Of the people OF Europe to par
tcipate in this loan, and various proposals
for the disposition OF large sums abroad have
boen received, all Of which have been respect
fully declined.
To the financial skill of Secretary Chase
and the large and comprehensive patriotism
Of The Bank Managers Of the North are we
indebted for our contin"ed ability to NEE,
promptly in coin or its equivalent, the extra
ordinary demands upon tue Treasury. AMI
all will admit that the integrity as also the
energy with the affairs Of the Treasury De-
partment have been administered, notwiih-
standing the overwhelming duties d,volved
upon it, have justly inspired that coufdeucs
in its management which has ELECTED the
generous and patriotic responses of the whole
people, VIXEN appealed to toy the Secretary
for financial support.