The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-01-21

people sftAe South. The Convention Of Georgia
has voted that State ont Of the Union by MAORI
" unexpectedly large, and very Disappointing TO
those who expected the business interests Of 3D.
vannsh to exercise some influence on the action
OF the Convention. Il IL known that tho
immediate secessionsts are in q large majority in
the Louisiana Convention, which is to meet on
Wednesday. An attack on Fort Pickens, Florida,
now held by the United States troops with an in
adequate garrison, is daily anticipated. The L..
gslatures Of the border States express very de-
cided purpose to share the fortunes of their South
ern brethren, unless the North grants concessions
which, thus far, the republicans evince no willing
ness TO make. Even Georgia is not more emphat-
ic on this point than Virginia. Any day may
bring us intelligence of an outbreak and actual
hostilities either at Fort Sumter, at Fort Pick
ems, or on the Mississippi, at the capital itself
In this plain statement Of the facts there is GER
tanly very little to encourage the sanguine hopes
Of the believers in early settlement of the poll
teal trouble; though. of course, every one must
desire ardently that in this instance Wall street
may prove true prophet.
The most important event Of last week, in q
financial point Of view, was the award yesterday
of IS GOO 900 of Treasury notes. bearing average
interest of fraction under ii per cent. The total
amount of bids was 1920, 700, at various
rates of interest from 81 to 20 per cent. OF these
all bids under Ii are successful. These amount
figure it, to IS, 239, 600 leaving ST. 76I 600 to
be divided pro rata among the bidders at IL per
cent. Considering the condition Of the money mar
ket, and the abundant means which the United
States win possess, in any event, to meet their
liabilities the award seems to be hard one for
the government This is due, however, not alone
to the disturbed condition of the political affairs
but in a great measure to the shocking dis
credit into which the United States Treasury
fell under the administrations of Messrs. Cobb
and Thomas. The last batch Of IS 900 600 we're only
disposed Of through the strenuous exertions of Mr.
Cisco and others, who appealed to the patriotism
Of New York bankers to protect the government
from disgrace. It is shown above that though
the political condition is rather worse now than it
was then, the amount Of bids yesterday was more
than twice as large, and the rate Of interest de-
maHded more than one per cent less than was the
case when the last award was made on 18th De-
cember ultimo. Not only. had Messrs Cobb and
Thomas repealed capitalists by their secessionst
opinions, but their management of the department
few prudent men cared about having any transac-
tons with them. People who took Treasury notes
on the 18th ultimo had to wait over fortnight
for certificates; and it is an actual fact that
the January coupons on the Ohio bonds held
IN trust by the United States government were not
sent here for collection until it was too late to
obtain payment here. There is reason to believe
that under Mr.. Dix the business of the department
win be conducted properly and in q loyal spirit;
but discredit is stain which it takes time to eff
face-the new Secretary must bear the penalty Of
the faults of his predecessors. Referring to the
bids il will be noticed that while the Bank of Com
merce for itself and others, bid for 81 600 900 at
IL per cent, Mr.. H. +. Vail, cashier Of that insti-
tuition, bid for So 500 900 at II, and subsequently
for 100000 at 1917, and 100000 at l0H.
These bids need word of explanation,
which may be spoken now without any
breach of confidence. After the last award Of
IS 600, 600, several New York bankers waited upon
Mr.. Buchanan and informed him plainly that if
Mr.. Thomas remained at the head of the Treasury
Department there would not, in all probability,
be q single bid from New York for any more Trea-
sury notes, at any rate Of interest whatsoever.
They recommended as his successor Mr.. John A.
Dix, gentleman who possesses the confidence of
the business community and of whose loyalty to the
Union there is no question. The President adopted
beth suggestions: Mr.. Thomas was removed and
Mr. Dix was appointed. Having thus achieved
their purpose, the New York bankers felt in honor
bound to see that the new batch Of Treasury notes
were taken at some rate of interest. As, however,
II is obviously beyond the province Of mercantile
institution like the Bank Of Commerce or the Bank
Of America to speculate in government securities,
il was determined, while bidding for enough to
secure the award Of the whole, to ask 50 high a
rate of interest that the public could safely under
bid them. Hence, when the bankers met on Fri
day afternoon, a general bid for "a 100000 was
made MP at IL per cent, and subsequently second
bid for 81 500 600 at IL, by presidents of banks,
who, though prohibited by their boards from asking
less than IL, were still anxious to exhibit their
readiness to sustain the government. Both bids
we're sent in by the Bank Of Commerce, as agreed
upon. The following were the bidders at 1l:--
Merchants Bank .............s.. $4,000
Mechanics $1,000
Phenix Observation-Disclosures. 200 600
civ ACKNOWLEDGEMENTS. 600 600
National ........................... 200 900
Seventh ward ........................ 100 900
American Exchange 400 900
proadwav ................,...,.... $50, 600
a " stout ACKNOWLEDGEMENTS. $50 900
Continental Bank 100 900
Trnued states Trust Company ............. 100 600
Bank Of Commerce looooOo
Total .fsooo,Voo
The bids at IL per cent were as follows