The Kingwood chronicle. [volume] (Kingwood, Va. [W. Va.]) 1861-1861, 1861-07-20


disposal Of their country, The convenience
Of calculation incident to the rate proposed is
quite obvious, for the interest being equal to
one cent day, on fifty dollars, it is only ne
cessary 70 know the number Of days since the
date ota note orthe last payment Of interest,
to determine at glance the amount due up-
no 1t.
70 increase still further the facility of cal
cnlatlon, it Is proposed also to issue the
Treasury notes Of this loan in sums $50, sloo.
$500, 81 900 and $1,000. with the amount Of
interest for specified periods engraven on the
back Of each note The facility thus secured
to the holder Of determining the exact n
mount OF the note and without any trouble
OF computation, will naturally enhance its
value tor all purposes of Investment and pay
ment. While the rate proposed is thus III
eral and convenient the Secretary regards
also as, under existing circumstances fair g.
equitable to the Governments The bond1f
the United States, bearing an interest Of
per cent, and redeemable twenty years all
date, cannot be disposed of at current mar Il
rates 50 that the interest on the amount NJ III
lzed will not exceed seven and three tent
per cent, nor is there any reason to bcliey
that Treasury notes bearing an interest Of
per cent. receivable for public dues and con B
yertlhlc into 20 years 6 per cent bonds, can
he disposed of in any large amounts 50 that
the interest on the sum realized will fall much.
# at all. short Of the rate proposed for the
difference Of interest, if any between such
notes and those Of the proposed national loan
The Secretary thinks the absence Of the fea
1 tnre Of receiyability for public dues in the
latter is compensation. To secure the vi
| dcst possible circle Of contribution the See
retary proposes, iii addition to the uluce-
ments just mentioned, that the books be
opened at the office Of the Treasurer of the
| United States in Washington, at the Offices
Of the Assistant Treasurcrs and repositories
OF public moneys, at the Offices of such Post
masters and other selected persons in such
\ cities and towns Of the Union lis may dc des
ignated, that subscriptions be received for
500 or any sum being the multiple Of $50
that the sums subscribed be paid in cnsh, or
if the subscriber prefer in instalmcnts of one
tenth on the st and 9Th days Of each month
thereafter, the first instalment to be forfeited
IN case of non payment OF subsequent install
ments; that interest accrue aud be raid as it
becomes due on all sums paid ia from the day
Of payment, and that Treasury notes be it,
sued, if required, for all payments except the
| first instalmcnts, and for these on final bnts
mcnt, the Secretary cannot doubt that f6f ,
loan 50 beneficial aad 50 advantageous, sceu.
red both as TO interest and principal bt nde4
quate provisions Of revenue, an appeal % the
people will be answered with promptitndc
and liberality In addition to the sn1ns 10
be raised BY national loan, the Secretary pro.
poses, in case it shall be found inekpedieff TO
provide the whole amonnt needed ii that
mode, that bonds or certificates Of debt Of the
United States be issued 70 leaders Ii the
country, or in any foreign country. rates mot
lower than par for sums of 500, 1ls0OO and
5000 or Of eIoO, f5O0 ard 81 900 sterlins
not exceeding in the aggregate sion, ,OOO, ,0OO,
or if issued in the currency Of Great Britain
not exceeding f20, 900, 90 sterling He pro
poses further that these bonds or certificates
be made rcdeemable = the pleasure Of the
government, after period not exceeding 90
years after common date not inter than the
first day Of January, 1862, and bear inter
est not exceeding Per cent payable ID
London or at the Treasury Of the United
States, with exchange = s1ch rate - win
make the payment equal . payment in Lon
don II the ample prcvision already fecon~
mended for the punctua1 payment u ~ H.
terest and final redemption d the priheipol,
be made by Congress, the oecsef1s1 t1oes
tains very confident expectatioh TIT h NH f.
found practicable to negotiate 1es5 ee
cradle part Of this loan If not the ~ !. e.
our own country a. favorable rates aid
whatever part if any, may be obtained fi0
capitalists in other countries will be easily q
tanned. For whatever sums may be need1
to supply the full amount required fr t.
service Of the fiscal year, and AZ an auxiliary
measure already proposed the Secretary r.
commends that provision be made for the is
sue Of Treasury notes Of so and so each.
payable one year from date, to m amount not
exceeding in the aggregate 80, G,UO, ,O0--
These notes should bear interest 1t the rate
Of 3 65-IOO per cent, and be exchangable -
the will Of the holder for Treasury notes or
exchequer bills, payable after three year1,
bearing 3lO per cent. interest, o. SHOULD il
be found more convenient they may be made
redeemable, On demand, in coin, and nsued
without interest. III either form tia HeGsu-
~ notes Of these smaller denofninsfi6m my