St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1861-08-29
The Great Loan.


The banks Of the cities Of New York,
Boston and philadelphia, through their
officers and delegates, held a meeting
at the American Exchange Bank in
New York, on the 22d inst, for the
purpose Of assisting the United States
Government, by lending it money.
The action of the meeting resulted in
subscribing one huadrM anil .Gfiy mil
Inns to the Government loan on the
following terms:
SECTION !. An immediate issue to
be made by the United States Treas
ury Department Of Treasury notes,
dated August Is, 1861, bearing inter-
est from that date at 100 per cent, to
the extent of fifty millions of dollars.
Sec. 2. The banks of New York,
Boston and Philadelphia associated
to take jointly this fifty millions at
par, with the privilege Of taking at
par an additional fifty millions Octo-
her 10, by giving their decision to the
I Department October l and also at
par fifty millions December 10, by
giving their decision December |, I'M
less said amount shall have been pre-
viOusly subscribed as National Loan
1t being understood and agreed that
no other Government stocks, bonds or
Treasury notes Except Treasury notes
payable on demand, and the Oregon
| War Loan shall be negotiated or paid
ont by the Government until February
! |, 1862, should the associates avail of
both privileges, or until December Is,
1861, should they avail Of the first
only, or until October 10, 1861, if they
take but the present fifty Millions
except that the Government may ne
gotiatc in Europe or through subscrip-
tons to the National Loan.
SEC. .. The capital of the banks of
New York, Boston and Philadelphia,
and the respective proportions under
a pro rata division would be as fol-
lows
Pro rata proportion
Bank Capital Of fly millions
New-fork... s70,G0o,O00 SO 900
Boston ................ 3sOOO,Ooe l5,aO0.nOo
lHHticiphh. ............ l.,OOo,OOO 5,oOo,OOo
1t is proposed that the division
should be, say to:
New York $50, 900 900
Bnston: 10000 900
iiItOcIIhi a,OoVoUO
The omitted sections of the agree
ment specify various minor stipula-
tons. The above comprises the main
provisions Of the subscription.
1t will be observed that the issue OF
small notes rcdccmablc on demand is
not interfcred with, as was erroneous
ly telegraphed from New York. The
effect of this liberal and prompt action
of the banks was felt on the Stock
Market Immediately. 1t became dc.
| cidedly firmcr on the Government Sc
curitics the two years Treasury
Notes advancing rapidly to 81 q 994
per cent, on the street, and o. a 963
at the Board of Brokers.
This loan is the most gigantic mon
etaiy arrangement ever concluded in
this country, involving the amount of
$50, 100000, and giving the Govern
ment abundance Of means to carry on
the war against the rebels until New
Year. On Friday last there was
placed to the credit of Secretary
Chase the first instalment of fifty mil
lions, which, it is understood, he will
draw against at an average rate Of a
million per day. OF this great loan
the New York Times justly remarks /:
And the promptncss with which it
has been taken speaks louder than
cannon could possibly do in demon
stration Of the loyal courage and de-
termination Of our people. Half a
dozen such defeats as that at Bull Run
would be more than offset by this sim
gle act. 1t will breathe confidence
and courage into the hearts CT the poo
pie, and will satisfy foreign nations
that we are not yet ready to surrender
the Government into the hands OF
traitors. The London Times can now
suspend for season its solemn warn
| ings to English capitalists against
taking the American Loan. They
haven't been asked to do so yet.