, 1861-06-04
The New Loan---~ItG Relation to the
EuTTtucIa

To-day the advertisement Of the $14, ,000, 900
loan expires, and a8 under the act Of Congress,
authorizing the lean, no bids under par con1d
be received, the advertisement Was merely
pro .fo,7na, 10 comply with the letter Of the
iaw. The advertisement falling to oattract bids
Oh thcse terms, the Secretary Of the Treasury
Ia authorized to issue the amount Ia Treasury
Notes. Weunderstand that the Boston Banks
ara ready to take abont three millions, and
the Government will undoubtedly have no
difficulty In issuing them In payment for sup.
plies. Wehaye constantly advocated the issue
Of Treasury Notes Of small denominations as
3 means Of supplying the Treasury with mon
ey, md giving the people Of all classes chance
to coutilhute to Tie support Of the Govern
ment. We horo that thts will be one Of the
meaenres brought before tho extra session of
Congress in July. The Exchequer Bill aystem
In England has always afforded the finance
minister great facilities In conducting the fls-
cal businees Of the nation, and also afford the
commercial community safe and profitable
temporary Investment. Let an act be passed
authorizing the issue Of ono hundred million
dollars Of Treasury Notes Of the denoulina-
tions Of ten, twenty, twenty-five 1tty, one
hundred, and five hundred dollars, bearing
interest, coupons attached, for two years, or
the interest payable OF presentment Of the
that it has been pald Let the notes be MI
dated on the same day, 80 that the entire issue
may be uniform; and when prepared, let eve
~ Custom House md Post Office In the coun-
try have supply, with 1nstructicns to dls-
tribute them to the public, at par and interest
up to date of sale. It is very Important that
tie issue ahould be uniform, as it will save
great deal Of calculation, and every one will
know just how much Interest is due On all
Treasury Notes of TINT isaue at any given time,
We would have the interest payable semi
annually either on delivery Of the coupon or
on presentation and Gtampiug of tho note.
The rate of interest ought not to be more
than six per cent, We think, for many reasons,
one Of which Is, that no other rate short Of
| twelve ID so easily calculated; and another,
| ttat We think the Government can get a1l the
| money at that price If this measure Ia car
rled out we h5ye no doubts Of it's success !;
there will be an amount Of enthusiasm drawn
out by direct appeal to the people to take
| the Notes, Of which oil enthusiasm yet expeud-
! ed Will seem as but shadow. Every loyal
man in the country will put all his reserve
caeh into them, and they will at once crowd
| out wildcat shin-p1usters on the Western
| States. When We remember that our banks
have maintained circulation of over four
! hundred millione, and that at least twelve mil
| lions have been destroyed by the failures OF
banks at the West, We can easily SEE the Place
where Treasury Notes to the extent OF one
hundred millions may be placed. II this ap.
| peal is made NC venture to Say that the p3or.
est Of our people will withdraw their little
boards of gold from secure hiding places and
| invest 1t In these notes, and that in the ordi
nary transactions Of commerce, payment In
| Treasury Notes will soon be preferred to pay
ment in uncurrent bank notes, If not to coin
itscG.-N =. Courier and Enquirer.