The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-05
The poprinr Loan.


second instalment Of the popular loan, and
have. in effect, taken the whole one hundred
and fifty millions OF dollars Off the hands of the
government The Secretary Of the Treasury
has every reason to be satisfied with the prompt
negotiation Of his Treasury notes Never was
q financial operation more easy or attended
with less trouble and annoyance. The first in
stalment taken, the taking Of the second and
third follows almost as a matter of course, and
without very much doubt or excitement. In
the perfect facility with which this immense
sum of fifty millions of dollars las been nego
tiated by the government there is, perhaps,
little to be wondered at; but we must not for.
ge. either the time or tho circumstances attend
ing the negotiation Of the first fifty millions, by
which the instalment just taken was really
guaranteed.
The loan was asked just after the battle of
Bull run had demoralizcd the army, shocked
the country, and seriously affected the money
market Almos. the very FIRST indication of the
unaauntod energy of the North was the action
Of the associated banks in regard to the ropu-
lar loan. At that time the very shrewdest of
English capitalists would hardly have invested
a dollar in this issue Of Treasury notes, and the
leading English journals were warning the mex
perienccd and unwary to have nothing to do
with she securities Of our bankrupt govern
ment Thus our loan seemed shut out from the
usual market Of Europe, and there was nothing
for us to do but to withdraw it altogether or
take it ourselves. The question was one less
Of financial TACT than Of patriotism, and the
associated banks answered it satisfactorily and
without hesitation. The people only required
an opportunity to display their patriotic devo-
ton to the Union and their entire faith in its per-
manence. The government furnished them with
this opportunity, and the very first day that the
people had chance to invest in these 7-3o
Treasury notes the loan was declared "popu-
lar' by accamation Ii is not remarkable
thing now that the banks should guarantee
this second nstalment, nor that the people
should wish to invest in so excellent and remu-
nerasive security, nor that the English capt.
taiists should Withdraw their opposition to the
loan and display great desire to bug into it.
The remarkable thing is that the first install
ment should have been thus guaranteed and
that the people should have been SO eager
to invest in it, at the time when the case
seemed to most people TO stand Patriotism
versus Prudence. The loan was an expert
ment--and many thought hazardous onc-then.
1t is an assured success now, and must take its
place upon record as one Of the most re-
markable instances of national iinanciering and
of the confidence Of the people in the pcrpetu-
ity of their government in the face of disaster
and disgrace.
Secretary Chase may well congratu-
financial horizon just now. The banks
have pledged the government all the
money it con reasonably need. Wall street is
confident and assured, and if the market is not
buoyant, it is at least cordially steady and re-
liable. All over the country the people are
coming forward with the sinews Of war, and
there is q general contentment and quiet but
hopeful, expectation, which is the no menos-
the ..golden mean'-betwccn undue enthusiasm
and undue depression, and which is the very
best frame of mind that the people could posi-
bly, have, in view Of whatever, for good or ill,
the future may have in store for us. We trust,
however, that these hopeful anticipatons will
not be disappointed. Such victories as that at
Hatteras, at Pensacola and at Munson's Hill in
crease but do not crafty these expectations.
Such defeats as that at Lexington do not en-
tirely disappoint them. What the people await
is decisive action; and we trust they will not
have to wait much longer. They have supplied
the government with money; they have done
their part of the work nobly and thoroughly
Now let our generals and our armies do theirs,
and the peoples loan and the peoples arms
shall together work out the salvation of tho
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