New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-09-12
THE FEDERAL LOAN.


The New York Herald some three weeks ago,
had glowing and animated account, two columns
in length of the rush to the office OF the Assistant
Treasurer ID that city, the part of the popuace
generally, eagerly anxious to get a chance at the
new popular loan called for by old Chase, the
Federal Secretary of the Treasury. According
to the Herald's story, there were old people and
young there, males and females, white and black,
struggling with each other for precedence, for fear
the whole loan would be taken before they
had chance to get a slice of it. Old apple
women with coin boarded up in their stockings,
peanut vendors, keepers of oyster-cellsrs, cab
drivers and other capitalists small scale, were
hustling and jostling rich old merchants and bank
ers, and the Herald declared, in an exstacy of
satisfaction, that there never was shown before
such alacrity in coming forward " to the aid of the
Government" The sums subscribed, said the
Herald, ranged in amount from fifty dollars up to
fifty thousand. d..
1t was declared that. the popular loan bid
fair to be as great success Us that called for by
France some years since, when the amount wanted
was subscribed in three days. We thought, at the
time, the Herald's story read very much like a
romance !; that it was destitute of uTalsem6Iamce,
and that, by possibility, the thing might have been
gotten up for effect abroad inasmuch as steamer
sailed for Europe on the very day the Herald's
publication appeared. And SO, indeed, it appears.
A dispatch from Washington city to the New York
Commercial Advertiser, a Lincoln paper, dated the
9Th of September two weeks after the subscription
| books for the loan were opened, announces that
! sthe Treasury Department has advices to the
effect that subscription of QUE, three hundred
| thousand dollars has already been made to the
lpopuiar loan! 4 ,,.-..
Three hundred thousand dollars in two weeks !!
And this is the total subscribed, not in New York
alone, but everywhere. We had supposed, from
the Heraid's account, that at least ten times that
amount had been subscribed in New York in one
day. 1t turns out that the insignificant sum of
three hundred thousand dollars is all that has been
subscribed everywhere, in two weeks. This
amount will keep the Lincoln g machine u running
just about six hours. -t
And this, too, after Chase had issued long Ad-
dress to the people appealing TO them to come for
ward and take the loan. 1t will be recollected
that the sum of one hundred and fifty millions Of
dollars was wanted If they get one five hundredth
part of it in two weeks, it will require not quite
twenty years to get it ALL even if the subscriptions
keep up at the same rate.
We take this as an indication that the Yankees
are abandoning the idea, with which they started
out, that the South can be subdued At first, they
certainly came forward with their money witt
great lberality- corporations and indi
viduals. But We hear nothing of that now. The
people We're told by their lying politicians ant
presses that the war would be short and sharp
that the South could be easily put down in O, few
| months Seward, in a public speech, fixed the
| limit Of the war at ninety days. The Yankees
e calculated that it would be cheaper to spend d
great deal of money at once than to protract the
war for long time, and the calculation was COR
| rect, on the supposition that the rebellion could
be ;qGelled, of which at that time they had nc
donht. Their usual astuteness was not at fault
except in this latter belief. Strange to say, none
them ever anticipated that the subsection of the
| South was an impossible thing and it was THU
| great mistake in the calculation that has nov
brought them to grief. 81
| When the Northern banks, some time ago
agreed to take Government loan of fifty millions
it was subject to, the condition that all the sub
| scriptons to the popular loan should be in reduc
| ton of the amount. All the money received from
this popular loan was to be paid into the banks, t.
be placed to the credit of the Government, dirnin
ishing to that extent the bank loan of fifty millions
whole amount. They have the :" privilege" $50
is called) Of subscribing for fifty millions more il
| October; and the further g prvilegen of anothe
| fifty millions in December. We are afraid the,
| will turn QUITO be like some ukewarm Christian
thatare frequently told by the preachers that the
don't g live up to their privileges"
Money is cheaper in New York than ever before
and there are less openings for safe and proftabl
investments. Yet the Government offers an inter
est Of seven and three-tenths per cent, and there
| are no takers. Chase begs as pteously for custo
mers as if he were q chuek.a-luck player, on
race course, assuring the people that that is thu
place to get their money back; but, somehow o.
| other, the shrewd Yankees " don't see it,"
| They are none ths less anxious to see the South
| subdued than they were in the beginning. They
| are even more so. But the financial folly OF
throwing good money after bad y is something
they understand as well as other people. It ia al
| once disgusting and amusing to hear them swear
| ing at Cameron and Welles for not putting dowr
the rebellion. when not one in fifty of them voun.
| teers for the army, and they know that the wal
| canuot be carried on without money, which none,
| they refuse to furnish. If Old Abe stops the wa
| he will be cursed and denounced throughout hi
whole doninions and if he earliest on his Govern
ment goes to ruin. The Yankee nation, as we sale
| the other day, is not fit for empire.
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