New-York daily tribune., 1861-07-07

of $2 0c00c0, at an interest not above per cent.
Under this authority Mr. Secretary Cobb iD October,
1860 negotiated loan of $4,000 600; but, from
causes not necessary to be here specified the takers OF
$2,y7S,O00 failed to make good their oters. Ire
amount realized, therefore, was only $l1,02,OOo,
Leaving for future negotiation under the act the sum OF
The act Of the 9Th February 1861 authorized another
loan of $2J000000 on bonds at six per cent, and per-
mited the acceptance of the best bids, whether above
or below par. Under this act, in February, 1861, Mr.
Secretary Dix disposed Of bQrds to tho amount Of
s8,0O6COO at rates varying from 9Ol5 to 96l0 for
each 500, and realizing the Of 500 30,
leaving to be negotiated the sum of SIC, $4,000
The act of March 2, 1861, commonly called the
tariff act, authorized another loan of $40 &c., 000 at
interest not exceeding per cent, and also authorized
the Secretary Of the Treasury TO issue Treasury
notes In exchange for coin IN payment Of debts for
the amount Of any bids not accepted under the act of
February s. 1861, and for the amount of any loan re-
sIcted par not aken under the proposals
by toe act of Jan. 49, 1860 by the tariff act ITSELF
Under the acts of'February and March 1861, the
present Secretary in April lS6l disposed OF $3OJ9,-
OOO IN bonds at rates varying from IS per centum to
par and S4901 coo in Treasury notes at above par
allied for the $O000O0 offered the of 81, 1873
TO The Treasury and Ia May, 1861 he further disposed
of $7,3l0,O00.
The present Secretary also invited proposals. at par
Tor $ljT6,OOO being the balance of the loan author
lied by the Act of June, 1861 No bids were received
having been made under misapprebension, were
permitted to be Withdrawn, or applied as offers for
Treasury notes at par or for bids under the Act OF
February, at S5 per cent. The Secretary has since,
under the authority OF March, 1861, issued Treasury
notes to 0erers at par and in payment to public cred
itors to the amount of g., jSi $50.
The only authority existing for obtaining money
by loans is therefore found in the act of I'd March,
1851, which authorizes the issuing Of bonds bearing
interest Of six per cent in default of offers par.
The issue payment of Treasury notes bearing the
same rate of interest at par 10 the amount of
$1,000 OOO IN bonds at rates varying from S5 to 93
per cenum, and 81 6S4 600 10 Treasury notes par,
realizing for the g., ,994 900 offered, the of 81 922
5J3 45; and III the act Of June ~ 1860 is modified
by the act of March 2, 1861, under which Treasury
notes at ak per cent may be sued or pad to creditors
at par TO the amount Of Sll 49, making IN all the
aggregate O loans authorized IN some form 81 3JJ 400.
This authority under existing circumstances, IS no
further available than creditors may desire to accept
payment in Treasury notes at SIX per cent which Is
not To be expected except perhaps, as an alternative
for delays, OF which a just or prudent Government
will not unless under extreme necessity, permit the
occurrence. Il needs further argument 10 work the
conviction that under the existing laws little moth
ing of the required sum can be realized. The magni-
tude Of the occasion requires other measures, tie
contest iu which the Government is now engaged is
contest for National existence and the sovereignty OF
the people,
1t evidently proper that the appeal for the means
Of prosecuting IL with energy TO speedy and
ful Issue should be made, Ia The first instance at least
10 the people themselves; and it is highly desirable
in order that the circle Of contribution may be widely
extended to make the burden press light possible
upon each individual contributor, and, if possible
t6nsmute the burden into benefit.
70 attain these deeiable objects the Secretary SUBJ
mits TO Congress the expectancy ofOpeniDgs
for National Loan Of not less than 500 900 GEO. be
Issued in the form of Treasury Notes or excheQuer
bills bearing yearly interest OF 3lp per centum 10
be paid half yearly and redeemable at the pleasure Of
ed
Of 500 900 600 is named the amount for which
il now expedient rely q subscription Of this
kind Bat it s not intended to restrict loans in this
form 10 any precise limit short OF the entire sum which
may be required in addition 10 the sum TO be realized
fum other sources for all the purposes Of the year.
The interest Of 3-lU Is suggested because it is
liberal to the subscriber convenient for calculation,
and under eIistng circumstance, far rate for the
Goyenment. 1t is beneficial to the whole people that
n loan distributed among themselves should he made
80 advantageous the takers as to inspire satisfaction
and hopes Of profit rather than annoyance and fe Of
oss and if the rate Of interest proposed be somewhat
higher than that allowed in o.ulnary times, it
viii not be gTudged to the suhscribers when
Il is remembered that interest the loan
will 90 into the channels Of home circulation and Is TO
reward those wto come forward in the hour OF peril
10 place their means at the disposal OF their country
The convenience OF calcua,ion incident to the rate
proposed is quite obvious for the Interest
beng eaEss, % one cent a day on hfty dol
bs Il obly Necessary to know the number of days,
nce the date of note or the last payment OF interest
10 determine al n glance the amount due uponit:
Toincrease still further this facility OF ealculatiou o,
Il Is nroposed also to issue the Treasury Notes OF to
loan in sums of $50 500, $780, 81 900, and $1,000,
with he amount Of Interest for specified peuods en-
gr,yed on the back of each note The facility thus Sc
cured to the holder OF determining the exact amount
Of the note and interest without any trouble OF COmpu
tstiop will materially enhance its value 1or all pur-
poses Of investment and payment. While the rate pro-
POSED thus liberal and convenient, the Secretary re-
CARDS il ao under existing circumstances, 1alr ana
equitable to the Government.
The bond. of the United States bearing an interest
OF six per cent and redoemablc twenty years after
date cannot be disposed of at current market rates. 30
that the interest on the amount realized VIII not ex
eeed and threetenths per cent nor Is there any rea
son TO believe that Treasury notes, bearing an interest
Of per cent receivable for public dues, and conVer
BILE into twenty years per cent bonds can be dis-
posed of in any large amounts, so tha Ihe interest on
the ann realized will not i much, II at all, short OF the
rate proposed for the difference of interest," any, be-
tween such notes ad those Of the proposed national
loan. 80, g.. =
The Secretary thinks the absence of the feature OF
recevabiity for public dues in the latter as suieent
compensation. 10 secure the widest possible circle of
contribution TO the inducements Just mentioned that
the books be opened at the Office OF the Treasurer OF
the United States in Washington a' Tue 0Iees OF tne
at the Offices of such postusstors and other selected
persons in such cities aud towns OF the Union as may
he designated that subscriptions be received Ior
$50, or any sum 0eing the mulPie oi f0V ,ua' ,ne
sums subscribed be paid in cash, or If the subscriber
prefer in nstaDents of onetenth at the time OF sub
scrpion, and one-tenth on the lst and 18th days OF
each month thereafter The first ipstallment to be for
feited in case of non-payment of subsequent Install
ments; that interest accrue ard be PAID as It
becomes due on all sums paid in from the
dsy | Of payment, apd that Treasury notes
be ssued if required for all payments except the frst
pstaments, and for these, on final settlement, the
Secretary cannot doubt that for loan SO beneciaand
o adynrtsceoue secured both as to interest and prn
cipa by adequate provisions of revenue an appeal 70
H. nonnle Will be answered with promphLnde and lib