Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1861-08-16
United States Loan--Its Effects

HCNId!i1 tuOSC NuV W y iS ~ PiS sAS
Administration, arc raising The "hue and
cry about the expense, hoping to make
political capital out of the necessities of
the country.
Another class-tlIe "Bulls and Bears"
of Wall Street.-The maumouth brokers
and money lenders, who would sell their
country for an additional two per cent,
are forming combination, or conspir-
acy rather, with the political gamblers,
in order to dcpreciate the bonds of the
United States, that they may fill their
Golfers ont of the taxes and contributions
of The people. But the statesman ship
Of Secretary Chase, backed by the pat
riotism of the people, will prove more
than match for these Shylocks. The
great popular loan will be taken by the
people. The money kings will fail of
their harvest, and the country will be
furnished with the best currency in the
world, which must, in short time,
cause a revival Of business and return
to prosperity.
Letus see: The troubles of the times
have caused every person who has any
gold or silver coin to hoard it away for
fear of losing it. L is, consequently,
withdrawn from circulation. And for
this reason every bank bill that is re-
deemable is sent home to be converted
into coin for like purpose. This with
draws the bills of specie paying banks
from circulation, likewise. The result
is, there is no money, and trade and bu-
siness of all kinds is stagnant But the
money is still in the country, and instead
of shipping million or two every week
to England as we have done for the last
few years, the stream is in the other di-
rection. Every steamer from England
brings large shipments of gold to pay
for The provisions sent from this coun-
try. Never before has there been so
large demand for our produce abroad
as at this time, and never before was it
paid for in gold as it is now. But for
the reasons before mentioned, it is all
boarded up.
As soon as the Government has pre-
pared its bonds, however, this gold, now
lying idle, will be brought into use
The common sense Of the people will
show them in a very brief time that the
Treasury of the United States is the
safest of all possible repositories for
their funds. This Government cannot
.J;lI. lis bonds ,ciH Je infinitely safer
than any bank bills can be. But bank
bills draw no interest, nor does the gold
when boarded These facts will be seen
and appreciated. Let the bonds be is
sued in amounts from five dollars up
ward, as is proposed, each bearing iuter-
est, with the credit Of the United States
pledged for their redemption, and they
will pass in every town in the United
States, and be received with more con-
fdence than our own Ohio bills are in
our own State. Of this there can be NO
mistake. All the money shavers and
.demagogues on the continent cannot
long prevent it. And what will be the
result?
Suppose the Government wants three
hundred millions of dollars. These
bonds, to that amount, will draw from
the secret drawers Of the people their
boarded treasures. These bonds, being
absolutely safe, will be worth the inter
est, more than the gold, to those who
have the gold. And for the sake of the
interest, the gold will be given for them.
And what then? Why the three hun
dred millions of, dollars worth of bonds
will go into the circulation of the coun-
try, and being as good in one State as
another, and in each better than bank
bills, will pass current everywhere with
out discount or being shaved by brokers.
This, of itself, must give great impe-
tus to the business of the country.
But this is not ALL The three hun
dred millions Of gold thus drawn from
its unproductive hiding places into the
hands of the Government, will every
dollar be paid out to our soldiers, and
for their subsistence, clothing, transpor-
tation, arms, and incidental expenses of
the war. 1t too, will, III this way, go
intc general circulation among the peo-
pie, making up currency of gold, and
paper equal to gold, such as We have
never had before.
In addition to all this, the war will to
very great extent, check the importa-
tion Of foreign goods; and when the
stock now on hand is exhausted, great
demand will be created for the products
OF our own manufactures. This will set
cur mills in operation again, and labor
will fnda profitable employment, which,
reacting back upon the farmer, will give
better market for the products of ag-
riculture.
Such is the vision of the not-distant
future, as it seems to US, and we put it
upon record here as our firm conviction.
We know that we will not have many, if
any, of our readers to agree with us in
this view of things. Yet our faith is
strong that it will be realized. We see