The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-14

ments on account Of their subscription. It has
been suggested that in the course Of time
popular subscriptions to the government loan will
decline. The truth is, on the contrary, that they
VIII probably increase, as the country is growing
steadily richer daily. But if this were not So it
must be remembered that the amounts taken by
Europe have been thus far merely nominal; these
will naturally increase in volume Oh the prospect
of the suppression Of tho rebellion grows clearer
and more certain IT is the anaa.n,,,s oninion OF
the foreign bankers that their clients across the
water would have gladly taken United States
twenty years. stock had Congress afforded them
the opportunity last July. That opportunity will
not long be withheld. The 100 Treasury notes are
convertible at maturity into six per cent stock of
the United States at par At present it is cheaper
to buy the six per cents themselves at 931Il a o.
than to buy the Treasury notes and convert them
in 1864. But as soon as the skies sell in open
market at 90 it will be as profitable to buy the
i.3o notes, with view to their conversion at
maturity. 1t can hardly be doubted, in view Of
the course Of the market, that, unless our arms
should sustain some startling reverse, these skies
VIII sell at par before many weeks or days elapse.
when they do reach that point it may fairly be ex-
pected that Europe will contribute literally to the
support OF our government by taking 7.30 Notes
we have already shown that every EngIishman who
sells out his British Investments and places the
money in United States 7.30 Treasury notes, makes
an annual profit by the operation of E33 on every
fl,O0O SO transferred, and that every Frenchman,
In like manner, makes annual profit Of SO francs
on every 1000 francs which he transfers from
French stocks to our Treasury notes. As soon as
the investment Is rendered az desrabieyn point AZ
permanence as in point of income, it would argue
strange forgetfuiness Of self interest in foreign
capitalists if they were to neglect the opportunity
The United States notes-redeemabie on do.
mand at the various Sub Treasures continue to be
received with favor, though, as was to be expect
ed, persons not engaged in financial pursuits are
slow to understand their character. Laborers and
others employed by government who are paid in
these notes generally present them for redemption
at the sub-Treasury, and the cashier is thus kept
unnecessarily busy. By-and-by it will be disco
vered that these notes are in fact as in name actual
money; that they are received as money at all the
stores in this and other cities, and that they can be
deposited as money at the banks. This is obvi.
ously work Of time and patience. In the West,
as in New England, they are heartily welcomed.
We presume that We not far wrong if we say
that the commerce Of the West has during the
past ten years paid tax of five millions q
year in the shape of discounts and losses on its
paper currency. Hundreds Of individuals have
made fortunes by establishing banks and issuing
notes which were never intended to be redeemed
in coin. Thousands Of knaves have made living
by counterfeiting the Heterogeneous currency of
that region. Scores of banks have broken and
mulcted their billhoders from ten to fifty cents on
the dollar. We notice, for instance, that in the
last report Of the Rock Island Railroad it is stated
that the losses Of that concern currency during
the past year, have been fifty thousand dollars.
one railroad company lost as much as this. how
much must the whole commerce of the West have
suffered? The shrewd and quick-witted people Of
the West will rapidly discern the advantage Of av-
ing currency sounder than any other paper cur
rency in the world, and at par everywhere; and
little is risked in the assertion that if Mr. Chase
Will supply tee n2tsg the loyal States Of that region
alone will absorb the whole Issue authorized by
Congress- before next January.