The Kingwood chronicle. [volume] (Kingwood, Va. [W. Va.]) 1861-1861, 1861-07-20


under this authority, Mr. Secretary Cobb, in
October 1860, reorganized loan, $1,000
600, but from causes not necessary to Be here
specified the takers of 50 91S. 900 failed to
make good their offers. The amount realized
therefore was only 7.022, 900. leaving for
future negotiation under the act, the sum of
/ $l3, $4,000 The act Of the sth Of February.
/ 1861, authorizes. ..another loan of SIS, 600 600
on bonds, at SIX per cent, and permitted the
acceptance Of the best bids, whether above or
below par. Under this act in February, 1861,
Mr.. Secretary Dix disposed of bonds to the
amount Of IS, OO6, 900 at rates varying from
90, Is to 90, 10 for each S 90, and realizing
the sum of S1,243 500 81. leaving to be ne
gotiated the sum Of Sic, 994 600. The act of
March Sd, 1861, commonly called the tariff
act, authorized another loan Of $4,000. coo
at an interest not exceeding six per cent, and
also authorized the Secretary Of the Treasury
to issue Treasury notes in exchange for coin,
or in payment of debts for the amounts of
any bids not accepted under the act Of Feb
ruary 8, 1861 and for the amount Of any
loans restricted to par. not taken under the
proposals authorized By the act of January
I rs, 1860, OF By tho Tariff act itself Under
the acts Of February and March, 1861 the
present Secretary i'll April, 1861. disposed Of
I 5000 in bonds at rates varying from s.
per centum to par 81 9O 900 ill Treasury
notes at above par, realizing for the $4,000,
900 offered, the sum Of S7,s74,S9s To the
Treasury, and in May, 1861, the further dis
y posal Of S1,3lOONO
The present Secretary invited proposals at
par for sl3, as7 900, being the balance Of the
I loan authorized by the act Of June 1861 IS
4 No bids were received except three for twelve
thousand in the aggregate which, having
been made under mesapprehension, were per
mitted to be withdrawn, or applied as offers
4 for Treasury Notes at par Or for bids under
the act OF February at IS per cent The Sec
1 1861, issued Treasury Notes to offcrcrs 1t par
and il payment to public creditors to the
amount Of s., 5s4, $50. The only authority
now existing for obtaining money BY loan is.
therefore, found III the act Of March ,, 1861
which authorizes the issuing Of bonds bear
ing all interest Of 6 per cent, Or III default Of
offers at par, the issue or payment Of Treasu-
] " Notes bearing the same rate ut par to the
amoudt of 100000 GOO in bonds, at rates vary
ing from Sd to 90 per cent, and Sl,6s4,oOO
in Treasury y otes at par, realizing for the
1904, 900 offered the sum Of 81 90 553 u.s.
and in the act of June %, 1860, is modified
BY the act Of March ?, 1860 under which
Treasury Notes at 6 per cent, may be issued
or paid to creditors at par to the amount Of
ST., 393, 40, making in the aggregate of
loans authorized III some form $2l ,393, 45O
H This authority, under existing circumstances
\ is no further available than as creditors may
/ desire to accept payment in Treasury notes
at 6 per cent, which is not To be expected
except, perhaps, as an alternative for delays,
Of which i just or prudent Government will
not, unless under extreme necessity, permit
the occurrence. 1t needs no further argn-
ment to work the conviction that under the
existing laws little Or nothing of the required
sum can be realized The magnitude Of the
occasion requires other measures. as the con-
test in which the Government is now engaged
\ is contest for national existence and the soy
ereignty Of the people.
1 1t is eminently proper that the appeal for
the means Of prosecuting it with energy to
speedy and successful issue shonld be made
in the first instance at least. to the people
themselves and it is highly desirable in order
that the circle Of contribution may be widely
extended, To make the burthen press al light
Is as possible upon each individual contribu
tor: and. if possible, transmute the burthen
into benefit To attain these desirable OBJ
iects the Secretary submits to Congress the
expediency Of opening subscriptions for ma
tional loan Of not less than 800 600 to
be issued IN the form Of Trcarury notes or
exchequer bills, bearing yearly interest Of
IS 10 per centum, to be paid half yearly,
and redeemable at the pleasure Of the United
States after three years from date. The sum
Of 100, 900, 900 il named as the amount for
which it now seems cxpedient to rely On a
subscription Of this kind But it is not inten-
ded to restrict loans in this form to any pre-
else limit short Of the entire sum which may
be required in addition to the sums to Be re-
allied from other sources for all the purposes |
Of the year. The interest Of I 3. 10 il sugges-
ted because it il liberal to the subscriber, /
convenient for calculation, and under exist |
ing circumstances fair rate for the Govern |
ment. 1t Is beneficial tD the whole people |
that a loan distributed among themselves |
should Be made advantageous to the takers
as to inspire satisfaction and hopes Of profit /
rather than annoyance and fear of loss; and
if the rate Of interests proposed be somewhat