Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-08-20

The hfty million loan 81 negotiated oy
ths sSecretary OF the Treasury Is said 70 be
ths largest transaction Of the kind in the
history Of the world, and still the parties
tskinr I, have stipulated for the privilege OF
two addiu nal investments equally large
Tasss tbrSe transactions when eOmpletea,
covering the enormous sum Of $3.50, 900, 900,
wlu By no means cripple the business Of the
-eanty. The bank capital Of the Northern
sis Ss2s s3l, $50, with 8 specie basis Of
500 1000, 600 The Treasury notes
nsrohated viii fnd their way into
alton, being replaced Ii the vaults Of
saks by gold and silver, which will pa s
he possession Of the Government in re-
for more Treasury notes, the notes pass
into circulation and forming currency
d which to carry on commercial opera
.ons The banks hold on deposit s2O7, 1885,
els, on which NJ interest is psid, being
subject to the call Of the dspOsitOrs, The
deposits in the Savings Banks Of the State
Of New York are ssT,4sO ss7; Of Massachu-
ustia, S45,e5t, 5s4; ofRhOde Island, s7,76b,
~; Of COuBecticut $40, ,lsI s4l-the ag-
grsgats for the four States being $l4l, ,37s,
lle and it is calculated that the Savings
Banks of the North hold deposits agRregai-
ing $500, OOo, ,OOOi making total in de-
posiss of over s4OO,OOO, 900. This sum can
all be gradually gathered in ty the Govern
meut without any greater detriment to The
business interests Of the country than ten :
porary depression, for the Government pay
out at the rate Of a million day, and these
disburse pents Immediately 60 into circula-
ton among the people. The whole trans
action is merely a shifting Of the capital O
the country from the banks to the Govern
ment from the Government to the people
and from the people again into the vault
Of the banks. Il is harmless movement
provided il be not 50 sudden as to cause de-
rangemeut and temporary embarrassment
OF this there seems to be but little danger
for, before the second installment Of $780,
900, 900 is gathered into the United Stale
Treasury, the amount of the first loan vii
have been pretty much dishursed, and vii
-s'9d ready 70 6ll the vacuum caused by tht
picyment % aSe 1haEals1' AZ furnish EN-
the army, beside the number required to- m
nish arms, munitions, clothing and food =
For all this labor payment is made with ID,
money obtained from banks and capitelists
Thus, it will be seen, the money in ID,
country vii be in more geurrqI vIrvtriiaFFv'r
tbsR5p tine Qt upe upeaes. whilst none need h
The balanes Of trade With Europe il in
our favor, and the present year has add, d
to the specie capital of the country $45 O0O,-
600 by importation, which sum will be
nearly doubled during the year by the prod
uct Of California mines, while the domestic
coinage Of the last twelve months has reach-
ed $4O,OOO.o 600 Specie must continue to
srriVe from Europe in considerable sums in
excess of our exports so long as our impor-
tatiOns of goods continue as low as at pres
ent which will probably be till the end of the
war
With all these moneyei resources-wiih
the Government scattering million dollars
per diem among the people-with a new
held OF employment, at fair wages and ready
pay, open-d to more than half a million Of
the laboring classes-wi'h a constant de-
mAnd and convenient market for ell the pro-
duets of the loom and the forge,-there is no
valid reason why the coming autumn should
not witness general restoration Of conf
dsncs and revival nf trade