The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-28
FINANCIAL AND COMMERCIAL,

TUESDAY, August 27--6 p. M.
II is now abandantly evident that the new
national loan will be q success. Over hundred
persons apply daily for Treasury notes at the
Office of the SubTreasurer in this city, and pay In
their money in gold in amounts ranging from $50
to $50, 900. The banks are overwhelmed with ap-
plications of the same kind from country and city
correspondents. On all sides people seem to have
awakened to the advantages presented by the new
Treasury notes in regard to security and income,
anu to be withdrawing their money from savings
banks and private boards, and lending it to the
government. good effect has been produced by
the unprncipled efforts of the organs OF the British
aristOcracy to break down the credit OF our
government, in the hope of discreditag republican
institutions. Whether or no these efforts succeed
in frightening foreigners and dcbarrng English
men from the privilege offered them by the nogia-
ton of the new loan, it is quite evident that
they viii produce contrary effect here where
the nature of our government and the principles
which mderlie our national credit are generally
understood. We beg to refer, in this connection,
to the following extract from Mr.. Samuel Hallett's
circular per Persia, which, we believe may be re-
garded as expressing the views of the Loan Com
mittee of bankers
The bringing out of new national loan naturally sug
gests retrospect of those previously negotiated of the
uniform policy pursued in reference to them by the go
vefnment and Of the confidence i'll which they have been
held by the public Upon tho organization Of The go
vernment the amount Of debt assumed and funded by
was SIS ,476 This amount slightly Increased
by the wants incident to the order OF things,
but its exngushmeat lost sight Of and after
1906 the financial policy of government enabled l.
10 devote, annually large towards its reduction
In 1872 1t was reduced TO $40 ,209, 1873. The war
which commenced that year followed by loans,
and in 1915 the debt sweed 20 1927 3s 34 Upon the
retnrn Of peace, notwithstanding the embarrassed condI
ton Of the country, the first step Of government was
financial policy which looked To the speedy payment
the debt which totally extngaished in 1885. Fhe
endorsements following the memorable specuations
OF that year, forced the government 10 make small
oens but in 1S45 the debt only $40, SOL 647. The
expenses Of the Mexican which followed again
sweed the debt to S67 $685. 1885, The payment OF tins
however, was Immediately commenced, large amount
OF it being purchased at % per cent premium, out
an Overlooking treasury, that in 1857 the amount
reduced to SIS 165 1855 In that year the rates
Of duty imported merchandise gseatly reduced
and the from this correspondingly DIM
nshed caused IN part by the commercial disasters Of that
year. The expenses Of government for extraordinary
emergencies largely increased and the debt March
last stood at about ST. 900 000 part of this being incur
red to put down the rebellion. At its late session
Congress authorized loan 10 the amount OF $3.50 GOO
the first instament Of which has recently been taken By
the banks. Annexed Is a statement showing the
OF the national debt for each year since the organization
O the government