Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-08-23
LATE NORTHERN IMTELLIGENGE,
Secretary Chnse's Money Raiser.
From the New York Herald.l
THE TREASURY LOAN.

Al y meeting Of the Bank Officers hcid III
New York, on Thursday, August Is, 1851, al
which thirty.nine banks Of this city were re-
presented, the following plan for assisting tLe
United States government wIs unanimously
adopted--the VOTES being taken by call o'
names:
SECTION J. AZ Immediate iaSne 10 bc made
by the United SIateg Treasury department OF
treasury notes, dated August Is, 1851 bear-
ing interest from date at T.30 rcr cent, TO HE
extent Of fifty millions Of dollars.
SECTION Q. The banks of New York, lt1sioIi
and Philadelphia associated to take jointly this
fifty millions at par with the privilege of taking
at par al additiona! fifty millions October 10,
by giving their decision to The Department
October 1; and also ut par fifty millions De-
ccmbcr 15, by giving their decision December
|, ,,.lnltss said amount shall have been prc"ioD.-
! ly Euhscrbed ASK national loan. L: being;
understood and agreed that no other govern.
ment stocks, bonds or treasury noies except
treasury notes payable on demand, and tie
Oregon war loan) shall be negotiated Or pai:l
out by tho government until February 1862
should tho associates avail OF both privileges,
nr until December IL, 1861 shall they avail Of
the iirat only, or until October 10, 1861 if they
,aEe but the present fifty miIlions--except that
lhc government may negotiate in Europe, ar
through subscriptions 10 the national loan.
SEC. g. An appeal 10 the people for subscTip.
tions TO the national loan, 10 be made by the
government, and as the subscriptions for the
notes progresses and the moneys arc paid in,
the same shall be paid over'to the government
or deposited with banks selected by the Secrc-
tary Of the Treasury with the concurrence Of
4 Committee Of the Associates and so much
Of the proceeds Of said loan rs shall be reqnr-
cd for the purpose shall be applied in rein.
| burSrment of The asSoriatGa for subScrip ptiOn
hy them paid in and mi Otherwise reimbursed
The treasury noGcs issued IT, The associates, 30
far aS lkc New York banks are concerned, shall
be received by the Loan Committee of New
York banks at 90 Per cent, a. basis for issu
ing Clearing House certificates 10 any bark
desiring, under the existing arrangement
(Which must necessarily be continued,) and
the subscription Of the banks shall be in the
proportion of capital. except that the interest
and proportion Of no one institution shall eI.
ceed onc.tcnl ni the whole fifty millions.
Sf'. +. On the lst Of October, should HE
As Jciatcs for any cause decide not to avail Of
t. ) privilege Of taking the second City NIL
ms, then tie balance Ui notes remaining 0!
the jfty millious already lyien by them, shall
he apportiu22:' ard divided among them U'rr'
rata. and they shall make payment for iheir
respective proportions.
SEC 8. Dl this sam Gubgcrheli hy tie ~
sociaie, ten per cent. shall s:e paid forthwith!
to the Assistant Treasurer at New York, Bos.
ten or Philadelphia, and the residue shall be
placed to the credit Of the United States on ihc
books Of the banks subscribing. Certificates
shall ho issued to each subscriber stating the
amount SO paid in and deposited; and as the
deposits shall be withdrawn or paid into the
Treasury (which shall be- as nearly as may be,
in proportion Of the several subscriptions Trcs.
sury notes bearing 7 80 interest shall Le is.
sued in equal amounts 10 the subscribers re-
spectively. And when The deposits Shall be
entirely paid to the United States, Treasury
notes Tor the ten per cent. orig ginally paid shall
also be issued, and all notes issued to such sub.
scribers shall bear even date with the certi!i.
Gates and carry interest from suci! date.
SEC. 6. In part payment Of deposits f'r the
first fifty millions dollars, the Treasury De.
parlment will receive from the Associates, any
past due Treasury notes, or sixty days Trea,
sury notes. Should the second amount OF fifty
millions dollars be taken by the Associates,
|
posltS, and treasury notes outstanding, excerpt
T'.cQ per cent. notes.
Sec =. The transaction on the part o' The
Associates may be conducted by Il committee
in New York, in which the hanks of GoGton
and Philadelphia should lie represented (which
committee should meet daily for the direction
oi details, and ct least weekly for the dci!bc-
ration and consideration Of important business.
To-, 81, Lo- -
York, Boston and Philadelphia, it would be
desirable that other parties should become
associates, say trust companies, savings banks,
insurance companies and private bankers, WHO,
in lieu Of pro rata Of capital, should designate,
when joining the Association, what amount ui
interest they decide to take.
Sec. g. The capital Of the !'nn!.a .! New
York, Boston and Philadelphia, and the rr.
apeclive proportions, under PRO rata diviainlr,
Ton!d he a. fellows:
Eask sapita'. J sr5o % niuion,. Dtiit,n,.
New Yu'k f7o,0oo,oU0 s2s .o0o, ,ot0
PSison s5SSSCSS ssSSSoSS '5SSSSS
Ii is prnposci that the division should be,
say 10:
| New York S2h,DhU,UU5
| Boston $4,000 OlW
| Philadelphia :.0ed,U
New York, August IL, 1861.
COMMENTS OF THE rkC:a.
Tie "rribune" remarks
''rne meeting was largely attended, John g.
Stevens, President of the Bank Of Commerce.
| presiding. Secretary Chase was present.
| Three or four hours were consumed in discus.
sion, the question, so far as we could learn,
being in regard to the amount il was expcdent
for the banks to take at this time. 1t will bc
| remembered that the total loan called for il
$3.50, 600, ,000r with the privilege Of negotiating
| 500, 900 abroad.
"The mos, gigantic monetary arrangement
ever concluded in this country was catered
into by the banks Of this and the ueighborng
cities with Tie Secretary of the Treasury, in
! volviog the amount Of $l50,000, ,000. and CIV
| inc the government the neamA Of carrying on
the var against the rebellion up 10 the meet
Ing Of Congress.
On the 18th instant the Secretary will haze
placed to his credit ny the banks (partics to
this arrangement $50, 600, 900, which. it is un
derstooa, he will draw against at an average
rate Of & million per dag. The sixty.day
Treasury notes and all overdue notes are avaia
BILE in payment OF drafts under this arrangement.
The right to issue demand notes, although Oh
iectel to by many bank officers was not aban.
doned by The Secretary, but il is understood
that he will not resort To it excepting in case
of urgent necessity. Oa the final vote thirty
three banks were represented, and the re-
sponss was unanimous"
The News remarks:
"The bank committee remained in session
from 1 O'clock until late in the dag, having
very stormy discussion but it was understood
that the loan would be arranged, since there is
no help for it, The following prices 10 day
may help to illustrate the task undertaken by
the banks:
Treasury notes, l2 per Ct interest. .l0lt
Treasury notes, 10 per ct interest. 100
Treasury notes, new. 60 pr c! int. 100 ash ri
"lhe banks have, however, phi their should.
ers to the work, and may now be said to have
the war upon their backs. They have put
thei- hand to the plowr and there is no looking
back. They have, in effect, become sponsors
~ r j. 4 c.