The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1861-08-02
The National Loan,

Mr.. Chase, in bis admirable Treasury re-
port, proposes to raise at least one hundred
million of dollars by q great national loan.
| He is evidently OF opinion TINT moro than
this can easily be obtained in tho manner
he has specified and he has good reason
for this belief. He proposes to issue Treas
ury notes or ExchCquer bills for sums of
$50, $500, VI 900 and S5 600, TO bear in
terest at the rate OF 10 per cent. por
annum, and to bo redeomable at tho will of
tho GovernmoBt after thrco years.
Seven and ;hree-teenth per cent. per
annum is just ono cent per day on every
fifty dollars. Thus the calculation of in.
forest is within the ability of any man who
can count on his fngert; and while tho
holder of o Treasury noto can tell in a
moment how much his money has earned
him, tl.c Government saves u considerable
amount in clerk hire, by doing away with
fractions.
When we bear In mind, further. that tho
security is the best that can bo got; and
that the interest will DO provided for, not
! by loans, but by revenue, as the Secretary
wisely suggests, wo shall 500 that no has
reason for tho bcIiof that tho sum which can
DO raised in this way may greatly exceed
one hundred millions.
Tho success of the popular loan raised by
Napoleon III during tho Crimoan war, rs
tonished tho world. Tho capitalists offered
him money at rates which no did not choose
to submit to. lie appealed to the people.
and no received more than double the
amount he asked for. IL has been objected
that money is not laid by and boarded by
| our people as among tho Fronch. Tho
stockings and the chimney corner are not
| to so great an extont places of deposit with
US, we grant but that the hnb;t Of saving
| is moro common hero than in France is
evident from tho statistics of savings banks
! in the Northern States.
| The savings hanks of this State alone had
oil deposit on January l, 1851, %67 .440 397
and the Superintendent of tho Banking Do
partmont states in his report for tho year
that "eyery thirteenth mhn, woman and
| child in this Stnte is q depositOr in Oul
/ savings banks" Moreover, recent invostiga
, tons show that those deposits have beon bu
!, slightly drawn upon during tho recent sus
, pension Of business, depositors turning t.
other resources, and touching their saved
. capital only in casos Of extreme necessity.
There are deposited In banks Of savingl
alone, In New York and New England. Ovel
one hundred millions. A portion Of thi'
will, doubtless, be Withdrawn for Investment
tuc iuhu, "Hctc '"so VI
interest is offered. with equal security. II
is safe TO say that Pennsylvania, Ohio. and
tho great Wost hsve another one hundred
millions thus on deposit, from which drafts
will also bo made. Then thoro arc the reg
ular untouched deposits of business mon
aud mercantile houses-sums which have
hitherto been kept ia bank, without interest
in readiness for any emergency, and which
make tho deposit column in tho last
weekly returns Of this city alono figure uT
to moro than eighty millions. A large par
of this capital will naturally DO turned init
Treasury notes. which bear high ratio o.
interest, and being hold at par, viii! DO casil,
convertible into money in cuso of necessity y
And lastly comes what may have beer
, hoardod in stockings and chimney cornars
Many old fashioned people doubt banks
' but no one will doubt the Government
and tho old farmers who would mover risl
their gold in G bank vault, however secure
will be tempted alike by patriotism an,
r profit to tako tho URion for their debtor.
Thus we may look for groat success 20
t MIR. Chase's project of & national loan.-.N
D y Post