The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-04
FINANCIAL AND COMMERCIAL.
WEDNESDAY, April 3-6 p. n.

WEDNESDAY, April 3-6 +. n.
Secretary Chase has inaugurated his admins
tration of the Treasury Department with blum
der as gross as any that were ever committed by
his predecessor, Secretary Cobb. He has arbi-
trarily rejected all bids for the new loan which
offered less than "a per cent. He has thus de-
clined $50, 900 which were offered to the 60
vernment, and accepted 50 OFT 900 only out of the
So 900 900 which he requires.
In coming to this decision, Mr.. Chase has not
only laid himself open to a charge of unfarness
to the public which came forward so literally to
lend him money, but he has run a risk which no
government officer has right to incur 1t does
not escape the public eye that of the So, OFT 900
Of successful bids, 81, 500 900 came from one in
sttution in this city. Mr.. Chase must not be sur
prised if people cavil at his drawing the line so
as just to render this large bid successful, when
variation Of a fraction either way would either
have excluded this bid, or would have admitted
enough other bids to have secured the whole
negotiation. The law, it is true, gave Mr.. Chase
the right to reject unsatisfactory bids. But was
it polite to court charge Of corrupt
favoritism? Was it wise to repel 30 arbitrarily
the aid offered to the government by the public at
large? To Mr.. Chase, the national finances
in a condition to justify such highhanded poll
cy? Singular to state, the Washington cores
pondent of this paper telegraphed us on the even
ing of Monday-some sixteen or seventeen hours
before the award-that no bid under 81 would be
successful Must it be inferred that the Secretary
had really arrived at this decision, and had private
ly communicated it to his friends These con-
sderations are of less moment, however, than the
public mischief which may ensue from Mr.. Chase's
decision. He now wants SIS 900, 900 more of the
public. At the hour we write, certain specula-
tors and moneyed men, in total ignorance
of what may have happened during the
last ten days in Texas, or the last week
in Florida, very dimly conscious of what is going
on in Virginia, and utterly unacquainted with the
policy of the general government at Washington
are perhaps ready to advance this amount
But what if next mornings mail should bring
news of a fight on the Rio Grande or at Fort
Pickens? What if the secessionists of Virginia
overawe the Convention, and carry that State
out of the Uniong What If the President should
call an extra session of Congress for the purpose
of passing a Force bill2 Mr.. Chase would find,
in that emergency that his friends would hasten to
break off pending negotiations; he would be lucky
if some of the successful bidders for the s30 600
awarded did not try to evade their bargain, as
other successful bidders did In October last
Where would Mr.. Lincoln's administration be If
an emergency Of this kind occurred, and it were
discovered that there was no money In the Urea
sury, in consequence of Mr. Chase's arbitrary Sc
lection of the cabalistic figure "a as the lowest
point at which he would accept loans?
The only defence that is made for Mr.. Chase is
that by rejecting bids below "a he saved the gov.
eminent some money. II has been computed that
had Mr. Chase awarded the whole of his 81, 600 900
TO the bidders in regular order, the discount
which the government would have had to pay
would have amounted to about s35, 900 more than
it would have been had the whole loan gone at 81
BY drawing the line at o., Mr.. Chase saved
$50, OO0-rarier more than half the profit which
the Bank of Commerce Makes at to-dsy's prices,
on its successful award.
The following is list of the successful bidders:-
SucoEssfuL Bins.