Council Bluffs bugle. [volume] (Council Bluffs, Iowa) 1860-1868, 1861-09-04
Fsom the n. Z paily Esws.
THE PEOPLE AND THE TREAAuRK
- E.1AM,

W9Ka ntsa SSA& was 1Apas4 " SN@@A$&A 49, L
and New York, by press and sslegraph,
that the banks of New York, Boston and
Philadelphia have taken the Government |
Treasury notes to the amount Of ons han
bred and City millions of dollars, at par.
Upon the strength Of this, the Admins
tration proposes to go 10 the people of the
cities, towns and villages Of the North for
subscriptions 20 the national loan an"
shorized BY Congress. The argument is
to be that Government securities are
worth their fall face with ths principal
bankers Of the country, and therefore the
loan should be regarded BY the people as
| q psoftoble investment upon the same
terms.
We have no disposition to enbarrass
the Government in its financial matters
unduly. As journalists, however, it is
duty we owe the public to expose any and
sill attempts to take the hard earnings of
the people from them upon false pre-
lenses Ii GoEernmet securities are in
fact worth dollar for dollar, We are glad
TO know it, because the disadvantages of
deprecated credit In this case fall upon
every citizen. If, on the other hand,
such securities are worth but ssventy6ve
cents on the dollar, il Is a cruelty to i'm
pose them upon the poorer classes as de-
sirablo Investments at their full figure.
| The banks Of New York, BOSTON and
Philadelphia have not pledged themselves
to take Of the Government $3.50, 000, 600
in Treasury notes at any rate. They
have simply agreed to take sS0, o0O, goo
at the present time and that only upon
conditions which render the temporary in
vestnent secare 10 them, and under such
circumstances ~ to render ths real amount
of profit and advantage to the banks much
greater than the mere interest, 10 brief,
the banks take $50, 0oQ, 900 in Treasury
notes. bearing 80 per cent. from August
Is, nominally at par; $500, 900 of the
/ $50, o00, 900 are to be paid down and the
balance is to be plaead TO the credit of the
Government in the banks subscribing
the Government obligaEes itself to receive
any past due Treasury notes, or sixty
days Treasury notes as part OF the SOU
000, 900 loaned no other stocks, bonds
or Treasury notes-except demand notes
and for the Oregon var loan-shaIl BE-
paid out or negotiated by the Government
uutil October Is the Government shall
make an appeal 10 the people for subscrip-
tions to the national loan, and the mon.
! sys derived therefrom shall be paid over
to the Government, or depbslted viii
: such banks as may be selected by the sec
rotary Of the Treasury with the concur
renee OF the banks taking the fifty mil
3 lions /; and the proceeds Of subscription
to the Government loan, or SO much Iher,
, Of as Is necessary, are 10 be employed il
! reiubursing the banks for the amour
drawn from them by the Government. II
J other words, A loans money 30 b, ant
pays B ten per cent. of the amonn
! down, and is to pay the rest st later peri
ods, partly or wholly in BPS depreciate'
/ paper. b is not to diminish bis eredi
8 by borrowing elsewhere until A is repaid
, All of BPS income from his business ID II
/ be paid into the hands Of 4 as fast as re
, osived, while B gives his note to A bear
I 100 per cent. interest on the whole sun
borrowed, from the day A makes him tn
. arst payment
{ Such q loan is not loan at par
While tbs banks draw interest from tn
beginning on the whole, ninety per cent
Of the sum still remains in their vault
= for an indefinite period. Whatever ann
they do pay over 10 the Government ma.
! be paid in deprecated paper, and all tn
. while the principal 10 bsing paid back Il
) them In gold from the subscriptions 4
. the national loan received from the hand
. of the psoplel
An Administration forced to resort Il
ingenious expedients Of this SORT in orde
to keep up its financial rsputasion is ia
! gone in pecuniary bankruptcy; and al
! Administration which viii attempt t,
palm OF sale of Government seourisis
: effected under such circumstances, as
sale at par, for the purpose of deeeiyini
the people into parting With their it'll
, means without the prospect Of jass CON
pensation, is still further gone In mora
bankruptcy.
The credit of The Treasury in New Yorl
: is not At par. Ms. Chase cannot effect I
: loan here at par. Should the wsr contin
ne Government securities will be worth lie
than nov. There is nothing in tie Treas
! ury with which to pay. There win b
: iess every day - hostiIities continue
War is bankruptcy - well A. dissolution
IL il anancial ~ well - political ruin.---
We regret Ii We mourn the sad truth
; we would avert Ii If we could ; bat LET no
she truth be concealed from the people
II - The rebels prssaad 70 have inform
alton that the British Gulf sqaadssa hal
reserved orders 70 see thas British vesssll
are protested In shelr iugress 10, al agresl
! fson ssakhsrn perts.
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- Rev. Or. Gasdnsr Spring, of Nev
Yurk. II Iugiiseroes. rassls.haadary vsufE