St. Mary's beacon., 1861-09-05
The Government Loan.

The following is an official statement of
the action Of the banks on the Government
loan
At meeting of bank officers, held at
the American Exchange Bank. on Thurs
day. Aug. 10Th. 1861, at which 80 hanks
Of this city were represented, the following
plan for assisting the United States Gov
ernment was unanimously adopted, the
votes being taken by the call Of names:
made By tho United States Treasury De-
pertinent of Treasury notes, dated Aug.
18th, 1861 bearing interest from that date
at 1:30 per cent, to the extent of fifty mil
lions of dollars.
SIC ,. The banks Of New York. Bos-
ton and PHILADELPHIA associated jointly to
take this fifty millions at par, with tie
pFivilegc Of taking at par an additional
iAy millions Oct. Is, by giving their de-
cision to the Department Oct aud also
Al par fifty millions Dec Is. by giving their
decision Dec l, unless said amount shall
have been previously subscribed AS Ma
ton Loan. 1t being understood and
agreed that no other Government stocks,
bonds or Treasury Notes Except Treasury
Notes payables on demand and the Ore
gon War Loan) shall be negotiated or paid
out by the Government until Feb. l, 1862
should the associates avail Of both r,ivi-
leges, or until Dec Is, 1861, should they
avail of the first ouly, or until Oct. IS.
1861. should they take but the present
fifty millions, except that the Government
may negotiate in Europe. or through the
subscriptions to National Loan.
SEC. 3. An appeal to the people for
subscriptions to the national loan. to b.
made by the Government, and a. the sub
scriptions for the notes progress and the
moneys are iu, the same shall be paid over
to the Government, or deposited with banks
selected By the Secretary Of the Treasury,
with the concurrence of a Committee Of
the Associates and 50 much of the pro-
eeeds Of said loan as shall be required for
the purpose shall be applied in reimburse
unent Of the Associates for subscription. by
them paid in and not otherwise rci,nburs-
ed. The Treasury notes issued to the AS
socistes. 20 fsr 40 New York banks ar.
concerned. shall be received BY the Loan
Committee Of New York banks At 90 Der
cent, rs = basis for issuing Clearing House
Certificates to any hank desiring. under
the existing arrangement (Which must ne
cessasily be continued). and the subscrip-
tion Of the banks shall be in the prspnr-
tion Of capital--except that the interest
and proportion Of no one institution shall
exceed oue-tenth Of tho whole 6fty mil
lie,ns.
SEc.i4. On tho Lat Of October, should
the Associatcs for any cause decide not to
avail Of the privilege Of taking the second
so millions. then the balance of notes re-
,saiuisg Of the so millions already taken
by them, shall be apportione.l and divided
among them (pro rata). and they shall
make payment for their respective pro-
portions.
SEC. 5. Of the sums subscribed by the
Associates. ten per cent shall be paid forth
with 10 the Assistant Treasurer at New
York. Boston or Philadelphia. and the
residue shall be placed to the credit of the
United States on the books of the banks
subscribing. Certificates shall be Issued
to each subscriber, stating the amount SO
paid in and deposited and as the deposits
shall be Withdrawn or paid into the Treas
ury (Which shall be, as nearly as may he,
iu proportion Of the several subscriptions)
Treasury Nots. bearing 30 interest shall
be ISSUED 10 equal amounts to the subseri-
bers respectively And when the deposits
shall be cnti,ely paid to the United States.
Treasury Notes for the ten per cent origi-
ually paid shall also be issued. and all noies
issued to such subscribers shall bear even
date with the Certificates and carry int4a-
est from such date.
Ssc. 6.--ln part payment of deposits
for the FIRST % milliuns dollars the Treas
ury Department will receive from the As
sociatss amy past due Treasury Notes. VT
% days Treasury Notes Should the
sec"a'd amount Of 50 millions dollars he
takcn b, tL. Associa,,<, the Department.