The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1861-10-05
THE ABILITY OF THE COUNTRY
TO TAKE THE NEW LOAN.

MIR. Secretary Chase and the banks have
perfected their negotiations, and he has re-
turned to Washington with credit in his
favor of $4,000, 900, to begin with. Al
though the transaction is unprecedented in
amount, it is a small affair, considering the
ability of the parties furnishing the money.
These are really the capitalists and property
holders of the loyal States; the banks acting.
as their agents. Ii the latter chose, how
ever, they could readily take and hold, on
their own account, the first $50, OO0. 600;
a: least, till a renewal of business should
again create the ordinary demand for their
money. The capital of the banks in the
loyal States amounts to 1898, 83l 1885,
They hold very nearly. if not quite, $780,,
600, 900 in specie, which is twice the ordi-
nary average. Their deposits, not drawing
interest, according to the latest reports to
the Secretary of the Treasury, are 1901
388,618. These are liabilities, to be sure,
but they are so much capital available for
the war. The deposits in the Savings
Banks of the State Of New York are $751;
$50, 397; Of Massachusetts,, $45, 654, 584;
of Rhode Island, 1866, I'll; of Connecti-
cut, $50, 16I, 942-the aggregate for the
four States being $141 ,378,11O. This vast
sum is solid capital, great portion of it
being invested in securities Immediately
convertible into coin. 1t is probable that
the deposits in all the Savings Banks in the
loyal States will reach very nearly $780,,
OOO, 900, making the total deposits in banks
and savings and discounts fully $500, 0o0,-
600. It is this immense reserve that is
first to be drawn upon, TO be replaced, in
part. by the gradual absorption of the loan
by the public.
Il must be remembered that the industry
of the country will, in the course of six
months or year, have fully earned and
paid for the greater part of the loan, the
proceeds of which are to be expended in
provisions, clothing, pay of soldiers and
officers, and the like. The future accumu-
lations of the country are in great meas
ure to purchase and own the loan, leaving
the past acquisitions to be applied to their
ordinary uses. We have a plenty to be-
gin with, and with every branch Of indus
try untouched and unembarrassed, we can
soon make up for any temporary hiatus
created in our active capital.
Fortunately, at this crisis, the financial
position of the country is very strong. Since
the commencement of the year the imports
of the precious metals over exports have
been full 100000. Specie is still flow
ing steadily in upon us, and must con-
tinue to do so until we again commence
importation on large scale. California is
also contributing literally, and we shall
probably receive from that source during
the year $4O,O 900. There are now in
the United States, according to the best
estimates, fully, $3.50, 900 in gold and
silver coin and bullion the greater part o.
it being in the Northern States. Since 1921
the exports of specie have been 1858, 646,-
COS; imports, $40, 485, 132. The coinage
of domestic gold in the same period has
been $489, 322. 521, showing an excess over
exports of $40, 625,789. Since the frs
of July, 1860, the coinage has been, prob
ably, $40,O0O,OO0 of domestic gold. The
excess of importations over expectations has
been $50, 900, 900. The gold and silver in
the United States in 1921 is estimated a
$50, 900. Adding the last three sum:
to the excess of coinage of produce of oui
own mines, the aggregate will be $3.50,
925, 789. This estimate very nearly agrees
with that made in 1854, by Mr.. Guthrie
Secretary of the Treasury, who placed tn
amount at that time at $241 100000. The
| coinage at all the minis in the United State:
since 1921, has been $685., 650,114, being
an excess of 1916, 161, 682 over excess o.
expectations. Whatever may be the exac
amount in the country, the sum is ample
for any contingency that can be foreseen
i The steady flow to this country shows the
| balance of trade with foreign nations to b.
decidedly in our favor; SO that no disturb
ance is to be feared from this quarter
From the manner in which the loan is tax
en-, Government being treated like any othel
borrower, the specie reserve in the banks
will hardly be disturbed, and the relatiy'
positions Of the banks toward each other
not at all.
In discussing the means of the country
available for the loan, we have not gon'
outside of the banks. But their assets, Will
those they hold in trust, form only an in
significant portion of the actual capital o
our people. Compared with these, th,
magnitude of the loan is nothing; nor viii
it be felt in commercial circles, except ia
vorably, now that it has received the high
est token of appreciation that can be giver
it. We can make the war a family matter
in double sense. While we deprecate tn,
interference, we do not court the aid, of AM
foreign nation. We see that the English
journalists are again putting on lofty airs il
reference to our financial matters, telling
us that Government cannot get cent o
money in that country. 1t is always SAT-
to refuse before being asked. We neithe
need nor ask for British gold. We car,
nothing for the remarks or innuendoes o
the opponents of public opinion in tina
country; but we think it would be wise
policy for them to wait little before being
over-free in the expression of their opinions
and views, which creep out in hostile man
ner toward US upon every pretext. Whil'
they have no bearing upon the result of th'
contest, they will leave a very unfriendll
feeling between the two countries, which
will not be healed for a generation, ant
which must prove much more injurious Il
that country than to our own.-New YOrI
Times.
DRIED BEEF.-Slice dried beef very thin
put it in the spider with water sufficient Il
cook it tender, add sweet cream Cor swee