The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-10
THE GREAT NATIONAL LOAN.
FIVE ELNDRED AGENTS APPOINTED.
The People Furnishing Money for the
Wa7 and for the Union.
lie We to De 0utdone by France, or England, OF
Prussia, Or Italy in Popular Loans !?
now TO SIJ IL - & II B II /.
&C., &c., &C.
INTRODUCTORY.

INTRODUCTORY.
At the meeting of Congress the Ah of July the Secrc
sary Of the Treasury that body the exped
ency of "opening subscriptions for National Loan of not
aess than one hundred millions Of dollars to be issued in
hc form of Treasury notes. bearing yearly interest of
and hreetens per centum to be paid half yearly
and redeemable three years from date" He suggested
'that loan distributed among the people themselves
should be made advantageous TO tho takers as to in
vpe satisfaction and hope Of profit rather than annoy
and fear of oss and that books should be opened
the Office OF the Treasurer Of the United States III Wash
gton at the Offices Of the Assistant Treasurers and De-
Vositarios Of public moneys and at the offices Of such
,hcr selected persons in such cities and towns Of the
Union might be designated, and that subscriptions be
received for fifty dollars any being the multiple Of
afty dollars" And he expressed his conviction that,
rfcr loan beneficial and advantageous secured
both to interest and principal by adequate provisions
revenue, appeal to the people will be answered with
Uromptitude and iibcrality."
Congress, the nth Of July responded TO these sug
sestans by authorizing the Sccretery raise, by
loan, tho needed for the during the year, in
any OF several specified modes Of which that
IF q national loan.
The Secretary. believing that no safe and economical
mode Of providing the needed coala be devised
sness the people should manifest their approval of the
determination of the government 10 maintain the Union
md enforce the laws ut whatever cost hazord and
her readiness to contribute the material aid required to
give effect to that determination resolved at to
make the authorized appeal
Az IL was quite evident however that in country Of
eAvi institutions and organization unlike those Of any
ether nation and in which such appeal untricd
experiment success could only be insured by Inspiring
confidence in the proposed loan investment well
by creating conviction Of patriotic duty the Secretary
determined before submitting it TO the people at large,
invoke the Judgment Of the capitalists the three chief
commercial cities IN the practical form Of making
susing subscription to tho loan He accordingly submit
bod his views to considerable number Of enlightened
and patriotic citizens, representing the commercial and
financial interests Of New York, Boston, and Philadelphia,
and fortunate enough after full discussion receive
neir approval Of them.
subscription OF fifty millions Of dollars was at once
made in behalf the banks and other moncyed nsttu
tons Of those cities; and 1t agreed that the Secretary
who now felt assured that loan endorsed would
aand the confidence and the Of the people should
cause books Of subscription be opened speedily
possible throughout the country in all its cities and prn
sipal towns
He accordingly directed the Ass Trcasrers to
seve popular subscriptions without delay and proceeded
Ut once 10 make arrangements for the general opening
ahe books.
The documents which follow exhibit fully the plan
adopted the general character Of the loan the
thorzng it, and forms and Instructions fof opening
and performing the duties Of agents All details fully
set forth with the hope ef facilitating the execution of tho
plan, and guarding against the possibility Of mistake.
Books have yet been opened by subscription agent
only in Philadelphia but in the OF the coming
week they viii probably be opened in every loyal State,
and within the shortest possible time in every city
principal town.
Already the popular subscriptions. voluntarily offered TO
the Assistant Treasurer in anticipation of the opening Of
the books and tho issue of the Teasurny subscribed
for, have reached the Of four millions OF dollars.
This suspicious beginning justies the confident hope
the best wishes Of the friends Of the country may
allied in the taking Of the loan by the people
The capitalists whose judcious and patriotic action has
provided for present exgences with the loan Of fifty mil
Ions stand ready if reimbursed that by sales Of
the notes taken by them from the proceeds OF the
popular subscription Low opened to make another loan
Of City million, and under similar circumstances yet
smother and another until the whole required by
She government shall have been supplied. How crafty
ing Will be however and what lesson to mankind II
Che people shall make the further intervention Of capital
hts unnecessary, by furnishing themselves their own
government, all the money needed for the accomplish
ncnt Of their purposes Of union popular govern
nent ald just administration!