Daily Nashville union. [volume] (Nashville, Tenn.) 1862-1862, 1862-05-21
An Admirable Article.

highly important facts With reference 10 tn,
National debt and National credit which arr
Of the utmost interest TO all Several points
are clearly demonstrated.
Ftrst, That public credit has advanced
within the past fortnight rapidly, and thai
the funds Of 1881 arc selling at par.
Second, That the three years loan Bond,
have gone up to 1919 per cent and interest.
Third That the u S. Treasury notes, In
amount over 100000 600, circulate at par
Fourth, That all this has been done w,tlou
one dollar Of forogn all.
rim, That the Public Debt, instead Of be-
ing $1,000 600 900, as stated by the late ad-
dress Of the Buchanan Democrats is only
$500 600 But we must give an extract
from the Worlds article
The Public Credit has advanced rapidly
on the Stock Exchange within the past fort
night. On Saturday week the sales Of the
Public Funds Of 1881 at par at the Board of
Brokers, was deemed an event so auspcious
and gratifying as to induce an exchange Of
congratulations between the President Of the
Board and the Hon. Secretary Of the Trea-
sury. These Funds, in the darker days of
the rebellion in the summer Of 1861, were
awarded from the Treasury as low az IS per
cent. and fell at one time on the Stock EX-
change to so per cent, the accumulated in-
terest being thrown out OF the account
Another award was subsequently made to
the Associated Banks of the three Atlantic
Cities at 1892 per cent. to the extent of fifty
millions Of dollars, and so fearful were some
Of the Banks that this operation might
prove a losing one that they accepted the
first offers of the public, through the Stock
Exchange, to relieve themselves at cost and
interest. II was not until late in April that
the market advanced materially above %
or 90 per cent, and under all these circum.
stances the unexpected pleasure expressed
at the first sales in May at the par value Of
the Stock is not to be wondered at. This
pleasure is now increasing by the circum-
stance that on Saturday last The same Stock
sold at 100 per cent.
Again: The patriotic people of the loyal
States were appealed to soon after the dis
aster of Bull Run to subscribe TO a loan, of
three years date, in Treasury Bonds bearing
the rate of 7 80 per cent. per annum interest,
or two cents per diem 90 the 500 The
Banks advanced the money to the extent of
$4,000, 900, and the public subscriptions
came in promptly to relieve this ADVANCE
The Banks subsequently subscribed for a.
like amount for their own account, as mat
ter OF further assistance to the Government
rather than expected profit, and most Of this
sum was afterwards distributed without loss
by re sales to the public. Both the original
subscribers and the Banks are now rewarded
for their timely responses to the appeals OF
the Treasury by seeing these Bonds go up
to the price Of 1919 per cent. and interest
Another class OF public debt in the shape
of National Currency of United States
Notes of Circulation, proves equally success
full. They find universal currency through
the wide extent Of the country, and are ac-
cepted as lawful money, not only without
loss or inconvenience, but with a pleasure
which is heightened by the complete triumph
of this measure over the opposition and APP
prehenson of an influential class Of finan-
cial people, who wrote and warmly mon
strated against it last winter. Over one
hundred millions have been put in ciroula
ton, aud received with such favor that the
difference against these Notes, as compared
with Gold, is about two per cent. less than
when the law making them a legal tender,
was passed in February. An auxiliary aid
to the Treasury, in the shape Of elk per cent.
Certificates, having twelve months to run,
has proved equally acceptable, and the Ger
tidcates are readily made available by the
public creditors, to whom they are paid out
at their par value.
These things have occurred TO the public
credit; these various means have been
brought to the support Of the Public Trea-
sury, through the trials Of civil war of gi-
gantic proportions and cost, avtloul he first
dollar cf foreign aid, and against the predic-
tons Of failure and bankruptcy, and sneers
Of contempt OF the most influential journals
In Europe. Not only so but this success is
in spite of the most exaggerated and persist
ent Misrepresentation, at home and abroad,
of the sums total required for the war, and
the progress and immediate extent of the
Public Debt. Tie fair and honest estimates
OF the Secretary Of the Treasury 10 his an
nual report Of December, have been either
thrown aside or utterly discredited, and
members Of Congress, within a week past,
have put their nameS TO an appeal to the
people against the integrity aud economy OF
the Administration, ia which Il Is falsely as.
serted that the Public Debt has been swollen
to one thousand millions, in place Of four
hundred millions, as it actually stands, in
place of Sjl7,0OO,0OO as the Secretary es.
timated to the 3Oth June next 10 his report
and in place Of 5000, 600, 900, the outside
calculation Of the Department, from the pre-.
sent look of the matter as the amount will
atand 10 the month Of July next,