Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1864-02-06
stand him at onlp ssl 72o and ON this be [

per cent. on his investment. When peace
takes place he can, should he wish to do so
then resell, and make the above profit on
the fall of exchange. The investing in real
estate by foreigners is at present attended
with some little embarrassment, which is
and can be easily obviated by those having
agents in this country. Real estate is not
inflated in value, as the average price now is
not probably as high as when our banks
paid specie.
In 1897 our banks, bankers and merchants
nearly all failed. Confidence was entirely
prostrated. The croakers gave ample evil
dence, in their own estimation, that the
banks could not resume in twenty years,
and the most timid of them doubted if they
ever would. In the midst of all this distrust
our late esteemed citizen, James G. King,
Esq, went to England, and by the aid of his
own high personal character and intelligence
gave such explanations to the English bank
ers as induced the Bank of England to lend
our banks five millions in gold. This move
ment scattered the croakers. and enabled
the banks to resume within twelve months,
and to stand again with that unimpaired
credit they had so long enjoyed, and to
which they have ever proved themselves 10
be SO fully entitled.
AS we now look back upon Mr.. Kings
efforts to secure confidence, it should bc re-
membered that five millions was then more
than one hundred millions would be now.
We now want another leading, bold man, TO
so forward and open the eyes of Europe. a
company could be formed in New York
which would gladly take one hundred mil
lions of five-twenties, provided European
bankers would advance three fourths of the
cost for term of three years at six per cent.
per annum. This would, at the present rate
of exchange, give profit to the company of
say thrty-seven millions of dollars Us soon
as the rebellion is crushed, which, in the
opinion Of every sane man, must speedily be
done. Our government and all the loyal
States, are now in high credit. At the time
of the former loan from the bank of England
the bonds of the State OF New York, six per
cents, could not be sold at eighty-and
could not have been sold at all had not the
Legislature given an assurance that no more
State debt should be contracted. The Uni
ted States credit was prostratcd Illinois
and Indiana State six per cents were freely
offered at eighteen and nineteen per cent,
including to the buyer more back unpaid
interest than was charged for the whole
oond, interest and all. So prostrated was
credit that even the State of New York
could not go on with the enlargement of
the Erie Canal Now we contemplate
making it a ship canal with less hesitation
than we then did the finishing of the en-
larGement Before closing this long article
let us go back to the time when the first
loan of the State of New York was adverti-
sed, for building n part of the Erie Canal in
1917. Before the survey was made the law
required that the loans to build the canal
should be advertised in sums of two hundred
snd fifty thousand dollars.
The first loan was SO advertised for sixty
days, and not bid was made for it; but
few of the old sterling men in Albany caused
one of their banks to take it in order to save
the canal. Very soon the first $3.50, 900 was
spent, and the second sum, same amount,
was duly advertised not a single bid was
made for it. Fortunately for the State and
country these same sterling men caused the
bank Ia take it. Before the next $3.50, 600
was wanted Mr.. Kings house prime, Ward,
King 4 Coz introduced the loan to the
continental bankers, and thus established in
Europe the credit of the State of New York
In the meantime, however, Governor Dewitt
Clinton had been almost driven to despair
by the extreme difficulty of raising money,
with thc credit of the State at his command,
which before had never probably even been
questioned. We can look back fifty years
and see what has been our growth, what
has been accomplished, and how perfectly
brilliant our future is. But that future pos
terity alone must correctly estimate.