Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-06-27
The Government -oreellt.
Rrom t6a y. 2. Indepepdentl

I
The remarkable success which has at,
tended the last attempt of Mr.. Chase to
effect apublic loan is a most gratifying
proof of the confidence with which his
financial management has inspired the
the people To read the speculations soi
some of our own .tmoneyswriters," !" as
well as those of Great Britain, it might
be inferred that the nation was on the
verge of bankruptcy, with moral Ger.
taintY of the public debt being repudias
ted; but the nature ofthe bids for the sew
enty-fve million loan shows how difficult
it is to convince the people that white is
black when they have an opportunity OF
Judging for themselves. Nothing has so
disappointed the expectation of moneyed
men and speculative money-Writers as the
financial results of the war. The utter
failure ofthe Government to prosecute a
war for the suppression of the rebellion,
from an impossibility of negotiating loans,
was peril on which all the European
financial authorities, as we'll as our own
money-edltors, came to perfect agree
ment. Itwould be a very instructive and
amusing study to read over at the pres
ent day some of the articles published in
our own papers, as well as those pubs
lished in Tie Times, The Economist, and
other British Journals, three years ago
on the financial difficulties which would
beset our Government No such prophe-
cies were uttered as respected the South,
whose cotton fields were to furnish un-
limited means for prosecuting their fra
tricidal war. One of our own financial
writers, whose brilliancy of style secured
many believers in his specious theories,
after writing apamphlet to prove the ,imr
possibility of our Government effecting
q loan in Europe, and to show the fallacy
of looking for financial support at home,
took his departure from what he suppos-
ed was the doomed North, to seek home
in the more prosperous South. A few
months, however, convinced him of. his
error, and he was very glad to get back,
but only to persist in predicting ruin as
before. But these prophets of evil are a
class upon whom facts produce no imS
preston. They argue upon hypothesis
ina case where facts alone ara of any
value. The assumption that it would Be
necessary to cross the Atlantic for q loan
has long since been proved utterly bases
less; and all the predictions ola lack of
confidence on the part of the people in the
ability of the Government to meet its
financial obligations have been as triums
phantly disproved as the Southern pre-
dictions that the people of the North
would never fight In what more satis-
factory manner could both of these rebel
assumptions have been answered than
during the past week by the cnndnct of
our armies in Virginia, and the response
Of the people to Mr.. Chase's proposal for
a new loan of seventyNfve millions of
dollars. Three years ago, in April, 1851,
when the Secretary of the Treasury ads
vertised for a loan, bearing interest at
six per cent, the higest bids ranged from
two to six per cent below par, and final.
ly the loan was effected, through the aid
of the Chamber of Commerce; at about
fifteenper cent. below par, and now ,with-
out any assistance from banks or eorporr
ations, there are voluntary bids to the
full amount required, ranging from par
to ten per cent, in sums varying from
five hundred to five hundred : thousand
dollars. These bids, coming from all
parts of the loyal States, from saving
banks, insurance companies, judiciary
agents, banking houses, and merchants,
show in remarkable manner how firm
this faith ofthe people is in the rectitude
ofthe Government, and the ability of Its
financial officer. g,siz zs, r=!.. Fl
In case where the Secretary has met
with such success, it would seem alto.
gether superhuous to suggest any better
mode fproceeding; but we think it must
strike every one that it wonid be better,
both for the interests of the Government
and the satisfaction of the people, if g
minimum premium had been fixed upon
by the Treasury Department, instead o.
leaving the rate Of premium open tc
competition, and then deciding on the
minimum rate after the bids had all beer
made. 's'' allg sar 7lsi sioi'5g
From our MartInsburE oorreSpon-
MARTmsSuRsi W. We. June %, 1864.
| EdiIorS EntsLLf0sncSr ~ safsH -a1-' Hisl