Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-06-13

The entire failure of the FIVE per cent ten
forty loan Is officially admitted by the
Treasury Department, and their organs are
swallowing the leek as best they may Some OF
them are even trying to persuade the duped public
that i've per cent is better than six per cent.
stock. and that Mr. Chase is making a better
bargain by paving more gold interest. We havs
done what We could 10 maintain the credit Of the
Government from the assaults which Mr. Chase
and parasites have pertnaciously made upon il
But the Secretary has persisted in the most dis
creditable transactions in the face of the world
and has hoped still to preserve the confidence OF
the public through the clamor of corrupt
press.
He began by borrowing money at seven pei
cent. interest and he now offers a loan of the
same tenor at twelve per cent. interest. The
two loans compare as follows
Proceeds Rates Of
Offered. in gold. interest
November, 1861 s5O,OOo,OOo s4e,Isl,2Ol per cent
June, 1864 75,OOO,OOO 39,l75,lOl l2per cent
Ii will be remembered that although the Sec
retary will get less than forty million dollars gold
value for seventy FIVE million dollars in stock
the amount of gold that must be paid back to the
holders is follows:
Gold receivable for as, 600 stock $50 I75,lOl
IL years interest -. 765O0,O0O
Principal in gcln I5O0O,OO0
Total gold returned ................S $751; 800 OOO
Loss to payers. ....--.-. sll2, 324, 50.
This enormous loss is not alone to be borne
on the new loan. but one thousand million dol
lars more is to be borrowed in the course of the
next twelve months Mr. Chase, in his official
notice OF the new loan. alludes to the great in
crease in national expenses, and they now
sem-offcially stated at four millions dollars per
day. Indeed. the appropriations for the next
year exceed that sum. In other words, the hun
dred million dollars per month must be obtained
from some source during the year.
The Secretary of the Treasury, in the face OF
this fact, states that he is reducing the currency
How, by repudiating III Certainly he is not
paying it. II he lis canceling il AS he gets il in.
he must borrow double the amount mentioned
or two hundred millions of dollars per month
one half 10 cancel circulation. and the other halt
to paw expenses. This process il il we're posi-
BILE to pursue it for few months would stop all
the business and leave the Government without
taxes.
The debt on the 18th day OF May was a fol
lows:
Funded coin s7l70ss, liz
Floating debt .......... 9l37Sl ,3li
Total debt 81, 100 80, 92e
The floating debt can be paid only by in
creasing the funded debt If we are to have
no more floating debt, then the expenses will be
paid by six per cent. stock if possible as fol.
lows:
Present debt. ss7l,OS9ll2 1886
One hundred millions per
month, II months.... /, 200 100000 72,O00,O0O
Total. s2oI7, O99 liz sl2l s73, sos
If this should be possible at
present rates the Secretary
would get, in gold. Solo, 600 00C
Seventeen years interest sl224 100000
Principal .................. 100 100000
Loss to taxpayers in gold, add to present
debt O,OOO
We presume no one is so foolish as to suppose
such payments possible; yet the parasite press
state that there offers for the stock abroad
and that Mr. Chase thinks of supplying it on
such terms The debt existing at this moment
absorbs the whole gold product of California,
and it will require five more CALIFORNIA; to meet
such demand
In addition TO his moDsrous demand, the
Secretary would have US believe that he is about
to reduce the currency, and with it all values.
which would wipe out of existence one thousand
millions OF nominal property. and by stopping
business and trade. kill the internal taxes. There
can be no income tax when there are no apparent
profits, will manufactures yield revenue
where the production ceases
The Secretary has uniformly resisted direct
tax upon property, and the whole revenue of the
Government now depends upon indirect taxes
which are possible only where there is business
activity Neither customs nor excise will give a
shilling in time of revulsion The interest on the
public debt cannot be made if the imports decline.
Mr.. Chase has, therefore, only the alternative of
continued imitation TO postpone ruin few
months, or TO precptate it by immediate con-
traction IL is said that, if he gets no nomination,
the latter may be war necessity. - New
York News