The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1864-11-10

IIVHi tlt BbrtYu ipat u nAHst Isl AIll Cd
The 7-3O Loan.
Tho official announcement of the
programme Of the new seven-thirty
loan has q good effect on the stock and
money markets. The terms Of the
loan are extremely liberal. The So
cured currency interest is large, and
much larger than most Of the, divi-
dcnds and coupons promised through
the stock exchange, and altogether
more tempting than the ordinary bond
and mortgage security on real estate.
The interest is two cents day on a
hundred dollars, and payable half
yearly without the presentation Of the
treasury notes, and is free from all
taxation. The convertible privilege
Of the loan is worth from the start at
least ten per cent, in addition TO the
$2l so which will be received for the
three years interest, and may be worth
twenty per cent at the close of the
war, or by the maturity of the treasu-
ry notes IN August, 1867. This con-
vcrtible clause as a privilege is chiefly
valuable in securing to the holders Of
the scven-t -thirties subscription to the
gold bearing siX-per cents Of the Uni
ted States at par. The Sub Treasury
offices and the National Banks have
already received very handsome sub.
scriptions to this popular and patriotic
loan, and the more it talked about
and considered, the more SAVIOR it re-
cievcs. Tho notes themselves are be-.
ing prepared, and willbc ready for de-
livery within q brief period, but no
loss of interest need be incurred, as
the money can be paid in at once and
the interest will be allowed from the
dato of deposit.
| There can cno reasonable doubt that
the subscriptions to this loan, will now
goon steadily, as well through the in
terror Of the country as in the great
icities Of the scaboard. There arc
nearly five hundred National Bank
agencics through the loyal States for
the distribution of this loan, every one
of which must feel an immediate inter-
est in its success. There is an equal
number of local bank corporations un-
der State system, many of which will
employ portion of their deposits in
the new treasury notes. The success
of tho negotiation would therefore
seem to be doubly assured,-frst, be-
cause the terms arc admirably adapted
to enlist the employment of idle mon
ey, and then the agencies for its dis
tribution have beeu widely multiplied
since the previous popular loans were
taken by the public. Secretary Fcs.
sender has undoubtedly esta bished a
good financial reputation, and enlisted
a large measure of public favor and
sympathy by his adjustment of the
plan Of the new loan. and by his busi-
ncss-like explanations in regard to its
influence in preserving the national
existence, without which, all other in
vestments would shrink in value, if
they did not fall to naught. The ex-
perience which the Secretary has had
, in the Senate's Finance Committee
, will be Of great service to him.
4 x x x 4 4;
The new "Sevon and Three -Tcnths
Loan" is meeting with a gratifying
share of popular favor. A million and
half day at the different deposita-
, ries is larger subscription than could
have been reasonably expected, consid-
ering that the scrip is not yet ready
} for delivery. Some of tho National
: Banks are receiving subscriptions for
sums OF fifty and one hundred dollars,
, which is an evidence that the loan will
not be confined to capitalists and insti-
tutions, but will be taken in part by
citizens of moderate means. Among
the richest depositaries from which a
5 nation can draw, are the small rccep.
: tacles which hold the saved earnings
: ofa frugal and industrious population.
5 This important fact has been realized
t by foreign countries, and the United
, States will confirm it in a greater de-
t gree. The liberal interest of two cents
!, day on every hundred dollars, to-
, gcther with the privilege of convcr-
sion into gold-bearing loan at par,
, and the undoubtcd security of the ma
ton with all its wealth and resources,
: present and future, to pay both inter
est and principal, are inducements
| sufficient to cause rapid filing up OF
the loan lists, at an early period after
the certificates are ready to be given
out to subscribers.
GENERAL. SHERMAN'S RECORD
| Siv months and n dav from hrs an