Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1864-08-11
The .-sO government Loan.



Many of the advantages Of this loan
are apparent on their iace but there are
Others that will be best understood after
consideration. Among them there ore: =
ITs ABSOLUTE SECURITY. Nearly all
active credits are new based on Government
securities. Banks Of issue and Savings
banks hold them in large quantities-in
many cases, more than the entire 1snount
OF their capitals--and they hold them az
the very best and strongest investment they
could possibly make. If it were possible
to contemplate the financial failure OF the
Government, no bank would be any better
or safer. Savings Banks already have a
large part OF their assets invested in Gov
ernment securities AS rule they allow
but 1--WE per cent. interest, and can only pay
principal or interest in greenbacks or bills
OF State Banks, for every note or bond
held by them and due before the resump-
ton of specie payments is payable in Gov
ernment legal tender paper Banks Of issue
and discount cannot ask OF get anything
better in payment Of customers notes, and
they prefer it to all other for they are com-
pellcd to redeem their own notes in that pa1i
per as the circulating medium next to specie
in value. BY the issue of this loan the u.
). Treasury becomes Sdutngs bnnk for
the people There are none stronger-penS
more solvent, and not one that pays so hber.
ally for the use of money. You may de-
posit fifty dollars or fifty thousand. The,
more you put in, the more you will aid and
strengthen the Government and the more
valuable will be the remaining currency of
the country.
It's Liberal INTEREST. The 0enerdt
rate of interest is six per cent, payable an
nually. THIS is seven and threo.tenths,
payable sep,tdnnnaUy II you lend on
mortgage, there must be a searching of
titles lawyers fees, stamp duties and delays
and you will finally have returned to you
only the same kind of money you would re-
ceive from the Government aud less OF 1t.
If you invest in this loan, you have no
trouble. IF there is no National bank at
hand, any banker will obtain it for you with
out charge and pay you the interest coupon
at the end of six months as correspondent.
IF you wish to borrow ninety cents on the
dollar upsn it, you have thesbighest security
in the market to do it with If you wish
to sell, it will bring within a fraction OF cost
and interest at any moment 1t will be very
handy to have in their house.
ITs CoNvERTIBILITY INTO A Six PER
CENT. BoND.--Here comes an advantage
that must not be lost sight of. At the ex-
= piration of three years holder OF the
: notes of the 7-30 loan has the option of ac-
Z, cepting payment in full or Of funding his
Il notes in a six per cent. gold interest bond,
: the principal payable in not less than hve
r nor more than twenty years from its date as
the Government may elect. For six months
: past, these bonds have ranged at any aver
y age premium of about eight per cent; IN IN
the New York market, and have sold at
= l09 to-day July 2s) Before the war. y.
It S. six per cent stocks sold at much high
" er rate-and were once bought up by the
}, u. S. Treasury under special act OF Con
u gress at premium of not less than twenty
n per cent There is no doubt that this op
ton of conversion is worth at least two o'
three per cent. per annum to the subscriber
to the loan, thus increasing the actual rate
of interest to about ten per cent. Votes o.
- the same class issued three years ago, are
- now selling at premium that fully proves
! the correctness of this statement. -
ITs EXEMPTION FROM STATE on MGNl
Z cIPAL TAXATION But aside from all TIT
10 ~ advantages we have enumerated, specia
10 Act of Congress eren,pts al bonds ant
~ average this exemption is worth about wv
= : per cent. per annuin, according to the rat
u Of taxation in various parts OF the country
a. - Can greater inducements be asked for thai
!, those we have enumerated? -,
y, The Secretary Of the Treasury has bee'
y told that he must "5,ly money at the high
- - est rate necessary to command it," that n
~ should sell his obligations for what the.
!. would bring" so as to lead the market bu
~ ~ the Secretary will do no such thing. /
y Shylock bought bends at 90 in kugust, n
I would demand concession Of another te'
=, a. per cent. in September, and twenty in w
~ tober, until he would finally offer to lent
y only the interest and keep the principal =
j. IF Government securities are worth any
~ thing, they are richly worth all their fac
+ calls for IN gold. and the country is not g
% poor in spirit or in purse as to submit to an
o. such sacrifice as Shylcck demands. Their
+ is but a limited supply of money ssekin'
,s investment at any time, and the Govern
20 70 ment offers to pay literally for its use. A
~ ~ the rate of seven and three tesths per cent
81 81 per annum, to say nothing of the colaatera
~ advantages, it is the strongest borrower
~ ~ the market, and every f cling of interest,
10 10 well as patriotism and duty should lpduc
~ our readers to invest in it's loans.
rs A Terrible Scene.