Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1864-08-12
CORE spondence Muscetine Daily Journal.
~ FROM WAAHINGTON. H

Regiments at Washington--Etc., Etc.
M. WASHINGTON, Aug. 5, 1864.
The call of Secretary Fessenden direct
ly upon the American people for the
loan of $500, 100000, is the wisest thing
that has been done for our finances for a
period 1t was wise in him
to make that call because it was brave.
1t requires nerve to ask big pile of
contrary to the wishes of Wall
street. 1t was wise to go directly to the
people-the farmers, mechanics, doctors,
lawyers, preachers, merchants, traders
of the country, and call upon them to
show their faith in free institutions and
a benignant government by their works.
A national debt is on some accounts a
national blessing. Had thepeople ofthe
South held n 500, DOC, 900 of government
could have been humbugged into seces-
sion. It is a good thing for a country
that many of its people should have a
direct peculiarly interest in its integrity
and stability. L know Of no way where
by that can so we'll be brought about, as
by popular loan which may be taken
in small sums by just such a loan, in
fact, as is now offered to the public by
the Secretary of the Treasury.
With the general facts connected with
the new loan yourreaders are, of course,
familiar. If, however, in making some
practical suggestions connected there
with, l should repeat well known facts,
l hope will not be complained of.
The Popular Loan, then, is three
years loan, rate of interest 80 per
cent, and may be taken to the amount
of tiftydollars or in any~sum which is
the multiple of fifty dollars. The inter
est is readily computed. A bond Of 500
makes its holder just two cents richer
ever day. 1t makes no difference where
the holder may be, he can get his cou-
pons cashed at any bank, at maturity.
At the end of the three years he can
draw the last iastallment of interest and
the principal of the bond, or he can ex-
change them for government six per
cent. bonds, redeemable in five and pay
able in twenty years-ifterest and 33ri3a-
cipoi payabie IN coin. Bonds like these
here referred to are now worth 107@ 10
on Wall street.
You have many, very many, men in
Muscatine county, and in other counties
where the JOURNAL circulates, who
would most willingly lend the govern
ment their surplus funds, but who do
not do so because they think they might
need the money before their bonds would
fall due. They might make a profitable
trade, if they only had the use of their
money for short time. III either case
for a permanent or Temporal
ry use of the money : the objection is
force. For there are no govern
ment bonds that the banks will not now
buy at par, and here, at any rate, all the
banks will lend money on these securi-
ties, as collateral, dollar for dollar, and
at per cent. interest. Perhaps the in
terest in Iowa would be a little higher,
but presume asimilar practice prevails
there. A man who has a $500 govern
ment bond in his pocket can get money
out Of bank great deal more easily than
he who has q mortgage for $500 on
real estate worth $4,000. 4 mechanic
with $50 government bond can always
that much money without
hunting up any further security what
ever. In short, government bonds are,
for ali practical purposes, money, ana
they are better to- '.lay by" than money
because they bear interest. 1t is COM
Portable thing to have a money-making
right in ones wallet-and the
more, the merrier. -.
These mere hints will suffice to show
he value OF the national securities at
he present time. Twill they continue
soodm some may ask. In answer to
hat proper inquiry, these:
Every nan who has sense enough to
put up his umbrella IL o shower knows
hat we are going to have a ''orisis' one
~ Il =. lott
hat are now up higher than kite must
umble. From the palatial brown-stone
of Fifth Avenue, to fOrty-rod
whisky from the works of art which
ire to adorn cur National Capitol to
peanuts; from the farms of the magnifi-
.ent prairies of the west to doll babies,
prices must come down. Government
securities will, of course, sympathiZe
With the general fall of prices conse-
luent upon return to specie payments.
But all experience proves that the prices
II market of such securities do not fiuc-
uate near as much as the prices OF all
,ther things. do not remember ofsee-
NC English consOls quoted higher than
% or lower than 80 for many years. This
country is no less able to maintain its
credit than Great Britain. l presume
hat our bonds, upon the resumption OF
,peoie payments, would fall as low as IS,
)ut that they you'd gradually rise to 80,
md remain at about taat .;gure, 1t is
pretty certain that most property in
which one you'd now invest would fall
20 per cent. It / AM cQrrect in this, the
nan who now invests his spare ~ 600 in
governments" would be able to COM
nand $3.50 in gold, while the one who
invested otherwise would be able to
command on!y $500 To invest, then,
n government securiiiesis safe, it pays
reasonable profit, is q conyeHient and
Useful mode of keeping surplus funds,
md is the performance OF II patriotic act
besides.
'rha military situation is, perhaps,
omething better than one might at
irst suppose. The failure al Petersburg
asst Saturday was, it is true, great mis-
ortune, and the fact that Early and
have large army gather
ng supplies at Wholesale in the Shenan-
loah Valley is not fact which can be
with profound compla-
ency. But the Petersburg disaster was
lot so great as to justly cause despond-
.ncy, and l am quite certain there are
being made which will send
Carly and Breckenridge up the valley
IN the double-quick, or result in COB
ding them up. Sherman has given
Hood most fearful pounding, and it is
lot unlikely that the splendid armies of
he West will soon be cooperating with
Grant more directly and more effectual-
v than they have yet been able to dol
There is certainly no causeto be jubilant,
,ut there is much to make us hopeful
hat the summer campaigns will end
With the rebellion in the course oil
speedy extinction.
The24th Iowa Infantry passed through
,ere the other day, eliciting very great
as they passed up Pennsyl-
7ania Avenue. 1 regretted exceedingly
hat I did not see them, and especially
heir Lieut.. Col, Ed. Wright, whom l
nave known so long and SO favorably.-
The address of the regiment, as also of
he 22d and the 29th, is this place for the
present. LINKENsALE.