The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-02-05

this property 81 pes oaAt. cAsApes thsA
tie American caa. II the EusDps2n
buys, say a siore, st $50 000 40 sells his
draft on London sc 172 exchange, the
stare in the finsl result will probably
stand him at only &3l. 100: aud on this
be will have Qnstead Of only 6 per cent?
ten per cent. on his investment. When
Lesce takes place he can, should he wish
10 do so. then resell, and makes the
above profit on the fall Of exchange.
The investing in real estate by foreign
ers is at present attended with some lit
tie embarrassment, which is and can be
sssily obviated BIZ those having agents
in this country. Real estate ia not in
lated in value, IS the average price now
is not probably IS high as when our
banks paid specie.
In 1867 our banks, bankers and msr-
chants nearly all failed. Confidence was
entirely Frustrated. The croakers gave
simple evidence, in their own estimate N,
that The banks could not resume in TWEEN
ty years. and the most timid of them
doubted If they ever would. Ia the midst
of all this distiust our late esteemed citi.
zen, ames G. King, Esq, went 10 Eng
land, aud by the aid of his own high
personal character and intelligence gave
such explanations to the English bankers
IS induced the Bark Of England to lend
our banks five millions in gold. This
movement scattered the croskers, and en-
abled the banks to resume within twelve
months, and to stand again with that IN
impaired credit they had SO long enjoyed,
and to which they have ever proved
themselves to be 50 fully entitled.
As we now look back upon Mr.. Kings
efforts to secure confidence, it should be
remembered that five millions was then
more than one hundred millions would
be row. We now want another leading,
bold nan. to go forward snd open the
eyes of Europe A company could be
formed in New York which would gladly
take enc hundred millions of fye-twen-
ties, provided European bankers would
advance three fourths of the cost for
term Of three years at six per cent. per
annum. This would, at the present rate
Of exchange, give profit TO the company
of say thirty seven millions of dollars
as soon as the rebellion is crushed, which,
in the opinion of every sane man, must
speedily be done. Our government, and
al the loyal States, ara now in high
credit. At the time of the former loan
from The Bank of England the bonds of
the State of New York, six per cents,
could not bs sold at eighty
and could not have been sold at sll had
not the legislature given an assurance
that no more state debt should be con-
tracted. The United States credit was
Illinois and Indiana State
six per cents were freely offered st eigh-
teen and nineteen per cent, including TO
the buyer more back unpaid interest
than was charged for the whole bond,
interest and all. So Frustrated was
credit that even tia State of New York
could not go on with the enlargement of
the Erie OanaL Now we contemplate
making it sbip canal with less hesits
ton than we then did the finishing of the |
Before closing this long
article let US go back 70 the time when !
the first loan of the State of New York |
was advertised, for building a part of the
Eric Canal in 1917 Before the survey |
wss made the law required that the loans
to build the cansl should be advertised in
sums Of two hundred snd fifty thou
ssnd dollars.
The first loan was so advertised for
sixty days, and not . bid was made for
it; bat few Of the old sterling men in
Albany caused one OF their banks to take
it in order to savs the canal. Very soon
the first S2500O0 was spent, and the
second sum, same amount, was duly adj
vertised; not a single bid was made for
.t. Fortunately for the State and country
these same sterling men caused the bank
10 take It. Before the next $3.50 GOO was
wanted, Mr.. Kings house prime, Ward,
King & co.. introduced the loan 10 the
bankers, aud thus established
IN Europe the credit of the State of New
York In the meantime, however, Gov
,rnor DeWitt Clinton had been ALMOST
driven TO despair by the extreme diff
,ulty of raising money, with the credit
# the State of bis command, which before
lad never probably been questioned.
We can look back fifty years aud see
What hss been our growth, what has been
accomplished, and how perfectly brilliant
ur future is. But that future posterity
lone must correctly estimate.