New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-01-28

Tho Fiye-Twenty Loan has been taken, with
hundreds Of applicants still unsupplied. The
eagerness with which it has been absorbed
among ourselves is the great financial event Of
American history. Five Hundred Millions is q
vast sum for even England to borrow at one
time. though, from an experience of centuries,
possessed CT an experiences in the art Of borrow
ing exceeding all other nations. For this coun-
try it is, in appearance at least, a much larger
sum. We are not yet accustomed to such fig
urcs. But the people of England come into the
world with great debt as fixed element OF
national existence. They are educated to be-
Ieve in it as public blessing, and that it can
never be paid off. Knowing that it never has
been, they readily concede that it never will be.
But with us the feeling is widely different.
A great national debt has heretofore been
great national horror. The sentiment is yet in
heathtul activity among us. The increasing
volume of dsbt during the Revolution was the
paramount Encouragement of the wax Our
fathers had everything but money and credit.
From similar causes we suffered all forms Of
humiliation in the second war with England.
Government bonds were of that time sold at
less than 80 for 100, and payment taken in bank
notes at 80 to 40 per cent below specie. Even
on such terms it was difficult to obtain this de-
preoated currency. But the funded debt OF
both wars was subsequently paid off. No other
nation has been known to do the like. England
may have been more export at borrowing but
in the srt of paying of her record is perfect
blank. We borrow readily at par, while she
has rarely done ~ and has repeatedly been
guilty Of reputation.
Next to the magnitude Of the Fivc-twenty
Loan is the striking feature that it was taken
by our own citizens, and ct par. Without doubt
portion of the bonds have gone to Europe, but
il is now clear that no such aid was necessary.
Our own people would have absorbed the whole.
Immediately on its being closed, it advanced AZ,
showing conclusvely that large class of buyers
remained unsupplied. The facts are significant
Indications of the national advancement in
wealth, of confidence in the stability Of the
Government, and Of popular acquiescence in the
policy of the Administration. To the latter
they hold out instructive encouragement that,
SO long as that policy is honestly and vigorously
so long will the capital Of the peo-
Pile be freely poured out to assure natonal pa
ciicaton.
This loan may be regarded as the beginning
only of our funded debt. So far, we hayo tri-
silenced the mercenary organs Of
British hostility, whose earliest and loudest pre-
diction was that We should be compelled to bor-
row in Europe, and at rates dictated by London
and Paris. But the sinister cry has ceased.
Europe, in common with ourselves, is con
founded by the magnitude of our resources.
In place of sending to them for money, her CAPT.
tulists come to US for bonds. If tho demand
thus begun be now limited one, it Is neverthe-
less evidence Of growing confidence. As that
increases 80 will the demand, until, as on all
previous occasions, millions Of our public debt
will be absorbed by foreign holders. live have
thus suddenly developed q European aptitude
Tor creating debt, we are ct the same time dem.
our ability to create revenue to
discharge both interest sad principal.