New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-08-29
MORE MONEY.

The men who deal in money will have it that
the Government is in bad way and must have
more funds. We do see how this can well
be, for the Internal Revenue is returning nearly
q million of dollars daily, and the Secretary has
balance of the Scven-Thirty Loan. All over
the country, Uncle Sam is selling out his stock
on hand. Ships, clothing munitions Of war,
are all being disposed of to the highest bidder;
soldiers are going home; and (most blessed thing
of alD eghty.fve generals are to be mustered
out. We could spare as many more; but the
eighty-f make a nice large batch to be taken
back to civil life. We want them badly, tor
Governors, Mayors congressman; we want
them with us again. that we may crown them
with hOnors. The expenses of the Government
must certainly be far below these receipts. VI
course, the payment Of large claims and clearing
ND war obligations will make large tempo
rary demands but even this should be met by
the loans negotiated by Mr.. Jay Cooke and the
receipts from excise and tariffs. What the Sec
rctary should do is to bridge us over until the
first of January. The question is, can he 90 IL
without issuing another Loan Ii another loan
is necessary, then what form shall it take ?
The rumor is that the Secretary proposes to
issue Fifty Million loan at market rates.
This will be in the form Of the ten-forty five per
cent bonds, in payment for which he will re-
ceyc the interest-bearing legal-tender notes.
The ten-forty bonds run longer than the five.
twenty or seven-thirty issues, but, by reason oil
less interest, command ninety-four without III
terest. Ii the Secretary adds fifty millions adj
ditonal it will be difficult to get ninety.four for
them. He will virtually be paying six per cent.
premium for his money, and doubly fortunate If
he induces the holders of the legaltenders to
exchange. Legal-tender notes with but part
of the time to run, as all of them have, form
nice investment better than ten-torty III
value, and moneyed men will not allow them to
slip into Government bonds without running a
competition. 1t will require great address to
induce people to exchange a security that is at
premium for a security that is below par. The
ten-forties are the only securities that have
shown declining tendency recently and this
Z
decline would be more rapid if fifty millions
were thrown on the market. Secretary McCul-
loch will keep away from Wall-st. if he takes
our advice for that hungry community will
fleece him if the opportunity offers.
Nor do we like the idea Of converting any OF
our temporary loans into long loans. Our
financial system is at best anexperlment. 1t Is
a war system, and belongs as much TO war as
ships and guns and armies. Seven-Thirty,
Five-Twenty and Ten-Forty were all expedi-
ents to raise money. Fiye-Twenty was paying
a liberal interest-more with gold than We
should have paid Seven-Thirty was despe-
rate war measure-a last resource when money
was in demand and the prospects OF peace
gloomy. Seven dollars and thirty cents year
are too much for this great nation to pay for the
use OF hundred dollars and so are six dollars
in gold Thanks to the Sagacity of Mr.. Chase,
we are not compelled to pay it for long time.
In three years, we shall have all the issues of
Seven Thirty back on our hands, with the privi-
ege of converting into Fiye-Twenty If we want
il. Let us see how that will stand: