The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-21

SUBSCRIBERS in Pari,
tries. ie - o.n.. oou" scot soo 5000
Subscri6ers In tn
"The second loan OF 1855 attracted no less than
237 ,000 bidders in the heart OF France without
including Paris. These results were obtained
without watering the bonds or pay ing one franc
acted by the regular salaried officials. Tue
American people are not less intelligent or pa
triotic than the French"
The apparent object of this despatch, which
was deemed of sufficient Importance to receive
a commendatory editorial notice, is to cast
doubt upon the wisdom of the action of the
Government during the war, in securing the
aid of Jay Cooke in the negotiation OF its
loans. Since the question has thus been
raised, we propose to consider it briefly from
the standpoint suggested by the extract we
have quoted.
It must be remembered, at the outset, that
there is no novelty in the system of govern
ment dispensing with the aid of agents in con-
tracing ordinary loans. Such, indeed, had
been the practice of the United States up to
the time of the war. 1t will be remembered
however, that in the closing days of Mr.. Bu-
chanan's administration the efforts of the
Rebels to blast the credit of the nation proved
80 successful, that the ordinary methods of
raising money failed to replenish the trea-
sury, and 80 much uncertainty was
felt in regard to the future at this
gloomy period that number of bidders to a
United States loan preferred sacrificing the
deposits made at the time they forwarded their
bids, to the risk of in INVESTING in Government
securities. This was before any appropria-
tions had been made to suppress the Rebellion,
and at time when the national debt scarcely
reached hundred millions of dollars. This
fact, of itself, was sufficient to impress any
Secretary of the Treasury who was suddenly
called upon to meet enormous requisitions,
with the necessity of adopting better and
more efficient method of negotiating public
loans than that which had signally failed in
the first days of national anxiety and alarm.
The three French loans referred to in thu
extract amount respectively to $50, 100000,
GOO, 600, ,000, and 750 000 600 francs or, in all,
1920, 1000, 900 in round numbers, contracted at
three different periods. The insignifcance of
this sum compared with the amounts required
in this country during the war is of itself
sufficient answer to the ridiculous logic of the
despatch. The reasoning it seeks to impose
upon the people is substantially this: The
French Government in 1854 borrowed
$50, 100000 therefore, the Government of
the United States could have made its original
$40 loan Of $514, 600, COO without the aid of
ary, 1856, borrowed $l20, 900 without ex-
traneous aid; therefore, the United States
could have negotiated its 730 loan Of
$3.50, 1000, 900 by merely publishing few ad-
vertisements and authorizing its Assistant
Treasurers to receive subscriptions II the
author of the despatch had paraded list OF
his acquaintances whose private credit was
good enough to borrow, without the aid OF
banks or bankers, sums ranging from $40 to
$1,000, it would have been nearly as pertinent
to the subject under discussion.
The insignifcance of the French loan was
not the only thing which rendered its nego-
tiation comparatively easy. Order and tran
guilty reigning at home, the money was to be
expended either in the prosecution of popular
foreign wars or in the construction of useful
internal Improvements. For such purposes,
and under such circumstances, the treasures
OF capitalists and of the people are at all times
freely contributed. No question was raised in
regard to the security of the investment, and
no doubts existed as to the financial future OF
France. Her fate did not hang trembling in
the balance. The wars she waged could not
by any possibility result in her ruin. When
she assailed Russia in the Crimea or appeared
as the antagonist of Austria in Italy the forces
of the empire speedily punished old enemie.
and gained new glory by brief and brilliant
campaigns, and when these objects were
accomplished amid the plaudits of the people
peace was speedily restored.
1t should also be recollected that the pecu
liar form of government prevailing in France
with its multiplicity of officials under the i'm
mediate control of the central power ant
directly responsible to it, affords facilities fo
"pOpularizing" loan or accomplishing any
other object desired by the Emperor which
certainly did not exist in this country at the