The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-03-08
The New Five Per Cent Loan--.Pros.
poets OF It's Success.

The New Five Per Cent LOan-..PrOs-
poets of It's Success.
From the Phil Ledger. "A
To the surprise of many, and 70 tie
qualification, We suppose, OF oil who feel
a pride in the coun1y's credit, the Secre-
tary Of the Treasury Is making more
progress in his efforts TO refund the ma
tional debt at o lower rate of interest than
would have been believed possible.
Some two millions Of dollars of the old 0
per cent bonds have already been offered
at the Treasury to be exchanged for the
new 5 per cents, and the First National
Bank at New York expresses the belief
that through its agencies alone ten mil
lions Of tho new bonds can be placed.
This is most encouraging, and the prices
of the two clasSes Oi bonds. in the open
market, so near together, are favorable
warranty that the 5000, 900, 600 OF new 8
per cents can be placed almost imme-
diately-the greater part Of them III is
hoped all in the home market. There is
no reason why the United States Govern.
mcnt should not borrow as cheaply as
my Of tho smaller and oppressed govern.
ments Of Europe, many OF which, limited
in territory and with not q 1.-THE Of the re.
sources, borrow money at. four and
five per cent, and without thought
OF reducing their dcbts-many Of them
in met being irredeemable. How dit.
tercnt here. We can point with
proud satisfaction to the flct that our nu-
ilonal debt has been reduced 500, 754, 413
within the last two years, with every pro.
spect Of increasing on this rate Of reduction
us VIC are by time further and further re-
moved from the cause of the debt which
so paraIyZed the industries OF the country.
This is far more potent argument with
capitalists, and will do more TO establish
credit than the eloquent appeals usually
found in agents circulars. A five per cent
loan free Of tax, will, wherever the tax on
personal property amounts TO two per
cent, rs it does in many OF our large cit.
les, be equal TO seven per cent, on bond
and mortgage. Insurance companies, for
instance; have to pay tho tax upon their
entire capital, and many Of them might
advantagcously invest the bulk OF their
capital IOn long five per cent loan
While the Administration and Congress
are entitled 10 the thanks Of the country.
It can hardly be invidious 10 say that the
principal credit OF this achievement, il
the object shall bc achieved, belongs to
tho Secretary Of the Treasury, as he
would have been held responsible had
there been o different result.
Dispatch from Washington, dated Monday.
Secretary Boutwell, has heard tonight
from several points where subscriptions
for the new loan were opened to-day, and
learned TINT between four and five mil
lions had been taken. This report did not
include the whole country. he expects
TO hear from Europe within fOrty.cight
hours and feels confident that the news
will be very favorable. He thinks that
the new loans necessary 10 be placed by
the governments on the continent willnot
interfere much with the success Of ours,
because We can offer much better assur-
anCc of payment, and other things being
equal, the securities Of the United States
will be preferred 10 any others
From N. Y. Fin Chron. of Saturday.
The several influences previously no.
tiCCd have continued 10 have nnimportant
effect upon the market in stimulating
business and giving buoyancy 10 prices
These influences were, chiefly, the action
of Secretary Boutwell, In placing his now
loanlupOn tho market, and thus taking u
position in which his influence must neCes-
sarily be thrown on tho side Of higher
prices; and secondly, the extraordinary
CAsC in money which has induced pur'
Chases OF bonds by bankers who gCnCr-
ally employ their balances on call loans
The, Treasury programme for March, an
nOunCing the purchase OF $1OOOO,0OO
five.twcnties In the month, against the
sale of 100000 gold, was also q source
of additional strength. 1t Is owl
dent that opinions have mate.
rally changed among our most
intelligent bankers in regard to the pros
poets OF tho new loan, and 1t seems now
TO be very generally Anticipated that the
five per cent bonds will be successfully
negotiated within n reasonable time. The
Treasury Department has issued state
ment showing tho amount OF the several
classes Of United States debt at its max
imum in July. 1865, to have been $9,755,-
O05; at tho beginning of President
Grants administration, $2,401 ,309; and
on March 1, 1871, $9283,145, or about
$780, 100000 less than at the close Of our
war, six years ago The exhibit Is GER
tainly d very strong one to send abroad rs
an evidence Of tho spirit which exists in
this country in regard to paying off our
national obligations. 3'.-I-4r