Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-07-12

intelligence had been received at Inc
Treasury Department in Washington up
IN the close of business on the 7th inst,
tending to corroborate the cable telegram
sert from London to New York On the
9th, TO the effect that Judge Richardson
had been perfectly successful in his ne
gotiations for the disposal of the new
loan in Europe. Ga the contrary, the
Patriot states that whatever is known
concerning the operations OF the agents
sent abroad to place the new bonds is
anything but encouraging. In themean-
time the numerous agents employed 10
sell the new bonds at home have only
succeeded in disposing of some sixty
eight millions of them, and those disposed
of are only of the highest class, and not
a dollar of the a and 4 per cent BONDS
has yet been taken. Thusit will be seen
that the entire amount of the new loan
(which has been on the market several
months) that has actually been disposed
of is less than seventy millions. TINS IS
decidedly bad showing for the refund
ing scheme of the Administration; is, In
fact, practical demonstration of its
utter failure. The Patriot says:
Ono doubt Mr.. Boutwell, has done his
best; no doubt his agents have done their
best to sell the new bonds, and to con-
vince the people of the advantages they
offer for a safe investment on long time;
but II is notorious that the refundlng
scheme was passrd so much in favor OF
the national banks as to paralyze the
hands of the government from Inc OUT,
start. It is also notorious that no Dill
which compelled the national banks 70
transfer the per cents for lower-rate
bonds could have got through Congress,
in the face of the bank presidents ana
bank directors who hold seats IN lnat
body. Now, there is another TACT IN re-
lation TO the failure of the new loan winch
demonstrates how Jealous have been
the efforts of the government 10
to dispose of it, and that is the tact thst
the advertising bills already reach $oOO,--
900; and when to that amount Is aoueu
the commissions of the agents, the ag-
gregate is further augmented by con
siderable figure. Then there snouiu DC
added the heavy expense Of the TWO
costly embassies which have been sent 10
Europe to sell the bonds there, and which
cannot be fairly estimated at much less
than $50, 900 in gold. In view OF hs
discouraging facts above referred 70,
there would seem to be some foundation
for the Iumor which was current in this
city Yesterday, 10 the effect that Nj.
Boutwell, had ordered the note-printing
companies in New York to suspend the
printing of the new bonds until further
orders"
The popularity of the new French loan
in the European money markets, in COM
parison with on: own, seems to puzzle
the Radical fnancieIs. 1t appears that
that even in Berlin the French loan is the
most popular in the Market and this gives
the best evidence that the condition of
France, SO far as her material interests
are concerned, is not at all discouraging,
and that there is q confidence even among
the Germans that she will soon establish
a permanent government and one IN
harmony with the liberal ideas of
the age. Under this view of the pros
poets of France, it is not at
all surprising that the people of
Europe would prefer loan that is under
their surveillance than thatof a government
far away. But there is another reason
why the new American loan is not popu-
lar in Europe. Our own capitalists and
money lenders do rot give it any ercour-
sgement, but rather discredit it. The
following item that we find in the Wash
ington specials of the Cincinnati Com
naercidl throws some light on the matter.
| Il reads:
s0The National Banks continue to hold
| their fye-twenties, and other six per cent
bonds, and it has been discovered at the
| Treasury Department that some Of these
banks have advised their depositors, who
are holders of six per cents, to keep
them. Though these National Banks are
the creation of the Government, it is from
them that the most serious impediments
to the success of the new loan have been
met with"
In France there were more bids for
the loan than the amount placed upon
the market, and it was this confidence
and patriotism of the French people that
made the loan popular, while ours upon
the same terms can find no takers. That
is what's the matter with the new loan.