The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-10-13
HOW WAR LOANS WERE RAISED.

onr readers are indebted to that interest.
ing volume, "Wardcn's Life of Chase d"
II was indebted for my success, in great
part, to the confidence and support, most
generously given me, ola number of dis.
tinguished citizens having large influence
in financial circles, and endeavoured to
merit what they gave by frankuess, fair.
ness, and firmness
Congress assembled on the 4th Of July
1861, and soon aiterward passed an act
to authorize q national loan, and for 9TH
er purposes. Under this act. and acts
amending it, | took measures to secure
the funds necessary to carry on the war
With this object, | invited representa-
tives from the banking institutions Of lew
York, Boston and Philadelphia to meet
me in New York, aud they promptly re-
sponded to my invitation.
"Our conferences were full and unre-
served. | explained to them the situo
tion Of the country, the large, inevitable
expenditure FOR the suppression of the re.
bellon my hopes Of vigorous prosecution
OF all measures necessary to that great
end my wishes for economy; my views
Of the nexpedicncy of high rates Of inter.
est, which might suggest possibility Of
future inability to pay it. They, on their
,beir d;anos;t;on 70 sustain ,be rnTorn u'u,1
ment, and their inability to take more
bonds ;han their disposabe capital allow.
on1 a;s,r;h,,.;.n Tt y
80 ;n,oros, n,,,a. ~ a,o;Isn. 1
on soma o,i,an .o;at. ,ta IL,
49, ;u;tasa, '1'.' ,ns"' '-0
a,o na.,avs ~ ,L :,"",I,t ,1'l-o',',i' '"''"1'
i ~ P''
an1,, ,. "', ,H0n.{. Oe''s'n ~ w wy III :" -
w'sh y, Ic al ,o., e"''' '"''' "u' 'u'o , w w
GnI I ,h w. ~ 80, 81, .s, y" ,,'" "of' ~" va, II
~ ,.rn' yh;.h w. a1,;,,r 'pu u''' ~ g, ",1'a
,n,,.,.aia.I -" '0''
an,"' | ~ a. o~, ~ " ',"'" s''n ana '',,''
,,'. ~ D'''' ~" '0' s'"'','Dy"' 'ue
""' so y" u"'" '"la ''"''''uu II
put down. II we have 10 put ont paper
until 1t takes thousand dollars to huy a
breakfast.
The result OF the conference was an II.
greement by the banks OF three ci!ies to
INIT 90 20, !; ''''
w ""3 "'''''"' W '.''''9 ~ 0"'''
cnnar "c ,Io ~ Wv, '''' ''''''. :"
d.; ~ ~ Wv IsI'" .r:I ''.",u'1's }" oo",
- anroot ~ .In n'." v" '"' pa, -
=, fo,;o,s, f'r', i''o"'
h,a.;n. ~, -" 'o'"' v" '"'.' '"'' "0'''
,,,,~,;l1o -" aus |'"'
.er non, .nj w. ~ e"' "'''' 0''''"S "a "a
IF ,bo ",h-ar;..p -"i ~ p"i 0''' t '"T P'o'g.o'
fac,;on ~ ,hor aI,. ~ ,"' ''p@,' r =" 'a''s, ,t
wonld 90 md 70 Gnl;ro, ~ ',i ,h.n, a. -"e -
notes for ,nr 1aGoo;"an Wv ''''
Th;s asc0.''. r..,r.n. rum +,
on.naJ Inot. or .nL.,s;,,; i''''', 'al"''''
t;oroI lam ~ aiI ~. IA
anI ,hc nao,io rotnanli '''t M ~ i. a. ,.''.''
Abon, fdrtyftsr, rl;,l'aoo C"r' WI" WV" "'I''''y
scr;ho1 onj 'a;l - '',io"l nl WIZ '"u' SUI
m,;ndor naao l "' I1' - ,'l''' NV. ''.o ~ 10
b Of ,ho r,o.'';."I ~ I a.. ..' " sac '''''''-
q This operation cnqb'cd thc bpuA- ,'
b make a second advance of fty million
on ucory the same terms It had be
come evident that the popular subscription
. would not co. .tnuc ~ large and as promp
, as at first and the iuccuyenienccs Of it
t management by the department had prov
a, ed to be very great The accounts o
r the subcrptou agents were therefore
d closed, and the notes for the second loal
j. were delivered direct to the bankers, VIII,
distributed them as best suited themselves
This simplificd the 'rausac'on to III,
Treasury, and the arrangement, though
4 not quito as advantageous to the bank
4 as the first, was every way more convent
h cnt
BY these two loans obtained on
n hundred millions Of dollars, paying unde
/. the immediate urgency a rate of interes
only one and threc-tcaths per cent high
er than the ordinary rate of six per cent
and that only for three years. The sum
= needed heyond the amounts thus ohtoine