The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-26
w WASHINGTON.
FROM OUR REGULAR CORRESPONDENT.

WASHINGTON, August rs, 1875
HIsToRY OF THE FOUR AND A HALF PER CENT
LoAN-oPINIoNs OF THE SECRETARY.
Inquiry made at the Treasury Department to-day
to tho application OF section 81, page II, OF tho
Revised Statutes the availability of the four and
half per bonds for banking business The Solicitor
OF the Treasury decided, in reply through the Loan
Branch, that circulation to tho amount OF ninety
per centum OF tho par value OF the four and a
half per cent bonds might DO issued by tho
Comptroller of the Currency in circulating
notes upon the required deposit OF such
bonds The above mentioned section, though spec,-
flying bonds bearing interest at not less than
five per centum per annum is superseded. 1t is held
by sections 51-59. which provide that 'any United
States registered bonds bearing interest available
commence banking business" This decision will IL
is thought, Immediately give an impetus demand
Of the four and half per cents and enhance their
value considerably
TALK WITH THE SECRETARY.
During conversation the negotiation OF the four
and half per cent loan the Secretary OF the Treasury
said that the greatest difficulty no had TO con-
tend with, and which caused his conferences
with the representatives OF tho large banking houses
to DO protracted was, that he could get them
harmonic among themselves. The foreign bankers
first that they wanted al! nono to which effect they
coblcd here, and a regular serics of commun
kept up with them which took great deal Of
time; but Secretary Morrill, felt that no ought to
allow tho whole of important loan to DO up
entirely by capitalists abroad and he thought
that those OF this country ought to DO
considered far they possessed ability and dispo-
sition to handle it. Hence no applied himself to
ganizing the individuals in treaty with HIM into an
American and a European syndicate. both to operate
in accord with another. Secretary Morrill, is on.
trciy American and national in this vol other
points Of view. He had vividly before him the OK
perience OF this country in largo railroad and other
enterprises which have been controlled by foreign
capital and with all duo respect for the Rothschds
and others abroad, no could not. in tho discretion
given him by Congress, consent to tho
loan being monopolized in Europe He fecls
great satisfaction. therefore, that no has
equalized 1t and secured harmony. Tho
strongest element Of qualification he finds IN the
membrance that when he here in 1851 our ma
tiona obligations went begging, were below par and
wc paying the rate Of twelve per interest,"
while bond at 80 low interest, compared with
what has been paid before, Is sought with avdity aud
struggle made to take 1t oil up at The negota.
ton of the four per cents has not received any positive
attention yet but remarks have been dropped as 10
Secretary Morrill, thinks that there would DO no
difficulty should il be deemed advisable to place the
whole 81 coo four per auth, rizei by the
act OF July H. 1870 Thus far Secretary Nor: iii has
not addressed himself seriously to the consideration Of
shs matter He is perfectly satisfied with the
ton just completed disposing Of tho four and half per
loan. He will leave here probably Monday for
Maine, whore he is advertised to mako q few campaign
speeches for Hayes and Wheeler Hc states that he
will stop on his way to SEQ the President at Long
Branch and to confer with him matters pertaining
to the Treasury Department
Mr.. CHANDELIERS sELF-ABNEoATIoN.
Mr. William +. Chandler of New Hampshire has
stated to iEpecunious applicants for avors that
himself detraying the expenses OF the committee,
while this is doubted and met with tho indignant
sponsc shat money is literally flowing into its treasury
great effort Is to be mado at once to do everything
which viii lend in carrying Indiana and the
money used will DO sent there to assist In making
q vigorous campaign.