The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-09-17

assistant treasurer OF the United States
at Boston. New York and Philadelphia,
and the residue was to be placed to the
credit of the United States on the books
of the banks subscribing. Certificates
were to be issued to each subscriber,
stating the amount deposited, and, as
the deposits should he withdrawn or
paid into the treasury, treasury-notes,
bearing 7.3O per cent interest were to be
issued in equal amounts to the sub
scribers. When the deposits were en-
tircly paid to the United States, treasury
notes for the first deposit of the banks
were to be issued, and all notes issued
to the subscribers were to carry even
date with the certificates and carry in
interest from it..
The above are the main features Of the
$50. 900, 900 loan. thirty millions
more than the aggregate capital of the
banks furnishing it. Further on the
historian says "at that time, foreseeing
the future, they (the banks) deemed it
wise to band themselves together, put
ting their coin into common fund, and
otherwise aiding each other, so as to
enable them best to sustain their dealers.
and by joint action to relieve the wants
at the government, if it became neces-
sary, to the fullest possible extent"
Such a vast financial undertaking had
never been attempted before in this
country, nor was ever similar one
matured and put into action more
quickly. And further lat the time of
executing this agreement with the secre-
tary," the credit of the government had
become impaired to such degree that a
large loan could not be obtained in any
ordinary way, nor even a small temp
orary loan, except for. very short
period at high rate of interest. Mems
hearts failed them; the rebellion was up
on so large a scale, and had so unex-
pectedlv broken out, and ragged with
such fury that to subdue it, seemed
After careful deliberations
and consultations with the secretary of
the United States Treasury, the banks
decided it to be wise tor them to depart
from their usual and legitimate business
and sustain the government credit, and
stand or tall with it. The act restored
the public conf teuce. aud Was the high
est indorsem.nr of til. public credit that
could then be given.
We will no listen to an extract from
the Report of the Loan Committee of
the associated banks, on the subject:
THAT in the future the banks will look
with just pride on the record of the past.
borne by them in the most critical and
eventful period known in the history of
the country: and that they may justly
claim that hv their foresight in org aniz-
ING themselves. aud their prompt action
for the support of the Government at
the darkest moment of the past year,
when che placed more than their entire
capital at its command, almost without
hope OF profit, with ruiu staring them
in the face in the event of loss, that they
did much to savs the government from
being overtime vn AMI the country from
being dismembered."
Again, "a great merit of this bank
combination at that critical m omeEt,
when the lite OF the nation hung in the
balance consisted in the fact that it
fully committed the hitherto hesitating
moneved capital OF the North and East
to the support of the government. The
bank officers and directors who thus
counseled and consented were amply SEN
sible Of the momentous responsibility
which they assumed. but all doubt and
hesitation were instantly removed, and
perfect animity was secured by the
question what, if we do not uuite?''
And acting as guardians of great host
exposed to -i,ninent danger, they fear
lesSiy elected the alternative best calcu-
lated to protect it."
Such were the sentiments aud actions
of those patriotic men in the dark days
Of the earlv sixties. Today they are SLAM
dered, villi6ed, abused and misrepre.
sented by the average "popocrat.' .
Mos: of those men have since been laid
in honored graves and their only offence
is that they were bankers. ''moneye1
men" men of integrity, brains, wisdom
and patriotism. Today. to. show his
gratitude to them for having limperiled
their means to save a country for him,
the average "Demopop" is loud and
bitter in his denunciatio OF some of the
grandest men and citizens this, or any
country eversaw or knew. III. HOGAN.
The Minneapolis Tribune which en-
joys the distinction of being the only
daily paper in Minneapolis that is sup
L. l. e.