New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-11
In kind from that Of the Church hersef. END loyA
obedience 10 lawful authority is our first duty.
HENRY WELLES ANEkf.
Palatka, Fla, Feb 2-March 1879
LOANS TO THE GOVERNMENT.

To the Editor Of The Tribune
Sir: Permit me good -naturedy N take exception
to your criticism Of my proposition OF raisihs
money for the Government. and 10 state tnat
differ with you when you say that the Ho'erh-
mont does not need loans from any one without
interest
II the Government could borrow money Of its
own citizens AZ a low rate If interest or without
paying any Interest at all. It's affairs wodid DC uh-
wisely administered II IL should persist IN Dorro"-
ing Of bankers or Of foreign money lenders ~ niSn
rates Of interest. ! believe that the Govern neht
could have borrowed the whole Of the So'pVN~ OF
the 1926 per cent loan % the people. In 1875. al "a
per cent II it had been offered % them as popular
loan az par I'm small amounts. through the post
Offices throughout the country especially In reg
istered bonds. There many people who 10 NOT
understand subscribing 70 y loan on decimal hg-
ure which would express the rate Of interest they
would be satisfied with. Those. Zoe example. VINO
might be willing TO bid par for a Government
bond paying 2s per cent would not be likely TO
bid 100 s7i3. tho equivalent hsure for per cent
bond payable In 1875. Only hnanciers are likely
10 bid on such . basis. II Is some evidence tnat
tho 1925 loan could have been noated NJ "a per
cent that the bonds have been sold since AT 10
very near the decimal named.
The wealth of the people Is generally UNDER
estimated. II is not generally known that there
is to-day on deposit IN the various savings oahHs
II the country 81 100000 Hl'93s'"'sp neid
by five million dcpostors, the average amount OF
each being 1872 New-York State citizens alone
have over 500 eco Oo0 on deposit Just how many
millions are boarded up in stockings or buried, IN
locations where there savings banks can.
not be estimated In one case coming 10 ~
knowledge whore a country house burned In ms
state 50 $50 In gold 50 boarded ana aug out vL
the ruins. Many Of these people woIti
sayings 10 the Government II II would take chatso
Of them and bring the facilities TOR suDscriohs 20
their doors rs Il could through the postoitces Ny
business brings me in touch with almost evsiy
town and village OF the country, ana ht'mS
believe IN what assert ,.,o,s,rx
90 not wish 10 be understood as criVcislns
President Cleveland in placing IN" loan OF 10.
II. was confronted with an emergency. ana IN, -,
was no time for experimenting or endeaNorl'is Va
Mace tho loap at lower rate Tor a par nonu
through Inc pOstoffices. 80 the country ltu "
nav ~, nor cent for the amount. ana j. fleIpoht
Morgan and other nnancers naturally Inau" n
nro6f in securing the bonds at loss than ~ .
non,iar loan would give the people an interest,"
{, .bo 1;ovornn1ent by reason OF holding its bonds
even i'm small amounts. and would De OF tth' ~
vantage IN this way alone why shoulo we - -
now; atfernpt tn.s when an emergency y 70, IT,"
ne Nhy on the other hand. should npt ne ppf,
ernn,ent accent n loan from one hundred 'honsaanu
- Ire ovn citizens without interest. rather thdt.
nay millions every year to foreign credit )lsi ~
nrc1,IJ moi no \ great sacrifice for one VINO coulh
afford it to lend his Government SOD %',hou, ~,
feres, for even n per cent he would lose ony
go a year and il would prove most satstac,osy
invesirnent for those who desire peace dh1 vi"
yrish 10 avoid war for nothing would impress lOI
eon NATIONS with our strength and resources h'ore
,bon such a loan rendered ny the people 20 INC
S.,H,f r,er, FRANCIS q. MOORE
No i6 Cedar-st.. New-York city. March 10 i%A