The National tribune., 1903-06-11
THE AMERICAN.
SPANISH WAR.
Continued from first page.)

the United States to participate in the
subscriptions to such loan, and in allottine
said bonds the several subscriptions OF
| individuals shall be FIRST accepted, and
the subscriptions fer the lowest
amounts shall be 6rst allotted: Pro.
vided further, That any portion OF any is.
sue Of said bonds not subscribed for as
above provided may be disposed Of By the
Secretary OF the Treasury at not less than
par, under such regulations az he may pre-.
scribe, but no commissions shall be al.
lowed or paid thereon; and SUM net ex-
ceeding one-tenth Of one per eeRtum Of the
amount OF the bonds and certificates here
in authorized is hereby appropriated out of
any money in the Treasury not otherwise
appropriated, to pay the expense OF pre-
pairing, advertising and issuing the game"
A WORKING BALANCE.
In view of the fact that Congress had
either appropriated, or proposed to appro-
pirate, $361, ,O0O,O 900 to provide Tor the ex-
penditures Of the war up to Jan. !, 1899,
in response to the estimates Of the War
and Navy officials; and in view Of the fur
ther fact that the war revenue up to that
time would not be likely to exceed
S55, 100000, and the available cash bal
ance in the Treasury exclusive of the
500. 100000 greenback redemption fund
quired for the operations of the Treasury,
would not exceed $70OOO,OO more-leav-
ing balance OF at least $23O, 100000 of
the appropriations to be provided for, Sec
retary OF the Treasury Gage thought It
wise, Immediately after the approval OF
the war-reyenue act, to take measures to
invitepopular subscriptions for $500, ,0O0, 900
Of the 3 per cent bonds authorized to be
issued and sold.
There were many financiers who point
ed to the fact that the 4 per cent. loan Of
1928 was then selling in the market at a
premium which netted 81 per cent. in
terest to the investor, and to the further
fact that the war-revenue law practically
withdrew the proposed loan from the COM
petition of large investors, by providing
that "in allotting said bonds the several
subscriptions Ct individuals shall be first
accepted, and the subscriptions for the
lowest amounts shall be FIRST allot-
ted" and doubtfully shook their heads
at the possibility of placing a loan
Of $500, 100000 bearing only per cent.
interest without the payment Of a
single dollar in commissions, and with the
expenditure Of less than one-tenth Of one
per cent. for clerical help, stationery, en-
craving and printing and distributing.
THE SUCCESS OF THE LOAN
Went far beyond the expectations Of the
most sanguine believers in the patriotism
and ability of our people, and contributed
powerfully to impress on Spain and on
Europe profound conviction Of the unity
of our people in support of the war, and
Of the unlimited extent of our resources.
Notwithstanding subscriptions were lin
tied to 80 days, yet when the loan closed
on the afternoon OF July u, tenders had
been made by about 100000 persons for
Sl,394, 100000, or nearly seven times the
amount offered.
The popular character of the tenders Is
shown by the fact that there were 230, 900
subscriptions for $500 or less "a large
number for $50, $40 and S50-amounting
in the aggregate to SOL ,O00. 900, or more
than half the entire loan; while the other
$50, 100000 was taken by about 10000
subscribers, no one Of whom received over
$500. Not single syndicate or eorpo-
ration or individual subscribing for over
$4,5O0, was able to obtain q dollar Of the
loan.
1t is probable that the remarkable sue
cess of this popular loan was as potent a
factor in bringing the war to an early and
successful close as a victory on the land
or the sea.
The war was much shorter than was an
ticipated, and for the first time in our his
tory less costly than was estimated by the
War and Navy Departments and appro-
priated for by Congress. The estimates
and appropriations up to Jan. l, 1899, were
1851 100000 to meet which $325, 900, 900
were provided; while the actual expenditures
up to that time were only $500, ,OO0, 900, or
500, ,000,000 including the amount which it
is proposed to pay Spain for improvements
in the Philippines, leaving q balance in the
Treasury of about $100. .G00, 600 lin addi-
ton to the greenback redemption fund and
a working balance Of $4,000, ,000) to meet
the extraordinary expenditures in excess
of the war revenue necessitated for some
time by the new responsibilities imposed
upon us by the successful results of the
war.
(To be continued)