The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-09-05

,c,c,1rScToS, Sept. 1.-The Civil
War cost the federal G"Ncr"''e'''
o.7 900, exclusive Of pensions ann NY,
ST on the public debt beyond Inc "''"
p, war period This amount soem S. ssn
indeed. when comparca Ny S'otcs now is
600, 400 Il day the United sta.es s,rt CON
nayin.r ns it's share Of the present Sr
nict Conditions fifty years ago FI,
such that the people OIL tnat w. ~
the burden they were 1orS@o I'm 10 do tho
a greater degree, pcrhapS' l"o1' Wv
nropi. of the present. ooonln
:rhrre was q demand by me peol'
during the Civil War period LOT elhciS
cn,,y taxation and. while EaSt aLiio -
of war rcveRuc was ralScu ~ - ,hr
,,,aps Secretary Chase, head OIL t!'
Treasury Department. plnnco HIS e'''
est faith TO loans. q, ,.,od Inv
Tho loan system inaueulh.SSu -
Chase was elaborate ana corn ti'' L1'.i.',,
Loan followed loan IN rapiu 50, rnirs
and they wcro noatcd at Flryii!E L.. ',.I
~ interest and over widely StPt'"tSi;
ncrinds of time In discussing t
nhasc of the nationals hhailcIu E',nd
.ncc authoritative writer's HdHc 800
!, Convenient to srnup these loans, ui1,
~ rour headings: ca Long I.rm
IH.ns Ib) Short Term Loans: tCl Nm NJ,
in,ercst Loans. I'D Temporary lnd"ot-
edueSS . 49,, h;rf Sn,c, Mt
hGn
&C. NAY gain a general idcn OF the SSS-
tor, NV n hurried survey Of those i''Nu''
,shicb attracted the widest utt"nllph anu
made the greatest appeal 10 the Su"s'''0
erS. 49,. 90 ,, i.Sun IF $50 l
,on 600 nf twenty year bonds hearing
uix norcent interest. the loan ol";Fa'iu,,i I,
nf 1861 were Of temporary nat IN nh nv
in February. 1862, at issue OF N2""''" 49,
600 was authorized AT SIN p"' nIti,,ilv
n,.n
noyahlc in twenty years IL wills pi"
ridrd however, that they were MOI ~
n, sold "hrlUw the market Ealuc, M.''t
Secretary Chase interpreted 10 I'ie'', 80
par. and since majority OF ' ~ r,,r.
twer. buvinE bonds merely Tor the pu
nosn of selling them again at prV,''
univ S"3. 10000 oC the issue was SOU.
T,irinr l$G2-1S63. after the 1rdcrt
army had suffered r-r"rSrS ana I.'pn,!
Vas badly needed the system OF temper,
~ io.nS was revived and certificates
Of deposit, bearing five percent > nler',StJ;
wore issued. They proved P"polhr anu
within 4 month the $"a.oon."pu tu'H a.t
lied as Il limit had been doup.""'s M '
mm0 moo and by the next y"ar|-IutlS'
IgSiw limit of sl5n. 00D,Oon had been
authorized. ;,,. ,,,.,.,s
caused coins to so almost on! -. . .,i,, H.
Iotion- and in their place Congress- hutn-
nriznd the use of stamps. Fhal ihcui
! nm inconvenicnt At best. was 'rf't,t'ui
| March 2, 1863, by small n","S rnir."
|. fractional currency nr -Shln
| and tho S50n0o 900 worth Of II authnI
J. lied. proved elective III t'''''
When Congress met in December
! 1852 it WAS confronted by d"tr1' Oh
SO, o"00 900. 70 m""iI IT, i; sSn6 r' "no o"t
| was authorized hut of the amount only
! s75 600 900 was sold. In the meant I'm"
J however. the restriction aEn'hS S.,i!nt
| below par tn" S5u0.hu0. Oh" h"na 'I"Sl',H
| AMI horned eleven months hei"r" was
repealed. and lay Cooke. n New 'nrN
hrnkrr was engaged ~ diSp"S" Of ih'
! bonds on COMMISSION ''aSIS. '"h'
| established agencies thrnuEh"ul ~,
! country and $ihn. 400. Gnn -: TN" h"nhs
were sold of Within - ) tr. The plai
If selling bonds through brokers ans
| outside the immcdiat" control 81 inc
government. aroused much "nth%"h'Si'
! and il was, hhnnuon"'i pN '"tS' 'h ''N
tintin- the next loan.
rnm,or,ry ln,Ys wore rrSnrlcd L. dur
Ing the fiscal y"nr Of iSia-"!. Wien ono
: yrnr notes h.trins !" per cent. 'hl"r'S
! were issued. AMI sold through IN. Bank
Of NV York. rhilnd"li'hia anu l'"S'"''
! They brought Il return uf Sii."Sn." "". NJ
! issue Of twp-y"Ir n"'"s WIS diSn"Nrn "
! -. thn Iinr and through th"Ir sale $l"".
iIn 0no uns realized. TIL" notes. hos"
| ,rr- wcr, not entirely d"SIr:thi". sln'"
! their coupons could h' r''Pp'u M! =;
an officer nf tn" G"\,rnn:n'' Whic'
,r;,dr them uns'itGh)" fer popular in
y,;>.i,n"ut They w"r" h"Id ch'"itE ~
h.uk. FOR rrSrrT" purposes ana IN
hanks In turn. SIT free thor ""n raI"
CURRENCY. which. it WAS c"hl"hd'd. III
creased th. evils al IN animated mnnH
rnry medium. R"nlizinS y danger Sc
Rotary Chase changed his plans at"
,hor !, b.Ca!n" necessary To n"E"ilat'
Temporary loan thu following year nr"t
! .r,nrc was given to tho cOHD0und inter
ct treasury notcs al a higher rate
{. interest :. 49,,
| TIL, financial condition Of tho Fedora