Year: 1861

The important questionable Government loan
has been finally disposed of by the prompt and
decisive action ofthe committee representing the
moneyed interest of the three leading cities in the
loyal States, at their convention held in this city
Yesterday.


1t appears that the committees appointed by the
Boston and Philadelphia bankers visited this city
for the purpose of consulting with the Wall street
committee and met yesterday morning. Their
consultation resulted in the recommendation that
the banks and bankers of the three leading cities
agree to furnish the Govnrnmeut with the neces-
sary sinews of war by subscribing for the Treas
urv notes at the rates fixed in the act of Congress
authorizing the loan. The bankers assembled in
convention at 3 p. NJ TO hear the report of the
committee and after considerable discussion ac-
quiesced in the decision of the joint committee,
agreeing that the banking interests of the three
cities should pledge themselves TO take fifty mil
lions of Treasury notes, bearing seven and three
tenths per cent. interest, Immediately fifty mil
lions OH the 18th of October, fifty millions on the
18th of December. and so on until the entire loan
taken-providing that, in the meantime, the
Government should not issue any other notes or
bonds-the first issue 10 bear date and draw inte-
rest from to-day, the 18th of August. This set
ties the question that has caused so much anxiety
to our fnanciers, to the Administration, and TO all
who are anxious for speedy suppression of the
rebellion.


This decision of the men who control and man
age the financial interests of the nation mas Sc
cured 10 the administration the necessary funds
for vigorous prosecution of the war until the
citizens of every State protected IN their
stitutional rights In thus coming forward at
this critical and trying hour, and pledging them
selves TO unlock their vaults and deal out their
millions, il is but reasonable to suppose that they
and the people, IN return, will expect it TO be
pended. not upon favOrite contractors, but in an
economical and energetic prosecution of the war.
There is no longer any reasonable excuse for the
Government to waver or delay; they have asked
for money, and il is at their command. Let their
operations and the movements of the grand army
be now prompt and decisive. We know that
President Lincoln Is endeaVOrng 10 do bis whole
duty IA this matter, but he needs advisers who can
comprehend the issues of the day; he wants men
of ability, energy and honesty at the head of the
departments-inen who comprehend their duties
and who will fearlessly execute them. Our peo-
pie do not any longer want to see their Govern
ment-representng twenty millions of loyal peO
pie and contending with rebellious organization
representing less than eight millions-sending
into battle armies one third of the force of tie
enemy, as was the case both at Bulls Run and
Davis Greek. Missouri. These facts, taken in
connection with the looseness of the blockade,
are not calculated TO give the public any great
confidence in the heads of the departments, and
il will behoove Mr. Lincoln to see that more en-
ergy is infused into their bureaus, OF difficulties
more serious than any he has had to contend
with will soon present themselves The public
are now looking 20 the administration for
efficient and energetic prosecution of the war.
Let the authorities az Washington see that they
are not disappointed in this expectation.-N. Y.
Herald, 18Th.