Press enter after choosing selection

The 7-30 Loan

The 7-30 Loan image
Parent Issue
Public Domain
OCR Text

Finai.oicisal] stand aghast at Uio great suc. cess of the popular 7-30 loan, now being taken up at the rate of from $20,000,000 to $40,000, 000 daily. The second series, convertijle into 6 per cent gold beaving bonds tbree years from June 15th, 18C5, is nearly if not entirely exha usted, and the Secretary has anïounced that a tliird series will be issued laled July 15t]i, convertible n three years, n fact duplicating the present series, except that the Goveniment anticipating a return :o a 6pecie basis, reserve the rigtit to pay 6 ier cent interest in gold instead of 7 3-10 in currency. Tuis series will consist of $230000,000, and as It is the only loan now author. ïzed, or which will probably have to be called Iot to close up the expenditures of the war, it will go of Iike " hot cakes." Therefore those who wish to invest any surplus monoys ir. government securities without paying a premium to speculators should apply imraediately. In this conneclion we append the following liinely paragvaph from the New Yorker, which' may strengthen the faith of soiue timid money holder : Natíos al Debtb asd U. 8. Stocks. - The creation of national dehts is not a moderi improvement, but the ability of a great nation Lo próvida tbr a great debt, and to make it the most convenieut and best forra of personal property, is a modern wonder. The debt of Great Britaio was begun by raislng a million sterling by loan in 1092, itnd wheu her great contest with Louis XIV". was termina lea, me ucül ñau reacneu mty nuwions. - Many statesmen and economista were thei alarmed at the great burden which had been imposed upon tlie indualry of the country, bu when the war of Uie Austrian succession hac swelledthis araouut to eighty millions, Macau lay says that historians and orators pronouuced tlie case to be desperate. But when war again broke out, and the national debt was rapidly carried up to one hundred and fortj millions, men of theory and business both pronounced that the fatal day had certainly arrived. David Hume said that, although, b taxing its energies to the utmost, the coiintr; might possibly live through it, the experimen must never be repeated, - even a small in crease might be fatal. Grenville said the na tiou musí, sink under it unlesa some pm-tion o the load was borne by the American Colonies and the attempt to impose this load produeec the war of the revolution, and, instead o diminishing, added another hundred millions to the burden. Again, says Macaulay, wa England given over, but agaiu ahe was more prosperous than ever beiore. But when at the close of her Napoleonic wars in 1816, this debt had been swelled ip to the euormous sum of over eight hnndred millions sterling, or four thousand three hundred million dollars, or nearly one half the entire property of the United Kingdom, the stoutest heart, the firmest believer in national progress aud national development, might well have been appalled. But in the Tery face of this mountain of obiigation, - to say nothing of her vast colonial possBssious, - the property of the British natiou has been more than trebled, and lier debt i now a charge of but 12 ! per cent ayainst it. AU tliat (Jreat Brltain has dona in ptiying hef dcbt, we shall do, and more, with pura. We have vast territorios untouched by the plow, mines of all preciqus metáis Óf whioli we have hardly opened the doors, a popula) ion l'ull of I i f e , energy, enterprise and industry, and tke aocumulated ivealth of money and labor of the old countries pouring into the lap our giant and everto-be-united republic. During the fiurcesl and most exhausting of all possible wars, we have demonstrated our national strength - and all tho world over, national stpeogth is but another name for national credit. ' As good as U. S. Stocks " will soou be synonymous the woiiil over vvith ■' as good as liritisli Consols." For our part, we think a U. S. ïreaaury note, bearing seven and three-tenths animal interest, is just as much better than British ConBuls as the rato of interest is higher. Sorae of our timirl brethren, wlio shipped tlieir gold to London and invested in consols, are now glad to scll out and invest at home at a round loss, - and serves them right. The Times' special tiays : The Committea on the Conduct of the War sent a messngo to Gen. Sherman asking, in view of their eaily adjournment, that he proceed froin Kichmond to Wüshington by boat, and ppear before the com mitteo at an early day. ITo dec'ined percinptorily, and prooeeded tu niarch with Jj in troops.


Old News
Michigan Argus