NATIONAL AFFAIRS: Rejection of Bids for the New Eight Million Loan; INTERESTING FROM PENSACOLA: CONDITION OF AFFAIRS ON SHIP AND SHORE (4/4/1861)

New York Times archives – Times Machine ^ | 4/4/1861

[Homer_J_Simpson]

WASHINGTON, Wednesday, April 3.

Of the thirty-four millions of dollars offered to the Government in the bids opened at the Treasury Department yesterday, only three millions ninety-nine thousand were accepted, all bids lower than ninety-four being rejected. The number of bids for this loan is unprecedented in the history of the Department. They ranged from eighty-five to par.

Notwithstanding the number of bids and the pressure of business on the Department, which keeps Secretary CHASE and his Assistant Secretary occupied until a late hour every evening, the entire correspondence with all parties relative to this loan, was completed and mailed last night before the Secretary left his office.

A portion of the new Stock has already been issued. This result is most creditable to the Department, and constitutes striking evidence of a marked improvement in its administration since the 4th of March. Promptness, decision and efficiency have thoroughly supplanted procrastination, timidity and shiftlessness. It was a bold and judicious stroke of policy on Mr. CHASE's part to refuse to award more of the loan than was offered to be taken at fair rates. He has administered a a rebuke to the combination of bidders, which must show them that they overshot their mark, and he has, by this one act, advanced the public credit and greatly promoted public confidence. He says he expects capitalists to bid for the Government loan as an investment, and not toy with it as fancy stock.

The wisdom of his decision is already vindicated by numerous telegraphic dispatches from rejected bidders offering to take the unawarded stock at higher figures, and it is at this hour apparent that any amount of loan securities might now be disposed of at a handsome advance open ninety-four.

[Homer_J_Simpson]

Free Republic University, Department of History presents U.S. History, 1855-1860: Seminar and Discussion Forum
Bleeding Kansas, Dred Scott, Lincoln-Douglas, Harper’s Ferry, the election of 1860, secession – all the events leading up to the Civil War, as seen through news reports of the time and later historical accounts

First session: November 21, 2015. Last date to add: Sometime in the future.
Reading: Self-assigned. Recommendations made and welcomed.

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Link to previous New York Times thread

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[Homer_J_Simpson]

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[Homer_J_Simpson]

National Affairs: Rejection of Bids for the New Eight Million Loan – 2-3
Our Washington Correspondence – 3
Interesting from Pensacola: Condition of Affairs on Ship and Shore – 3-4
Death of Capt. Berryman – 4
The Note of Preparation: Important Military and Naval News – 4
The Rhode Island Election – 4
Connecticut Election – 4
Important from New-Orleans – 4
Important from Texas – 4
South Carolina State Convention – 4
The Virginia State Convention – 4
The Population of the State and the City and County of New-York – 4-5
Washington’s Birthday in Turkey – 5
Editorial: Free Trade of the South with Europe – 5-6
Editorial: Physical Theory of the Presidency – 6-7
Ho! For the Road! – 7
Another Fugitive Slave Case in Chicago – 7
African Blood in Virginia – 7
Amusements – 7
Discharge of a Pickpocket – 7
Verdict in the Butcher Case – 7
The Affray on Board the Bark Almena-Death of the Seaman Powell – 7
Death from a Fall – 7
Court of Oyer and Terminer: Where Does the Money Come From? – 7
Court of General Sessions – 7

[sauropod]

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