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Gazette Of The United States
New York, New York County, New York
What is this article about?
The Bank of the United States loaned $523,500 to the U.S. Government at 5% interest per annum, free from charges, and redeemable at the government's pleasure. This direct loan reduces government interest rates by 1% and illustrates the bank's utility, borrowed in anticipation of extra duties to protect frontiers and extend public credit benefits nationwide.
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Thus do we see realized (says a correspondent) much earlier than was supposed, by a direct loan, in our own country, a reduction of one per cent. in the rate of government interest; and we see also a striking illustration of the utility of the institution from which the loan proceeded. This money has been borrowed in anticipation of the extra duties laid during the last session of Congress, for the purpose of carrying into execution the measures which are in train for the protection of our invaded frontiers. The finance is the more interesting, as in it we find extended to the remotest parts of the Union, the benefits of a sound state of public credit, and of the measures by which it has been established.
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Where did it happen?
Domestic News Details
Primary Location
United States
Event Date
Lately
Outcome
loan of five hundred and twenty-three thousand, five hundred dollars at five per cent. per annum, free from charges, redeemable at the pleasure of the united states; reduction of one per cent. in government interest rate; benefits of public credit extended nationwide.
Event Details
The Bank of the United States made a direct loan to the Government in anticipation of extra duties from the last session of Congress to fund measures for protecting invaded frontiers, demonstrating the institution's utility and early realization of lower interest rates.