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The Daily Dispatch: October 2, 1861., [Electronic resource], The financial resources of the North. (search)
r cent. is a tempting bait, it is counteracted by the characters of the borrowers, for though the Federation has ever kept faith with its creditors, many of the separate States have repudiated, and Philadelphia bonds have become a by-word for dishonesty. If we do not insist on the immorality of loans, knowingly granted to prolong civil war, it is because experience has taught us that in the acquisition of wealth virtue imposes no restraint which selfishness is willing to obey; and it would be vain for us to urge that every five-pound note embarked in this quarrel might multiply the sad list of widows and orphans and of young men maimed for life. All that we have attempted is to warn the cupidity to which the tempting lure of seven percent. is now being offered, that the security is decidedly bad; and though the loss of principal and interest would be the befitting punishment of the crime, we hope the penalty may be avoided by rejecting the proposal.--London Herald. (Derby organ.)