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NORTH AMERICAN REVIEW. JUNE, 1881. At. Paqe. I. Our Future Fiscal
Policy. By Hugh McCuL- Loch 513 n. The Patrician Element In
American Society. By George B. Loring, M. C 533 HI. A New Phase Of
The Reform Movement. By Dorman B. Eaton 546- IV. Shall Americans
Own Ships T By Prof. W. G. Sumner 559 V. The Color Line. By
Frederick Douglass. . . 567 VI. The Rums Of Central America. Part
Vlil. By Desire Charnay. . . . . . . . . 578 VII. Vaccination. By
Austin Flint, M. D. . . . 585 vm. The Right To Regulate Railway
Charges. By J. M. Mason 592 IX. Prehistoric Man In America. By
Prof. Edward S. Morse. 602 The Editor disclaims responsibility for
the opinions of contributors, whether their articles are signed or
anonymous. NORTH AMERICAN REVIEW. No. CCXCV. JUNE, 1881. OUR FUTURE
FISCAL POLICY. In December, 1860, when the National Debt was less
than $65,- 000,000, proposals were invited, by the Secretary of the
Treasury, for $5,000,000 of Treasury notes (the amount required to
meet debts falling due and payable on the 1st of January
following), to bear such rates of interest as might be proposed by
bidders and agreed to by the Secretary. For these notes, bids to
the amount of $1,831,000, at twelve per cent. interest, were
accepted, and bids for $465,000, at from fifteen to thirty-six per
cent. interest, were rejected. Soon after, the balance of this loan
($3,169,000) was taken by the Bank of Commerce, New York, and its
associates, at twelve per cent. interest. Such was the credit of
the Government when the country, although disturbed by the
threatened secession of some of the Southern States, was in an
unusually prosperous condition. In February, 1861, proposals were
invited for $8,000,000 of srx- per-cent. twenty-year bo...
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