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Important Treasury Circular--an Appeal For The Popular Loan

Important Treasury Circular--an Appeal For The Popular Loan image
Parent Issue
Public Domain
OCR Text

Washington, Sanday, Sept. 1. Sccretíj-y Chase has just issued the follóWing !í'..;,,ti(. appeai t0 the citizebs of the tfoitód Kv,tes, ia bebalí' of the National Loan : Your National Q-oVvoment, compellod by a guilty conspiraos, oulminatioa i;i i causeless insurrection, ís caigagea in a i'or t!io socurity ol liborw, foí tliü suprenacy oí' tho law, íor tw deíenso oí Iko Union, and tbr the maintenance oí' popular inutitutions. - For tho means to delray tho Qeoassary expenses oí' thia war, your Coní;i't!t:s has dirèotéd that an appu;;l bo rnadu to yon, by ooeoing a subscripción to a National Lo;.n ol $150,000,300. - Akfíídy tho ealigbtened and patriotiü oaj)itali8is of NOw York, Jioston and -Philadelphiu havo mauifested thoir clcar senae, both of duty and interest, bv the subscription oí 850,000,000. Tbeact oí' Oongi-es, uiíder wfciob this subscriplion was receivtd, wiselj , próvidos, hovvover that t!io advantages, as well as the patriotic eatisfaotion o f a participatioa ín this loan, shall bo oílered, not to tho capitalista oí tho great cit33 only, bnt to tho peoplo oí the whoie country. In order to secure a sab ,:í!,!;i! reward for their public spirit to thoso whoso patriotism prompta thera in this bour oí' trial to place thtir meaos at tha disposal of the Government, OoDgress directed that an interest oí eeveu and Lhree-tenlhs por Dentum bc paid on il,:j íeveral arnounts aubsoribod, an interest ]ot liable to Stato taxation, but conítituting for subscríbeos a revenue, not jnly cértain in receipt, bit graataTJQ iniount than can be expected í'rorn any n-dinary investment, And, in order to afibfd all citizeos equal opportunilics of fmrtiöipaftion iri these advantage.s, Oongröfeé has further diree'ed tbat subscriptions be raceived tor sums a3 small as 50, as well as for large amounts, and that should the subscriptions exceed lbo whole sura desired, he smaller be preferred in its distribtUtion. Each subseriber, on paymeñt of liis subscription, vvill bu entitled to receive Tieasury Notes cqual ■ia amount, in siich denominationa as he may prcler, whether $50, S00, 500 $1,000 or $5,000. The interest, at 7 3lOths per atmum, will be, on the notes $50 one cent, or $100 two cents, on S50Ü ten eents, on $1,000 tvventy conts, and on $5,000 one dóünt each day.- All the Treasury Notes tesued wiii bear date on the 19th of August, 1801, and will carrv inte'-rst from thit date. - Eauh note will have coupons attached expressing the aevaral amou&ta ofseiniannual interest, wbich coupons may be detached frotn the notes aod presented tor payment separatoly. Eicli subseriber may pay the whola amount subscribed at the time of subatiription, or, if he prefers to do so, may onetenth at that time, and onc-third every twentieth day thereafter. At eacb piiymont the accrued interest on the amountfrom the 19th of August to the date of payment must aiso be paid, and ihe amount of interest th;is paid xrill be reimbursed in the p;iyment of the firit coupon. In order to secure beyond perad venture the puactual payrneut of the interest mal the gradual reduction of the principal, Coqgress has provïded by law for au aonual revenue amply suffioient, not only, lor these purposes, but for the prompt payrnent of all demanda on account of extraor tlinary expenditures. Itwillbe seen at a flanee that not only is the whole property of the country pledged for the ioterast and final reimbursetnent f tho loan, but that an adequate and epecifio pro portion of the animal productioii is, set apart by taxaüon for the redemption of this pledgo. Prompt paymeut bevond a contingency is thus insured. Nor can this taxatfön bo thought great when compared witb the magnitude of the objeots I f tho contest, or with the amount of property and productiuii. The objeets erè Union, permanent peace and security at home and respect abroad, whioh are iinpariiled by 'this unprovoked re.bellion. Tbe intelligentie of the peopld comprebeods at once their mageitude. They asa abovo party - they belang to no Administration - they concern the whole country during all time, under every Adnainistration, and in every relation, both foreign and domestio. And the meaos for the attainiiicnt of these great objects caa be re&dily tupplied from the prosperity and production of the country. Tho real and personal values in tho United States reach the vast :: igate of $10.000,000,000 and in the States novv loyal to the Union this aggregate is Si 1,000,000,000. The yearly surplus oarnings of the loyal people are estimated by intelligent portons, oonversant with such investigationa, at mora than 400,000,000, whilo tha well-considered judgmeut of military men of the hfghust ranli and repute, warrant the contidect expectation that if the war ia proBeéflteq with energy, ooumge and skii', H mny be brougfat to a termination before the close óf toe easóifig Spring; in vrhicfa everit, the cost beyond !ie revenue will hardly esceed the amount of the $250,OOÜjüÜO loan aulhorized by Congress, aud with duo economy in all branches of tho public service, not more than the tota! expeiulitures of Orroat Britain or Franco in yea.'ü of peaco. And it is not horeasnnable to hopo that tlie auspiciuus result of peaco tnay be Mantened by the reíleetion oí' the c.itiX-üs of the Otates in insurrection that they will review their aotion, weigh their own welfare, considor tho diwposition of the people of the whole country to recognizo ai] their oonstitutional rights, and to albvv tlu;m their full share in the bencüts of tho cumraon Government, and renow tbeir allegia.noe to tho Uüion, wbich in „n evil bour they Lave been tempted to throw oiF. Vi!l they not r.eflect that the war into which the Govei'bmerit has been uoted is Qot a war for tnei:1 ugation, but a war lor Natioiuil exitence, anc that ar auspicious résirlt to the Union will benefit as ïargoly the átates in insorreotroh as the Btates wliich have remaioed loyal. ï:, this may bo. the duty ot tlie National Government, as the oonstitutionaüy conslituted agent of the people, admite of no qúestion. TIn! war, mude necessary by the inBurrectioD, and reluotaotly uccepted by the (lovernment, milt be prosecuted with all popsiblü vigor uutil the restoration f the just aulhority oí the üuíuq shall iiisuro permauunt peaco. The sama göod Providence whioh conducted oiir fathera throtigh the difficul. ties and dangera whioh beset tha foundation of the Union, has graeiously strengtbened our hands for the worle of íta p reserva tion, Tho cropa of the ycar are ampie; the granaries and baraa are everywhore ful!. Tho capitalista of the country coma cheerfuliy iorward to sustain the credit of the Government; already, and even n advance of this appeal, ruen of ■J] oocupatiüns seèk to ghare the boaora iinö advftntages of the loan. Nevar, exoept because of tbe ternporary dwressioa eiMsed by the rebel hop and fu; derangement of business ocftasioned by it, were the peöple of the United Btatts in a botter condition to sustain a grpa wntest than noy. Under tbee favorig cireiim.stances and for these graod object, I hall, iu pursuanoo of tbe act oí Öongread cause booka of Babsoriptito to be opeaed as epeedüy as practicable in thü .suveral eities and principal t(rvns of' tho United States, in order that ili citizens who deke to subscribe tu thc loan niay havo tho opportunity of doiijo; se. Meantirne, ttiose who proier that course can retnit any rum which tbey may wish to iuvest in the loan, to the Treasurer of tho United States at WasbïngtoD, or to eitber of the Aseistant Treastirers at Boston, New Fork or PbiladBlpbia, or St. Louis, or bi the Depoeitorj at Oiaciunati, where certifica tes wifl öpti.t.le the holders to Treasury Notes on the terms already scated. The patiiotism of the people, t is not to be doubted, will pronaptfy respond to the liberal ivisdoru of their representativos. (8igaëd,) S. P. CHASE. tíceretnrv of the Treasury.


Old News
Michigan Argus