To The People Of The United States

TlUi.iSl'RY DiOPAHTMCXT, ) Julj 25tb, I8Gi. :::! act of ved Juno 30, 1864, the Secftlary of 'the Troas-üiy liorized to isue'an aniount n ceiding nvo h&udYed raillioria of dollars in Trêusutry notes, benring interest :it u rate not oxceedingsèyen nnd tliree tenths per wntuu), redeemablu atu-r three years from (iato, and to exch.ina'e the samo fcr kwf'ul mouc3'. The Secretary is further autliorized to coQvert tlie saruo into bdiids, bcaring interest at a rate not exoeeding six pur centuui, payable in coiu. In puisuante cf the authority thus conferred, I now offer to the people of tho United States, Ti:easury notes as dosoribod in m y advertisemeut d-.itcd July 9., 1864. ! Füü circuiustanoca under w.hich this - loau is askefl for, and your aid iuvoked, though difftiing widcly from the existing; stalc of tfiairs three years ago, are such ! as to affoi'd cqiial encouragciucnt aud securily. Time, wLilo proving tlmt tliü struügio for tiational unity was to exceed iu duralioii aud severity our woist itutici, patioiis, has ttsted tLc uationnl strengthaud dcvt-loped t!ie íiutiunal resources, to au estcut alike uuexpected und remarkable, exciting equal astouishmeot at home and abroad. Tbiee yenrs of wat' Lave Imrdeued jou with a debt wbich, but three years sinee, would have seeuied bej-ond your abilitj' to meet. Yet the aucuinulatt d wealth aud produetive euergies of the nation have proved to be so vast thut it has beeu boroe with eompirative eage, and a per.ceful future would hsrdly feel its wcight. As a priee paid for ntftional txisíeuce, aod the pre scrvation of free inetitutions, it.does uot defierve a momerit's cousuleration. Th us far the war has beun suppovtcd and carricd on, as it only coulct havo beun. by i people resolved, at wbatever cost of blood and treasure, to Iransuiit, uuiinpairod, to posteriiy, the systern of free goverument bequeathed to tliem by the great men who iramed it. Tiiis do libérate and patriotic resolve has developed a power surprising even to themselves. It h'is shown that in less than a ceutury a nalion has arisen, uüsurpassed in vigor, and exhaustless in vesuurces, able to conduot, thro'.igh a series of ycars, war oo its most gigantie scalc, aud fiodiag tself, whun near its close, ahnost uniuipaired in all tho material elemeuts of poivor. It has, at the present tnoment, great armiea in iLn; fiüld, facing un cijtu y apparenUy approachiug a poriou ui' u ter exhaustimi, but stil 1 strug{hrg vvitb a forcé the greaíer and more desperate as it sees, aud beeausa it sees, tlie uear approaoh of a fiual and fatal cotiK-aia:nation. Such, in my delibérate judgmeut, iri the present conditiou of tho gi-eat eontest for civii liborly iu vrliich yoa are now engaged. Up to the present moment you have roadily and clieerfuüy affurded the meaos ïiecosary to suppoit your governruent ia this protraeted struggle. It is your Wi-.r. You proclaiined it, and you have sustaincd it agaiust traitors evorywhere. with a patriotic devotion unsurpassed iu the world's history. ïho soeurities offered are such as shodd command your ready confideuce. Much' effjrt has been made to shako public faith in our natioüiil credit, both at h-aisve and afar-oud. As yet we have usked no forcign aid. Calm and self-reliant, our own means üavu thus fur proved adequate to our wants. Thoy are yei ampio to meet taose ot tüe preseut and the future. It still remains for a patriotic people to furuiah the needful supply. The brave morí who are fighting our battles by laúd and sea raust bo fed and olothed, mutiitions of war of all kinds must be furoished, or the war must eud ia defcat and disgraca. This ia not tlu time for any lover of his couutry to inquire as to the state of the inoney market, or ask whether he can so invest his surplus capita! as u yield hiui a larger return. No roturo, and no protit, can be desirable, if followed bv national dissolution, or national disgraee". Present profit, thus acquired, is but the precursor of future and speedy destruetion. No investment cin be so surely profi'ablo as that which teuds to icsure tho uutional existence. I am encouraged in the belief that by the receut legislation of Oongress our tinances may soon be placed upou a sounder and more stable footing. The present deranged condition of the currency is imputable, ín a great degree, to disturbanees arising frons the withdrawal of necessary checks, often inevitable in timo of war, when expenditurcs must krgely exceed any possible supply of eoiu. The opportunities thus preseuted to aequire sudden wealth have lod to I viüious speculation, a eousequent incrcaee ui pnces, ana violent fiuetuation. The reuiudy s to be tbund only o controlling the neccssity wliich begcts the evil. Hitherto we Lave feit the need of more extensive and vigorous tuxatiou. Severo eoinment has been made apon wliat seemed to uaany an undae timidity and tardiriess of action, on the part of Con gress, in this regard. I deem it butjust to gay that very great misapprehetision luis existcd, and perhaps sliil exista, upou tb6 point. Legislators, ltke all otbors, have muoh to learn in a new coudition of aöairs. An entirely new system was to be devised, aud that system must iieoessarily be the growth of time and experience. ít is not strange that first ctforts should have pro.ved imperfect and iuadequate. To lay beavy burdens on a great and patriotic people in such a manuer a. to be crjual, and as to occasion tbe least ainount of sufforing or aunoyanoe, requiros time and eaution, and vast labor; and, with all these, experience is neodful to test tfte ?a{uo of tlie system. and correct its errors. Suoh has beetí the work which Congress was called pon to perform. I ain happy to gay tbat daily resulta are proving the luíernal Itevenue Act to exceed in efficiency the most sanguino expeetations of its authoM. In the montu of June, 1863, t yieldod about four and one-half miliioiiB of dollars, wbile tbe corresponding nontb of this year returned about fiftoeu inillious, under th same law. Under tbe now taw, wbieli went mto opcration un the íirst diy of tb-e present nioutb, the Trcawtry not uufrequently roceives one milHo in a day. As time and experienee enable thc offieers emliayod iu coUeeting tía; revenue to entrce tbe tiingent provisiom of the ncw laWj í criwt ihat a million per day will j ba found tbo rule and not tlie exception. ! Rtill, muoh spnce is undoubtedly left for impmvement, m the law, and in ita adI mrtiis'.ration, ■ i gi-ealur aniount of infi ruatioo is a ijuired, The er sourees of revonuo. and tbe moM effeative modes of obtaii.ing it, aro b.;SÉ dveloped in the fsocution of exiating l;iv?s. Acd l have caused measures to be initiaied whicli will, it is beheved, cnable Congress so to iiuprovo and eulargo the systeui as, whcii taken iu oon neo t ion with the revenue frora customs, and other eources, t i afford an ampie ar,'.! secure basis for the national credit, ünly ou sne-h a basis, and in a steady and vigorous restraiut upon eurreiioy, can a reuiedy be found for existing eviís. Sueh restraint can o ly be cxereised wlien the governuient is furnisbed with inetíns to próvido for Is uecessities - Bui without the aid of a patriotic peopie, any goverument is powcrlcss, for this or any othur desirablu end. The dcnoniinutioiis of the notes proposed to be issued, ranging fiotn fifty to five tliousaud dollars, place these securi ties within the reaeh of all wLo are disposed to aid their country. For their redcmption the faith aud honor, aud property of that country are solemaly pledged. A suceessful issue to this contest, uow believed to be uear at haud, will largely enhanco their value to the holdfir ; md peace ouce restored, all burdens eau be lightly borne. He who seltishly withholds his aid u tho hope of turning his available means to griater iumiediate profit, is specuhitiau; upon his couatry!s uiisfortunes, aud may find that nhat retina to be piesent gain'leads onlv to future loss I appeal, there'or.', with coi;6deiioe to a loyal and patriotic people, and invoke tho efforls of all who love their country, and desire for it a glorious future, to aid theii govennnent in sustaiuing its credit, aod piacing that credit upon a atable foundation.