Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1861-09-13
NATIONAL LOAN.


fence of the Union, and Tor the maintenance OF
Popular Institutions. For the means to deiray
the necessary expenses Of this War, your Con-
gress has directed that an Appeal be made to-
YOU. by opening a subscription to a National
Loan Of One Hundred and Fifty Millions of
Dollars.
Already the enlightened and patriotic Cap
italists Of the great cities of New York, Boston,
and Philadelphia have manifested their clear
sense both Of duty and interest by the sub
scrption of Fifty Millions of Dollars.
The Act Of Congress under which this sub
scription was received wisely provides, how
ever, that the advantage as well as the patriotic
satisfaction of participation in this Loan shall be
offered, not to the capitalists of the great cities
only, but TO the people oftbe whole country.
In order TO secure a substantial reward for
their public spirit to those whose patriotism
prompts them, in this hour of trial, to place
their means at the disposal of the Government,
Congress has directed that an interest of seven
and three tenths per centum be paid on the sew
eral amounts subscribed; an interest not liable
to State taxation, but constituting for the sub
scribers a revenue, not only certain in receipt,
but greater in amount than eau be expected
from any ordinary investment.
And, in order to afford to all citizens equal op-
portunities of participation in these advantages,
Congress has further directed that subscription
be received for sums as small as fifty dollars as
well as for larger amounts; and that, should the
subscriptions exceed the whole sum desired, the
the smaller be preferred in the distribution.
Each subscriber, on payment of his subscrip-
tion, will be entitled to receive Treasury notes
Of equal amount in such Nominations as he may
prefer, whether of fifty, one hundred, five hum
dred, one thousand, or five thousand dollars.
The interest, at $40 per annum will be, on
the notes of fifty dollars, one cent; on one hun
dred dollars, two cents; on five hundred dollars,
ten cents; on one thousand dollars, twenty
,fosa as,Iy Ill. L
each day.
All treasury notes issued will bear date on
the 18th of August, 1861, and viii carry interest
from that date. Each note will have coupons
attached expressing the several amounts of semi
annual interest; which coupons may be detach-
ed from the note and presented for payment sep
erately.
Each subscriber may pay the whole amount
subscribed at the time of subscription, or, if he
prefers to do 50, may pay one tenth at that time
and one third every twentieth day thereafter
At each payment the accured interest on the
amount from the 18th of August to the date OF
payment must also be paid; and the amounts ol
interest thus paid will be reimbursed in the
payment of the first coupon
! In order to secure beyond peradventure the
punctual payment of interest and the gradual
reduction of the principal, Congress has provid-
ed by law for an annual revenue amply sufficient
not only for the purpose, but for the prompt
payment of all demands account of ordinary
expenditure.
! 1t will be seen at a glance that not only is the
whole property of the country pledged for the
interest and final reimbursement of this loan
but that an adequate specific proportion of the
annual production is set apar., by taxation fo
the redemption of this pledge. Prompt pay
ment beyond contingency, is thus ensured.
Nor can this taxation be thought great wher
compared with the magnitude of the objects O
the IN lp of a,,5
production.
The objects are Union, popular Government
permanent peace, security at home respect
abroad; all imperrilled by unprovoked rebellion
The intelligence of the people comprehends al
once their magnitude. They rise above party
They belong to no Administration. They con-
cern the whole country, during all time, under
every Administration, and in every relation
foro;sy,, and Ia.,aatio.
And the means for the attainment of these
great objects can be readily supplied from the
property and production of the country The
real and personal values in the United States
reach the vast aggregate of sixteen thousand
millions of dollars; and in the States now loya
to the Union this aggregate is eleven thousand
millions.
The yearly surplus earnings of the loyal peo.
pie are estimated, by intelligent persons con.
versant with such Investigations, at more than
four hundred millions of dollars: while the wei
highest rank and repute warrant a confident ex.
pectation that the war, prosecuted with energy
courage and skill may be brought to termina-
ton before the close of the next spring; in which
event, the cost, beyond the revenue will hardly
exceed the amount of the two hundred and fifty
million loan authorized by Congress- Will
due economy in all branches of the public ser.
vice, the total expenditure for all objects, mill.
tary, naval and civil, in this year of war, need
not exceed the ordinary expenditures of Grea
Britain or France in years of peace.
And it is unreasonable to hope that the aus
IpcuOus result of peace may be hastened by the
reflections of the citizens of the States in insur.
rection? That they will review their action
weigh their own welfare; consider the DISPOSE
siton of the People of the whole country to re-
cognzc all their constitutional rights and to al
low them their full share in the benefits of til,
common Government, and renew that allegianc,
to the Union which, in an evil hour, they hav,
been tempted to throw off? viii they not re-
fleet that the war; into which the Government
of the Union has been constrained, is not wal
for their sublugatlOn, but war for national eX
istence, and that an auspicious result to the Un.
ion will benefit as largely the States in insur
rectiOn as the States which have remained loyal
However it may be, the duty of the National
Government, as the cOnstitutionally constituted
agent of the People admits of no question. The
war made necessary by the insurrection, and re.
iluNNdhIlJ dCSepAeu ny lue government, must Dt
prosecuted with all possible vigor until the res
toration of the just authority of the Union shal
insure permanent peace.
| The same good Providence, which conducted
our fathers through the difficulties and dangers
which beset the formation of the Union, ha
IgraciOusly strengthened our hands for the worl
of its preservation.
The crops of the year are ample. Grainerie
and barns are every where full. The capitalist
tOf the country come cheerfully forward to sus
tain the credit of the Government. Already
also even in advance of this appeal, men of al
occupations seek to share the hOnOrs and thu
advantages of the loan. Never, except because
of the temporary depression caused by the re.
bellion and the arrangement of business occa
stoned by it, were the people of the United
States in a better condition to sustain a grea
contest than now.
Under these favoring circumstances and fo
these grand objects shall, in pursuance of tn,
act of Congress- cause books of subscription t,
be opened as speedily as practicable in the sew
eral cities, and principal towns of the United
States in order that all citizens who desire t.
subscribe to the loan may have the Opportuity
of doing so. Meanwhile those who prefere tina
course can remit any sum that they may desir
to invest in the loan to the Treasurer of the Uni
ted States at Washington, or to either of tn
Assistant Treasurers at Boston, New York
Philadelphia or st, Louis, or to the Depositar,
at Cincinnati, whose certificates will entitle tn
holders to Treasury notes on the terms alread,
= stated. The patriotism of the people, it is no
to be doubted will promptly respond to the lib
eral wisdom of their representatives.
S. p. CHASE
Secretary of the Treasury.