East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1861-06-06

forth the why the bonds should be taken BY
citizens of this State.
Resoiped, That the Speaker the House be adj
ded to the Committee--Passed by the House q
Representatives, May 10, 1861.
To the People Of the State Of Michigan;
In accordance with the foregoing reso-
luton, we make the following statement
and brief appeal to you
At the late session of the legislature,
that body authorized and provided for
the issuing by the Governor and Treas
uror of Bonds of the State, to the mount
of One Million of Dollars if so much
should be necessary for the purpose for
which they are designed. Their object
is to provide the funds necessary to raise,
equip and prepare that portion of the
forces required by the general govern
ment to suppress the rebellion against
its authority, which it has become the
duty of Michigan to furnish. They are
to be bonds, having twenty-five years to
run before maturity. They will draw
seven per cent interest, which will be
payable semi-annualy. They will be
issued in sums of not less than so and
not more than 81 900 each. On ell bonds
for less than $500, the interest will be
payable in Detroit, and on all of $500
and upwards it will be payable in Now
York TO each bond, there will be at.
tached coupons, which are certificates
signed by the State Treasurer for each
installment of interest stating the time
when it will become due and where pay
able, and that it will be payable to the
bearer thereof. These coupons, as they
become due, may be cut off from the
bond, and they will everywhere in the
State be worth so many dollars as they
represent. The bonds or the money in
vested in them will be exempted from all
taxation under the laws of the State
They will always be easily eXchangeable
for money at their value, and before the
peace of the country was disturbed, would
have sold for from four to eight per cent
premium, and will again when order shall
be restored. There is a small sinking
fund provided by which some small por-
ton of the bonds are redeemable by the
State each year, at present amounting to
$40, 900 per annum. These things are
thus particular y stated that all may per-
fectly understand the nature and value
of the bonds There needs no argument
to prove them good to citizens of this
State who know its condition, population
wealth and resources, and the compare
lively small amount of its public debt.
This action has been only the embodi-
mcnt Of the will of the people, and in
obedience to its command. The amount
of money required was much too large to
be raised at once by a tax. We have
no monied institutions with large accu.
muated capital, to advance it. The
credit of the State, therefore, in this
form, was the only alternative. The
mere enactment of the law, however
will not raise the required funds to en-
able the officers of the State to pay al
ready accumulated and accommodating Ii
abilities inevitably incurred in the dis
charge of the great duty resting upon
them. In the great commercial cities
the demand for money both by other
powerful States and the general govern
ment, is already very great, and IS here
after to be immense. So suddenly, and
from SO many quarters at once, and sc
extensive are the acquisitions made upon
them, that il has become more than
doubtful if even the best State credit
will command money except at loss
and it may be doubtful if it can be ob.
tanned at all abroad, upon any tolerablC
terms.
The reliance of the State, therefore
must be mainly upon the patriotism o.
her own citizens, and upon their Jealous
efforts, by concerted and united action
to bring all its available resources, to en-
able her to maintain her just rank in this
noble galaxy Of States marching to the
support of government which involves
the common fortunes Of them all.
In these circumstances it cannot bt
necessary to make any labored appeal &c
the people of this State, to come forward
each according to his ability, and take
these bonds themselves. All know the
condition Of the countryside peril and
danger which it's government is called
upon to encounter-which involve no,
only its present but future peace ant
safety. All appreciate the emergency
and all feel to the full extent the duty
which devolves upon them. No words
can deepen the conviction which rests
upon the public MUD, that all private
convenience must give way to public ne
cessties--that "come veal or come woe,
the State must occupy its position &C
cording to its power and ability, fully
abreast of the most loyal State in this
great contest, to suppress rebellion ant
sustain the integrity and honor of thai
government, so long the shield and pro
lection of all their rights-under which
they have attained to such greatness
around which are clustered so many
glorious memories, and with whose des.
tines are associated all the dearest hopes
Of themselves and their posterity.
Such we believe to be the feeling and
temper of the people Of this State--ani
mated by one common spirit--uninhuen
ced and uncontrolled by any other than
that holy love Of country and reverence
for its institutions, which arises higl
above all thought of party and forget
and sinks every other consideration wheI