The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1861-06-06
An Address bya Committee of the Lesis-
lature, Appointed for that purpose at
the late Extraordinary Session.

lature, Appointed for that purpose at
the late Extraordinary Session.
Resoloed, That committee of eight
members of the House to prepare and
issue an address to the people of the
State explaining the character of the
bonds to be issued for the war loan,
made to enable Michigan to take its
place by the side Of all loyal States,
and to do its full duty in sustaining
the government of the country in the
present emergency, and recommending
and setting forth the reasons why the
bonds should be taken by the citizens
of this State. --. .,'f ,-.r s.-ir
Resolued, That the Speaker of the
House be added to the committee
Passed By the House Of Representatives,
May 10, 1861. 5r4 2a
70 the people of the State of Michigan.
In accordance with the foregoing res
olution, we make the following state
ment and brief appeal to YOU:
At the late session of the Legisla.
ture, that body authorized and provid-
ed for the issuing by the Governor and
Treasurer, of bonds of the State to the
amount of one million of dollars, if so
much should be necessary for the pur-
pose 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 Government to suppress
the rebellion against its authority,
(which it has become the duty of Mich
igan 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-annually. They will be issued in
sums of no less than $50 and not more
than $1,000 each. On all bonds for
less than $500, the interest will be pay
able in Detroit, and on all of $500 and
upwards it will be payable in New
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
payable, and that it will be payable to
the bearer thereof. These coupons, as
they may become due, may be cut of
from the bond, and will be receivable
for all taxes, and will everywhere in the
State be worth so many dollars as they
represent. The bonds or the money
invested in them, will be exempted from
all taxation under the laws of the State.
They will always be easily exchange.
able for money at their value, and be
fore the peace of the country was dis
turbed would have sold for from foul
to eight per cent. premium, and viii
again when order shall be restored
There is small sinking fund provided
F by which some small portion of the
bonds are redeemable by the State
each year, at present amounting t.
$4,000 per annum. These things are
thus particularly stated that all ma,
perfectly understand the nature an(
value of the bonds. There needs M
argument to prove them good to tn,
citizens of this State who know its con
dition, population, wealth and resour
ces, and the comparatively small amour
!, of its public debt.
, This action has been only the EN-
. bodyment of the will of the people
q and in obedience to its command. Th
! amount required was much too large t
!. be raised at once by tax. We hav
o no monied institutions with large ac
cumulated capital to advance it. Th
, credit of the State, thereof, in this form
!, was the only alternative. The mer
enactment of the law, however, wi
not raise the required funds to enabl
the officers of the State to pay alread
n accumulated and still accumulating liz
bilities inevitably incurred in the dis
charge of the great duty resting upo
them. In the great commercial cite
the demand for money, both by othe
: powerful States and the general gov
3 ernment, is already very great, and
% hereafter to be immense. So suddenl
:, and from so many quarters at ono
). and so extensive are the requisitior
!" "" upon them that it has become MOI
- than doubtful if even the best Stat
- - credit will command money except {
: loss, and it may be doubtful if it ca
V be obtained at all abroad, upon an
!, tolerable terms. sa ar
~ The reliance of the State, therefor
~ must be mainly upon the patriotism
!, - her own citizens and upon their zealo1
- efforts, by concerted and united actio
~ ~ to bring all its valuable resources,
so s0 enable her to maintain her just rank
If of this noble galaxy of States marchir
- = to support government which involv
-, the common fortune of them all.
ne In these circumstances it cannot
I'd necessary to make any labored appe
d. to the people of this State, to cor
it. forward, each according to his abilit
of and take these bonds themselves. 1
know the country, the peril and dang
.,u which its government is called upon
"a encounter-which involves not only
ret present but future peace and safe
All appreciate the emergency, and
10. feel to full extent the duty which
ne wolves upon them. No words
deepen the conviction which rests up
of the public mind, that all private c'
,at yenience must give away to pnbilc
,ut ssities-that "come veal or CO.