Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1861-09-12
THE NATIONAL LOAN.
Secretary Chase's Appeal to the Peopl,
To Ms People efMe United States:

By guilty conspiracy. eliminating in
csuseless instruction. is engaged in War
for the supremacy of Law. for the defence
Of the Union. and for the maintenance Of
Popular Institutions. For meass to de-
fray the necessary expenses of this War.
your Congress has directed that an appeal
be made to you. by opening subscription
to a National Loan Of One Hundred
and Fifty Millions of dollars.
Already the enlightened and patriotic |
capitalists Of the great cities OF New York. |
Boston and Philadelphia have manifested
their clear sense both of duty and interest,
by the subscription of Fifty Millions of
dollars.
The Act of Congress under which this
subscription was received wisely provides,
however. that the advantages as well as
the patriotic satisfaction Of participation
in this Loan. shall be offered. not to the
capitalists of the the great cities only, but
to the people Of the whole country.
In order to secure a substantial reward
for their public spirit to those whose pat
riotism prompts them. in this hour Of trial.
to plsce their means ut the disposal of the
Government. Congress has directed that
an interest Of seven and three tenths per
centum be paid on the several amount
subscribed; an interest not liable TO State
taxation. but constituting for the subscri
bers revenue. not only certain in receipt.
but greater in amount than can be expect
ed from any ordinary investment.
And. in order TO afford to all citizens
equal opportunities of participation in the
advantages. Congress has further directed
that subscriptions be received for sums as
small as fifty dollars. as well as for larger
amounts; and that. should the subscrip-
tions exceed the whole sum desired. the
smaller be preferred in the distribution.
Each subscriber. on payment Of his sub
scription. will be entitled to receive Treas
ury notes of eqaaI amo unit in such denomi
nations as he may prefer. whether fifty,
one hundred. five hundred. one thousand.
or five thousand dollars.
The interest. at I $40 per annum will
be. on the notes Of fifty dollars. one cent;
on one hundred dollars, two cents; on five
hundred dollars. ten cents; on one thons-
and dollars twenty cents: and on five
thousand dollars one dollar each day.
All Treasury notes issued will bear date
on the 18th OF August. 1861. and will car
ry interest from that date. Each note will
have coupons attached expressing the sew
eral amounts of semi interest. which
coupons may be detached from the note
and presented for payment separately.
Each subscriber may pay the whole a.
mount subscribed at the time of subscrip-
ton. or. If he prefers to do so, may pay
one-tenth at that time and one-third every
twentieth day thereafter. At each pay
ment the accrued interest on the amount
from the 10Th Of August to the date OF
pay ment must also be paid; and the a.
mounts Of interest thus paid will be REIN
bursed in the payment Of the first coupon.
In order to secure. beyond peradvcnturc,
the punctual payment Of interest and the
gradual reduction of the principal. Con-
sress has provided by law for an annual
revenue amply sufficient not only for these
purposes. but for prompt payment Of all
demands on account of ordinary expendi-
lures.
II will be seen at q glance that not only
is the whole property of the country pledg
oil for the interest and final reimbursement
of this loan. but that an adequate specific
proportion of the annual production is SET
apart, by taxation. for this pledge
Prompt payment, beyond contingency. is
thus ensured.
Nor can this taxation be thought great
when compared with the magnitude of the
objects of the contest. or with the amount
Of pr perty and production.
The objects are Union, popular govern
ment, permanent peace. security at home
respect abroad: all imperilled by unpro
voked rebellion. The intelligence Of the
people comprehends at once their magni
tude. They rise above party. They be
long tot no Administration. They concerI
the whole country. during all time. unde
every Administration. and in every rela
ton. foreign or domestic.
) And the means for the attainment O
these great objects can be readily supplies
from the property and production Of III
country. The real and personal values il
the United States reaches the vast aggre
gate Of sixteea thousand millions of dol
! lars; and in the States now loyal to th
Union this aggregate is eleven THOUSAND
millions.
The yearly surplus earnings Of the Iowa
people arc estimated. by intelligent per
sons conversant with such Investigations
3 at more than 800. 600 900; while iii
|, well considered judgments Of military me-
Of the highest rank aud repute warrant
confident expectation that the war. prose
cuted with energy. courage and skill, ma
be brought to a termination before tn
close Of the next spring; in which event
| the cost. beyond the revenue. will hardl
exceed the amount of the two hundred an
fifty millions loan authorized by Congress,
With due economy in all branches Of I'll
: pnblic service. the total expenditures fc
!. objects. military. naval, and civil. in ,hi
! year Of war. need not exceed the ordinar
Expenditures of Great Britain or France
years Of peace.
!. And il is unreasonable to hope that Il
suspicious result Of peace may be hastcr
ed by the reflections Of the ciiizcas Of I'll
: States in insurrection? That they will n
!, view their action; weigh their own we
;. fare: consider the disposition Of the peopl
8 of the whole country to recognize all the
: constitutional rights and to slow thel
their full share in the benefits of the con
!" mon Government. and renew that alleg