The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1861-09-10

The National Loan.
Appeal from the Secretary OF the
Treasury. h
WASHINGTON, Sept. l, 1861.

the security OF liberty, LOT the supremacy Va
the law, for the defence of the Unioni and
for the maintenance of popular Institutions.
For the means to defray the necessary ex-
penses of this war your Congress has direct
ed that an appeal be made to you by open
| ing a subscription to a national loan of
| $3.50, 600 900.
Already the enlightened and patriotic
| capitalists of the great cities of New York,
Philadelphia. and Boston have manifested
their clear sense both of duty and interest,
| by subscription of fifty millions of dollars.
Congress, under which this subscription was
received wisely provides, however, that the
advantages, as well as the patriotic salts
faction of a participation in the loan, shall
be offered, not to capitalists of the great
cities only, bnt to the people of the whole
country.
In order to secure a substantial reward
for their public spirit to those whose patri-
otism prompts them in this hour of trial to
place their means at the disposal of the Gov
eminent, Congress has directed that an in
terest of seven and three tenths per centum
be paid on the several amounts subscribed,
an interest not liable to State taxation, but
constituting for subscribers a revenue not
only certain in receipt but greater in
amount than can be expected from any or
binary investment.
And, in order to afford all citizens equal
opportunities of participating in these adj
vantages, Congress has further directed that
subscriptions be received for sums as small
as $780, as well as large amounts, and that,
should the subscriptions exceed the whole
sum desired, the smaller be preferred in its
distribution. Each subscriber, on payment
of his subscription, will be entitled to re-
ceive Treasury notes, equal in amount,
whether OF $50, 500, $500, $1,000, or
$1,000 The interest, at 3-I0ths per
annum, will be, on the notes of $50, one
cent, on 500 two cents, on $500 ten cents,
on 81 900 twenty cents, and 5000 one dol
lar each day. All the Treasury notes issued
will bear dates on the 18th of August,
1861, and will carry interest from that
date. Each note will have coupons at
tached expressing the several amounts of
semi-annual interest, which coupons may
be detached from the note, and presented
for payment separately. Each subscriber
may pay the whole amount subscribed at
the time OF the subscription, or, if he pre-
fers TO do 80, may pay one-tenth, at that
time, and onerthird every twentieth day
| thereafter -F..sr~,.g .....
At each payment, the accrued interest on
the amount from the 10Th of August, to the
| date of payment, must also be paid, and the
amount of interest thus paid will be reim-
bursed in the payment of the first coupon.
In order to secure, beyond peradventure,
tina punctual payment of the interest, and
the gradual reduction Of the principal, Con-
gress has provided law for an annual rev.
enue amply sufficient OF only for these pur-
poses, but for the prompt payment of all
demands on account of extraordinary ex-
penditures.
1t will be seen at a glance that not only
is the whole property of the country pledg-
ed for the interest and final reimbursement
of the loan, but that an adequate and spe-
cifc proportion of the annual production is
set apart By taxation for the redemption of
this pledge. Prompt payment beyond a
contingency Is thus insured. Nor can this
taxation be thought great when compared
with the magnitude of the objects of the
contest, or the amount of property and pro-
| duction.
The objects are Union, permanent peace
| and secarity at home and respect abroad,
which are imperiled by this unprovoked re-
| bellion. The intelligence of the people
| comprehends at once their magnitude. They
rise above party-they belong to no Ad-
ministration-they concern the whole coun-
| try during all time, under every Admins
tration, and in every relation, both foreign
T. anu QOm6StlC. ana the means fOr the at
tainment of these great objects can be read
/ lily supplied from the property and produc-
tions of the country. The real and personal
values ia the United States reach the vast
/ aggregate of Sic, 100000, 900, and in the
/ States now loyal to the Union this aggre-
gate is II, 900 100000.
The yearly surplus earnings of the loyal
people are estimated by Intelligent persons,
cenversant with such investigation, al more
than $500, 100000, while the well consd-
cred Judgment of military men of the high
est rank and repute, warrant the confident
expectation that if the war is prosecuted
! with energy, courage and skill, it may be
| brought to a termination before the close of
| the ensuing spring in which event the
cost beyond the revenue will hardly exceed
the amount of the $50 600, 900 loan au-
thOrized by Congress, aud with a due econ
omy in all branches of the public service,
not more than the total expenditure of
Great Britain or France ia years of peace
And it is not unreasonable to hope that
the suspicious result of peace may be has
tened by the reflection of the citizens of the
States in instruction, that they will review
their action, weigh their own welfare, con-
slider the disposition of the people of the
whole country to recognize all their consti-
tutional rights, to allow them their full
share in the benefits OF the common Gov
ernment and renew their allegiance to the
Union, which, in an evil hour, they have
been tempted to throw off,
Will they not reflect that the war into
which the Government has been constrain-
ed is not,a war for their subjugation, but a
war for national existence and that an
suspicious result to the Union will benefit
as largely the States in insurrection as the
States which have remained Ioyal2 How
ever this may be, the duty of the National
Government, as the constitutionally consti-
tuted agent OF the people, admits of no ques-
ton.
The war made necessary by the insur-
rection, and reluctantly accepted by the
Government must be prosecuted with all
possible vigor until the restoration of the
Just authority of the Union shall insure per-
manent peace. The same good P rovidence
which conducted our fathers through the
difficulties aud dangers which beeet the
formation of the Union, has graciously
strengthened our hands for the work of its
preservation.