Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1861-09-20
The National Loan.


.. ..,r,5 49, The National Loan. ..
!, SECRETARY cHAsE's APPEAL TO THE PEOPLE.
To the Citizens Of the United States: .
Your National Government, compelled by
guilty conspiracy, eliminating in causeless
insurrection, is engaged in War for the secu
rity Of Liberty, for the supremacy of Law,
for the defence of the Union, and for the
maintenance Of Popular Institutions. For
means to defray the necessary expenses OF
this War, your Congress has directed an ap-
ncal to he made to you,5 ,5y opening a subscrip-
.:. ..o. to Natio.:.. .,os:. Of One Hundred and
Fifty Millions of Dollars. l- . .
Already the enlightened and patriotic cap
italist Of the great cities of New York, Boston,
and Philadelphia have manifested their clear
sense Of both duty and interest, by the sub
scription Of Fifty Millions of dollars.
The act of Congress under which this SUBJ
scrption was received wisely provides, how
ever, that disadvantages as well as the pat
riotic satisfaction participation in this Loan,
shall be offered, not to the capitalists of the
great cities only, but to the people of the
whole country. ...
In order to secure 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 Govern
ment, Congress has directed that an interest
of seven and threc-tenths per centum be
paid on the several amounts subscribed; an
interest not liable to State taxation, but con-
stituting for the subscribers revenue, not
only certain in receipt, but greater in amount
than can be expected from an ordinary in
vestnlent. f"'' ..
And, in order to afford to all citizens equal
opportunities of participation in the advan-
tages, Congress has further directed that sub
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 smaller be preferred
in the distribution.
Each subscriber, on payment of his SUBJ
scription, will be entitled to receive Treasury
notes of equal amount in such denominations
rs he may prefer, whether fifty, ono hundred,
five hundred, one thousand, or five thousand
dollars.
The interest at $40 per annum will be,
on the notes of fifty dollars, one cent; on
one hundred dollars, two cents on five hund-
red dollars, ten cents; on one thousand dol
lars, twenty cents; and on five thousand dol
lars, one dollar each day.
All Treasury notes issued will bear date
on the 10th of August, 1861, and will carry
interest from that date. Each note will have
coupons attached expressing the several
amounts sofsemi-annual interest; which coup
Dns may be detached from the note and pre-
sented for payment separately.
Each subscriber may pay the whole amount
subscribed at the time of subscription, or if
he prefers to do so, may pay one-tenth at
that time and one third every twentieth day
thereafter. AT each payr.ee..... - ~. accrued
interest on the amount from the 10th Of Az
gust to the date Of payment must also be
paid and the amount OF interest thus paid
will be reimbursed 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, Congress
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 expenditures. @
1t will be seen at 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 pro-
portion OF the annual production is set apart
by taxation, for the redemption Of this pledge.
Prompt payment, beyond contingency, is thus
ensured. .s...s.H "ntu#-.5 ...... a.
Nor can this taxation be thought great,
when compared with the magnitude Of the
objects of the contest, or with the amount of
and production. a.a
These objects are, popular government,
permanent peace, security at home, respect
abroad all imperilled by unprovoked rebel
ion. The intelligence of the people compre-
hends at once their magnitude. They rise
above party. They belong to no Admins
ration. They concern the whole country,
during all time, under every Administration,
md in every relation, foreign or domestic.
And the means for the attainment oi t,lese
great object can be readily supplied from the
property and production Of the country. The
real and personal values in the United States
reaches the vast aggregate of sixteen thou
sand millions of dollars; and in the States
now loyal to the Union this aggregate is clev-
en- thousand millions.
The yearly surplus earnings of the loyal
people are estimated, by intelligent persons
with such investigations, at more
han $500, 900, 900; while the well-considered
Judgment Of military men of the highest rank
and repute warrant q confident expectation
that the war, prosecuted with energy, courage
md skill, may be brought to a 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 millions loan authorized
by Congress. With due economy in all
branches Of the public service, the total ex-
penditures for all objects, military, naval and
civil, in this year Of war, need not exceed
the ordinary expenditures Of Great Britain
end France in years of peace. ~.
Anu is II unreasonable to hcre that the
auspicious result of peace may be hastened
by the reflections of the citizens of the States
in insurrcction? That they will review their
action; weigh their own welfare; consider
the disposition of the people Of the whole
country to recognize all their constitutional
rights and to allow them their full share in
the benefits of the common government, and
renew that 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 of the Union has beer
constrained, is not war for their subjugation
but war for National existence, and that or
auspicious result to the Union will benefit a.
v..,.ol, Tho CfotoS which have remained 1Oval