The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-03
THE NATIONAL LOAN.

THE NATIONAL LOAN.
Appeal to the People by the Secretary
OF the Treasury.
Your national government, compelled bya guilty con-
spiracy eliminating in causetess instruction, is en-
gagged in for tho security and liberty, for the s
premacy of the law the defence of the Unon and for
the maintenance Of popular institutions For the means
to deray the necessary expenses of this your Con-
gross has directed that appeal be made TO you, by
opening subscription TO q national loan Of hun
dred and fifty millions of dollars. Already the en-
lightened and patriotic capitalists Of the great cities
OF New York, Philadelphia and Boston have mani
tested their clear sense both Of duty and interest," by
subscription of $50 900 900 Congress, under which this
subscription received, wisely provided however,
that the advantages well as the patriotic satisfaction
of 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 re-
ward for their public spirit to those whose patriotism
prompts them in this hour Of trial 70 place their means
interest Of $40 oentum be paid on the several
amounts subscribed interest not liable 10 State tax
ation but constituting for subscribers revenue not only
certain in receipt but greater in amount than eau be
pected from any ordinary Investment.
And in order to afford all citizens equal opportunities Of
participation in these advantages Congress has further
directed that subscriptions be received for sums small
$780, as well as for large amounts and that should the
subscriptions exceed the whole desired the smaller
be preferred in ITS distribution Each subscriber
ment u his subscription will be entitled 10 receive
ho may prefer Tas whether Of $50 500 $500
600. The interest at 3-1p per annum will be on the
notes OF $500 cent, 500 two cents on $500 ten
cents 81 900 twenty cents, and on $1,000 one dollar
each day All the Treasury notes issued will bear date
on the 10th Of August 1861 and will carry interest
from that date Each will have coupons attached
expressing the several amounts Of scmiannual interest
which coupons may be detached from tho notes and pre-
sen,ed for payment separately. Each subscriber may
pay the whole amount subscribed at the time of subscp
tion he prefers to do may pay tenth 1T that
time and third every twentieth day thereafter At
each payment the accrued interest the amount from
the 10Th of August to the date Of payment must also be
paid and the amounts OF interest thus paid will be rc
bnrsod in the payment Of the FIRST coupon In order to
secure, beyond peradvenurc, the punctual payment OF
the interest and the gradual reduction Of the principal
Congress has provided by law for annual revenue
amply sufficient only for these purposes but for the
prompt payment of all demands on acctun OF extraor
binary expenditures
It will be glance that not only is the whole
property thecounry pledged for the interest and n
reimbursement OF the loan but that an adequate aud
specific proportion of the annual production is set
by taxation for the redemption Of this pledge Prompt
payment beyond contingency is thus insured. Nor
this taxation be thought great when compared with the
magnitude Of the objects OF the contest or with the
| amount Of property and production.
The objects Union. Permanent peace and security
at home and respect abroad are mperled by this
provoked rebellion. The intelligence OF the people
prehends At their magnitude. They rise above
| party--they belong 10 no admnisraon-hcy concern
the whole country during all time, under every admins
traton and in every relation foreign domestic; and
the for the attainment of these great objects can
be readily supplied from the property and productions
the country The real and personal valusS in The United
States reach the aggregate Of $40 900 COO and
the States loyal TO the Union this aggregate Is
| $f1 900, 600 600.
The yearly surplus earnings Of the loyal people are
estimated by intelligent conversant with such in
vestigations at than 500 900 600 while tho well
considered judgment of military of tho highest rank
and ropute warrant the confident expectation that II the
war is prosecuted with energy, courage and skill II may
be brought termination before the close Of the next
spring which event the cost beyond the revenue will
hardly the $3.50 900 loan authorized by Con
gress, and with due economy in all branches of the
public service not than the total expenditures OF
| Great Britain or France in years of peace.
And not unreasonable TO hope that the suspicious
result of be fastened by the reflection Of the
citizens of the States in insurrectonthat they will re-
view their action weigh their welfare, consider the
disposition Of the people Of the whole country to
Mise all their constitutional rights and to allow them
their full share in the benefits Of The govern
ment, and renew their allegiance to the Union which in
nj evil hour they have been tempted to throw of. viii
they reflect that the in which the government has
been constrained 10 not for their subugaton but
war for national existence and that suspicious result
the Union will benefit as largely the states IN insurrecton
the States which have remained loyal? However this
may be- the duty OF the national government as the
sttutionay constituted agent OF the people, admits of ~
question The war made necessary by the insurrection
and reluctantly accepted by the government must be
prosecuted with all possible vgor until the restoration Of
the lust authority of the Union shall insure peraaneu,
peace. The same good Providence which conducted
fathers through the difficulties and dangers which bese'
the formation of the Union has gracousy strengthened
| our hands for the work Of its preservation.
The crops Of the year ample and tho granares and
barns everywhere full The capitalists Of the country
have checruy forward TO sustain the credit OF the
government already and, in advance Of this appeal
Of all occupations seek TO share the hopors and al
vantages Of the loan Never except because OF the tern
porary depression caused by the rebellion and the de-
rangement Of business accustomed by it. the people
of the United States in better condition to sustain
great contest than now.
Under these favoring circumstances, and for these
grand objects shall, in pursuance Of the act Of Con
gress books of subscription to be opened speed
~ practicable the several cities and principal towns
OF the United States order that all citizens who desire
to subscribe to the loan may have the opportunity
OF doing Meanwhile, those who prefer that
| course remit any sum which they may
wish 70 invest IN the loan 10 the Treasury
of the Emitted States at Washington, TO either the
| Assistant Treasurers at Boston, New York Phladel
phia or St. Louis or to the Depository at Cincinnati
| where certificates will entte the holders to Treasury
notes on the terms already stated The patriotism Of the
people il Is not to be doubed, will promptly respond tC
| The liberal wisdom Of their representatives.
S. p. CHASE Secretary OF the Treasury.