Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1861-09-13
THE NATIONAL LOAN.
AppeaIto The People Of the U. States.

States:
Your national government, compelled by gull
ty conspiracy eliminating in causeless insurrec-
tlon, is engaged in for security and liberty,
for the supremacy of the law, for the defence of
the Union and for the maintenance of popular in
stitutions.
For the means to defray the necessary expenses
of the war your Congress has directed that an ap-
peal be made 10 you, by opening subscription TO
national loan Of one hundred and fifty millions
of dollars.
Already the enlightened and patriotic capitalists
OF the great cities of New York. Philadelphia, and
Boston, have manifested their clear both of
duty and interest, by subscription OF $50 ,000,-
600. Congress- under which this subscription was
received, wisely provides, however, that the ad-
vantages, as well the patriotic satisfaction o!
participation in this loan, shall he offered not to
the capitalists of the great cities only, but TO the
people of the whole country. In order to secure
substantial reward fJr their public spirit 20 those
whose patriotism prompts them 10 this hour of
tlal to place their means at the disposal of gov
ment, Congress has directed that an interest of
5-lO per centum be paid on the several amounts
subscribed, interest not liable TO State taxation
but constituting for subscribers revenue not ouly
certain receipt: but greater in amount thaa can
be expected from any ordinary Investment.
And In order TO afford all citizens equal oppor-
tunltles OF participation in these advantages Con-
gresS has further directed that subscriptions be re-
eeived for sums as small $50 as well as for la1ge
amounts, and that should the subscriptions exceed
the whole sum desired, the smaller be preferred in
It's distribution. Each subscriber, on payment of
his subscription, viii be entitled to receive Treasu
ry notes, equal in amount, in such denominations
as he may prefer, whether of $50 sIOO. $500
SlOUO, or $4,000. The interest at 8. 10 per annum
viii be on the notes of $50 one cent, on 500 two
cents, on 5000 ten cents, on 5000 twenty cents
and on $4,000 dollar for each dav All the
Treasury notes issued will bear date on the Iotb ot
august, 1851, and will bear interest from date
Each note will have coupons attached expressing
me several amounts Of semi-annual interest which
coupons may be detached from the notes, and pre-
sehted Tor payment separately. Each subscriber
may pay the whole amount subscribed al the time
OF subscription or, if he prefers 20 do So NAV nav
one-tenth at that time and 0ne-third every twenti
elm Gay thereafter. At each payment the accrued
interest on the amount from the 18th of August to
the Gats OF payment must also be paid, and the
amounts OF interest thus paid will be reimbursed in
the payment of the first coupon. In order to
secure beyond peradventure the punctua payment
OF the interest and the gradual reduction of the
principal, Congress has provided by law for an an
nual revenue amply sufficient not only for these
purposes, but for the prompt payment of all de-
mands on account of extraordinary expenditures.
1t will be seen at glance that not only is the
whole property OF the country pledged for the in
terest and final reimbursement of the loan but that
an adequate and specific proportion of the annual
production is set apart by taxation for the redemp-
ton of this pledge. Prompt payment beyond
contingency is thus insured. Nor this taxation
tude of the objects of the contest, with the
amount OF property and production. The objects
OF unIon, permanent peace and security at home
and respect abroad imperiled by this unprovok-
Cd rebellion. The Intelligence Of the people com
prehend at once their magnitude. They rise above
party. They belong to administration. They
concern the whole country during all time, under
every Administration; and In every relation, foreign
ar domestic.
And the means for the attainment of these great
~ fha rfv
predictions Of the country The real and person
al values in the United States reach the vast ag-
gregate of sic 600 C000 000 and in the States now
loyal to the Union this aggregate is $l 000 600.
The yearly surplus earnings of the loyal people are
estimated by intelligent persons conversant with
such investigations at more than $400, 600, COO,
while the well'considered Judgment of military men
Of the highest rank and repute, warrants the con-
dent expectation that if the is prosecuted with
energy, courage and skill, it may be brought to
termination before the close of the next spring. in
which event the cost beyond the revenue will
hardly exceed the amount of the $3.50 900, 600 loan
authorized by Congress and with due economy
in all branches of the public service, not than
the total expenditure Of Great Britain or France
in years OF peace.
And it is not unreasonable to hope that the
auspicious resnlt OF peace may be fastened by the
reflection OF the citizens of the States in insurrec-
ti0n-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 their allegiance to the Union which in
an evil hour they have been tempted to throw off
Win they not reflect that the war into which the
government has been constrained is not a war for
their sublugatlon, but war for national existence
and that an auspieious result to the Union will
benefit as largely the States in insurrecton as the
States which have remained loyal. However this
may be, the duty of the national government as
the eonstitutionay constituted agent of the people
m n no FaQff. Tlna
by the insurrection, and reluctantly accepted by
the government, must be prosecuted with all possi-
bic yigor until the restoration Of the just authority
OF the Union shall insure permanent peace The
same good Providence which conducted our fathers
through the difficulties and dangers which beset the
formation OF the Union has graciously strengthen
ed our hands for the work of its preservation.
The crops of the year are ample, graBaries and
barns are everywhere full. The capitalists of the
country come Cheerfully forward TO sustain the
credit OF the government. Already, and even in
advance of this appeal, of all occupations
seek to share the honors and advantages OF the
loan. Never, except because of the temporary
depression caused by the rebellion and the derange-
ment Of business occasioned by it, where the peo-
pie Of the United States in better condition to
sustain a great contest than now.
Under these favoring circumstances, and for
these grand objects, shall, in pursuance of the
act OF Congress, cause books of subscription to be
opened as speedily practicable in the several
cities and principal towns of the United States in
order that all citizens who desire to subscribe to
the loan may have the opportunity of doing so.-
Meanwhile, those who prefer that course can remit
any sum which they may wish to invest in the loan
to the Treasury of the United States at Washing
ton, or TO either of the Assistant Treasurers at
Boston, New York, Philadelphia or st. Louis, or
to the Depository at Cincinnati, where certificates
VIII entitle the holders to Treasury notes on the
terms already stated. The patriotism OF the peo-
ple 1t is not to be doubted, will promptly respond
10 the liberal wisdom OF their representatives.
(Signsd) SP. CHASE
Secretary of the Treasury.
ANOTHER PRIZE.
BosrON Thursdav Copt x