Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1863-04-03

OFFICE OF JAY COOKE, SUBSCRIPTION
AGENCY AT OFFICE OF JAY Cooke Co.,
BANKERS, No. ia S. THIRD STREET, PHIL
ADELPHIA, March 23.-Dear Sir, Your
letter Of the goth inst, is received, and
will cheerfully give you the information
desired by answering your questions IN
due order.
Ist. These bonds are called Five Twen-
ties" because, while they are ti7sHty year
bonds, they may be redeemed by the Gov
ernment in gold at any time after five
years. Many people suppose that the in
terest is only 5.2O-lO0 per cent. This is
mistake They pay six per cent. interest.
ID Legal tender notes or checks upon
Philadelphia OF New York that will bring
legal tenders are what the Secretary al
lows me to receive. No doubt your near
est bank will give you check or legal
tenders for your country funds.
Sd. The bonds are sold stpsr, the inter-
est to commence the day you pay the
money.
4th. have made arrangements with
your nearest bank or bankers who will
generally have the bonds on hand. If
not you can send the money to me by ex-
press and l will send back the bonds free
of cost
9th. The bonds pay sixper cent. interest
in gold, three per cent. every six months,
| on the 1st day of May and November, at
the mint in Philadelphia, or at any Sub
Treasury in New York or elsewhere. If
YOU have coupon bonds, all you have to do
is to cut the proper coupon off each SIX
months, and collect it yourself or give r
TO your bank for collection; if you have
registered bonds you can give your bank
a power Of an attorney to collect the
interest for you.
9Th. Congress has provided that the
bonds shall be paid in gold when due.
| 7th. The duties on imports Of all articles
| from abroad must be paid in gold, and thus
| II Is now being paid into the Treasury at
the rate of 100000 each day, which is
twice as much as he needs to pay the in
terest in gold. ...
9Th. You can have either coupon bonds
payable to the bearer, or registered bonds
payable to your order.
9th. The former are in SOS, zoos, 500s
and 1,000s-the latter in same amounts
also SIS, ,O00's and Sl0O0O's i'.
10th. mol You will not have TO pay any
taxes on these bonds if your income from
them does not exceed 5000; and on all
above $500 will only have to pay one half
as much income tax as if your money was
invested in mortgages or other securities.
consider the Government bonds as fret
| of all; all other bonds are taxed one-quar-
| ter per cent. to pay the interest on the
! Government bonds, and the Supreme Court
Of the United States has just decided that
no State, or city, or county, can tax Gov
ernment bonds.
! 11th. The present bonded debt of the
United States is less than three hundred
millions, including the seven and three
tenths Treasury Notes; but the Govern
ment owes enough more, in the shape of
Legal Tenders, Deposits in the Sub-tressu-
ries, Certificates of Indebtedness, &C., to
| increase the debt to about eight or nine
hundred millions. Secretary Chase has
calculated that the debt may reach one
thousand seven hundred millions, if the
rebellion lasts eighteen months longer. 1t
is, however, believed now that it will not
last six months longer, but even if it does,
our national debt will be small compared
with that Of Great Britain or France, while
our resources are vastly greater.
18th. Ihave no doubt that the revenue will
not On1y De dmpie 10 pay Ine OrulndIy 04-
penses Of the Government and all the in
terest on the debt, but leave at least one
hundred milliJns annually toward paying
of the debt, and that the Government viii
be able to get out of debt again, as it has
twice before, in few years after the close
Of the war.
I hope that all who have idle money will
at once purchase these Twenty Year Bonds
The right to demand them as legal tenders
viii end on the first day of July, 1868, as
per the following authorized:
ESPECIAL NoTIcE.-0n and after July l,
1868, the privilege Of converting the pres
ent Issue Of legal tender notes into the Ma
tional Six Per Cent Loan commonly called
Five TWenties) will cease.
"All who wish to invest in the Five
Twenty Loan must therefore, apply before
the 1st Of July next.
"ThOse who neglect these Six Per Cent
Bonds, the interest and principal of which
they will get in gold, may have occasion
to regret it.
am very truly your friend,