The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-10-16

U. S. 5-2O's.-The Secretary of the
Treasury has not yet given notice of any inten-
ton to withdraw this popular loan from sale at
par, ana until ten days notice is given, the un-
dersigned as General Subscription Agent will
continue to supply the public
The whole amount of the loan authorized is
five hundred millions of dollars. Nearly three
hundred millions have been already subscribed
tor and paid into the treasury, mostly within
the last six months. The balance (two hum
dred Millions is hardly sufficient to furnish
the basis for circulating notes for the National
Banking Associations now rapidly organizing
in all parts Of the country.
Sales during May, June and July, reached
frequently two millions daily. 1t is confidently
expected that the sales will again increase,
especially as large foreign demand (mostly
from Germany has lately sprung up, which is
likely to absorb one or two millions weekly.
A very short period only must elapse before
this loan is wholly absorbed, and as it is well
known that the Secretary of the Treasury has
ample and unfailing resources in the duties on
imports and internal revenues and in the inter-
est bearing Legal Tender Treasury Notes: it is
almost certainty that he will not find it neces-
sary, Tor long time TO come, to seek market
for any other long or permanent loans, the
interest and principal of which are payable in
gold.
Prudence and selfinterest must force the
minds OF those contemplating the formation of
NatlQlal Banking Associations, as well as the
minds of all who have idle money on their
hands, to the prompt conclusion, that they
should lose no time in subscribing for this most
popular loan. 1t will soon be beyond their
reach, and advance to a handsome premium,
as was the result with the 'Seyen- Thirty
Loan, when it was all sold and could no longer
be subscribed for at par.
1t is six per cent. loan the interest and
principal payable in coin. thus yielding about
eight per cent per annum at the present rate
OF premium on coin.
The government requires all duties on i'm
ports to be paid in coin these duties have for
long time past amounted to over quarter of
million dollars daily, sum nearly three times
greater than that required in the payment of
the interest on all the 5-20's and other perma.
nent loans. So it is hoped that the surplus of
com In the treasury, at no distant day, will en-
able the United States to resume specie pay
ments upon all liabilities.
The loan is called 500 from the fact that
whilst the bonds may run for 20 years yet the
government has right to pay them off in gold,
at par at any time after five years.
The interest is payable half-yearly, viz: ON
the first days of November and May.
Subscribers can have Coupon Bonds which
are payable to the bearer, and are of $50 $1CO,
5000, and 81 600; or Registered Bonds of same
denominations, and in addition, $4,000, and
$4,000. For banking purposes and for invest
ments of trust monies the Registered Bonds
are preferable.
These 5-2O's carnot be taxed by states cities,
towns or counties, and the Government tax on
them is only one-and-a-half per cent. on the
amount OF income, when the income of the
holder exceeds six hundred dollars per annum;
all other investments, such as income from
mortgages, railroad stock and bonds, etc.,
must pay from three to five per cent tax ON
the income. JAY COOKE, =
Subscription Agent, Philadelphia.
Philadelphia, Oct. 1, 1868.
Subscriptions received by
TE1OEAPsON BROTHERS,
octlld3W3t Agents at st. Paul.
4 t.-e,r 4