The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-09-07
THE SEVEN-THIRTI ES--WHAT
ARE THEY?


We trust that large portion ofour rea-
ders have pondered the Appeal of Mr..
Fessenden, our new Secretary oIthe Treas
ury. The purport of it is that the People
OF the United States, acting as BODY
through their agent the Government. wish
individuals TO lend them tive hundred
millions of dollars for three years, at seven
and three tenths per cent. annual interest.
payable every six mouths For this. they
offer Treasury Notes--that is, in reality
notes drawn and endorsed by every man
in the country The loan is wanted for
great national purpose, to effect which ev-
e:y man. unless he be a traitor at heart.if
not in act, is solemnly pledged,
The Appeal is addressed not merely to
a few great capitalists, but also 10 the
many whose aggregate means constitute,
the mass of the wealth of the land The
notes upon which this loan is asked are
from soouPward. Every man who has
fifty dollars can take part in this loan.--
Apart from patriotism and the duty which
all owe to their country, no investment is
so desirable as this. Es assf
1t is secure. Every dollar of every
mans property ia pledged Tor the punctual
payment OF the interest, and OF the debt
when due. The security is increasing in
value. For some years before the war we
were earning l000 millions year more
than we spent. During the three wears
OF the var, owing to tho high prices and
constant demand for labor, We have earn
ed more than ever before No man who
could or would work has been idle; and
except for the war, We have spent less
than before. The total valuation of the
property of the United States. accordipp
to the census OF 1850 Was SIG. .I59,O0O
600, of whica Sl0, 957 ,44S, ,956 was in the
Loyal States. This valuation, according
to the usual rule Of assessment, was rot
more than tive thirds Of the actual cash
value of the property. The increaseiof
property in the loyal States during the
last ten years was over 126 per cent, or
an average of II 6 10 per cent Ger ansum.
In three years of the war we of the Uni
ted States shayo certainly earned 3OO0 mil
lions more than We have spent apart from
the war. The cost Of the war NAV be sat
down at 1000 millions. Deducting this
from our net earnings, the People who
are security for this loan are 1000 millions
richer to-day than they were when the
war broke out.
No other Investment can be so easilv
convertible. The man who has Treas
ury note for $50, or S100, or $1,000, can
turn it into money more readily, and upon
better terms, than if it were invested upon
bond and mortgage, or in railroad stocks.
The interest offered is higher than can
be realized from any other safe ard con-
vertlble investment. 1t is, moreover.
readily collectabls when due To each
note are affixed five coupons" or inter-
est tickets, due at the expiration of each
successive half year The holder ola
note has simply to cut off one of these
coupons, present it at the nearest bank
or Government Agency, and receive his
interest; the note itself need not be pres
ented at all. Ora coupon thus payable
will everywhere be equivalent, when due,
to money.
Thus, while this loan presents great ad
vantages to large capitalists. it offers,
special inducements to those who wish to
make a safe and profitable Investment of
small saving 1t is in every way the best
Savings Bank; for every institution Of
this kind must somehow invest its deposits
prehtably in order to pay interostand ex-
penses They will invest largely in this
loan, as the best investment. But from
the gress interest which they receive they
must deduct largely for the expenses Of
of the Bank. Their usual rate Of interest
allowed to depositors is per cent. upon
sums over $500 The person who invests
directly with Government will receive
almost 90 per cent. more. Thus the man
who deposits $1,000 in private Savings
Bank receives 80 dollars year interest;
if he deposits the same sum in this Ma
tional Savings Bank he receives 73 dol
lars. For those who wish to find a safe.
convenient, and pro Ofitable means of invest-
Ing the surplus earnings which they have
reserved for their old age or for the bene-
htoftheir children, there is nothing which
presents so many advantages as this Ma
tional Loan.
tits convertible into six per cent. gold
bearing bond. Atthe expiration of three
years holder of the notes of. the Z 80
loan has the option Of accepting payment
in full or of funding his notes in > six
per cent. gold interest bond, the princi-
pal payable in not less than five ner more
than twenty years from its date as the
Goyernments may elect For six months
past, these bonds have ranged at an aver
age premium of about eight per cent in
the New York market, aad have sold at
109 to-day (Aug. l2th9 thus making the
real rate of interest over ten per cent. and
besides, to make the indacement even
greater, Congress by special act exempts
its Treasury notes from state and muni-
cipa taxation. Could Shylock ask moref
Was patriotism everso literally reward
ed ? Aa,pers 4Naydiae. e