Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1864-09-02
The Seven-thirties ; What are theyt

We trust that large portion Of our readers
have pouierel the Appeal OF Mr. Fes-enden, our
new Secretary Of the Treasury. The purport OF
1t Is that the People Of the United States acting
a body through their agent the Government,
wish individuals % lend them two hundred mil
lions Of dollars for three years, al seven and
three -tenths per cent, annual interest, payable
every SIX months. For this they offer Treasury
Notes-that Is, in reality. notes drawn and en-
dorsed by every man IN the country. The loan
Is wanted for great national purpose, to effect
which every man, unless he be a traitor at heart
If not in act, Is so.emnly, pledged
The Appeal is addressed not merely TO a few
great capitalists, but also O the many whose
aggregate means constitute the mass OF the
wealth Of the land The notes upon which this
loan is asked are from $50 dollars upward 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 de-
sirable as this.
Ii Is secure. Every dollar ot every mans prop
erty is pledged for the puuctual payment Of the
interest, and Of the debt when due. The security
is increasing in value. For some years before
the Wvr we were earning l 900 millions a year
more than we spent. During the three years OF
the war, owing to the high prices and constant
demand for labor, we have earned 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, according 20
the census Of 1850, was Sl6,l53,0Oo, 900, Of
which SO, ,957 AIS, ,956 was in the loyal State.
This valuation, according 10 the usual rule Of
assessment, was not more than two-thirds OF the
actual cash value Of the property. The increase
Of property in the Loyal states during the last
ten years was over l26 per cent, or an average
Of II 6-l0 per cent per annum. In three years
Of the war We Of the United States have certainly
earned 5000 millions more than we have spent
apart from the war. The cost Of the war may
be set down at 1000 millions. DeluctinE this
from our net earnings, the People who are secu-
rity for this loan are 200 millions richer to-day
than they were when the war broke out.
No other investment can be so easily convert
ible. The man who has @ Treasury note for $50
or 500 or Il 900, can turn II 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 real
ized from any other safe and convertible invest
ment. Il Is, moreover, readily collectable when
due To each note are affixed five 81 coupons,
or interest tickets, due at the expiration Of each
| successive half-year. The holder Of a 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
presented at all Or coupon thus payable Will
/ everywhere be equivalent, when due, to money.
Thus, while this loan presents great adyanta-
ges to large capitalists, it offers special induce
/ ments 10 those who wish 10 make a safe and pro-
ftable investment Of small savings. IL is IN every
way the best Savings Bank; for every institu-
ton Of this kind must somehow invest its depos-
] l. ..~E. 4
ses They will invest largely in this loan, as
the best investment. But from the gross inter-
est which they receive they must deduct largely
for the expenses Of the Bank Their usual rate
Of interest allowed to depcsitors is 5 per cent.
upon sums over $500. The person who invests
| directly with Government will receive almost 30
| per cent more. Thus the man who deposits
81 900 in a private Savings Bank receives 50
dollars a year interest; if he deposits the same
sum in this National Savings Bank he receives
70 dollars. For those who wish to find safe,
convenient and profitable means of investing the
surplus earnings which they have reserved for
their old age or for the benefit Of their children,
there is nothing which presents so many advan-
tages as this National Loan.
1t is convertible into six per cent gold-bearing
bond At the expiration Of three years holder
of the notes of the 7-30 loan has the option o.
accepting payment in full or Of funding his notes
in a six per cent gold-interest bond, the princ-
pie payable in not less than i've nor more thar
twenty years from its date, as the Government
may elect. For six months past, these bonds hav'
ranged at an average premium Of about PEI
cent in the New York market, and have sold a
l09 today (Aug. l2th), thus making the rea
rate Of interest over ten per cent; and besides
to make the inducement even greater. Congress
by special act e1empts its Treasury Notes from
State and municipal taxation. Could Shylocl
ask morel Was patriotism ever so literally re
warded l-Hdrpsr's Magazine.