, 1864-07-28
THE NnW Id n.
Secretary Fessenden's
Circular to the
People.

act OF Congress 01 jnnt ias% 10 Issue an
amount not excce ding two hundred millions
Of dollars in Treasury notes, dc has to-day
given notice that subscriptions. E1ll be re-
ceiyed by the Treasurer Of the United States,
the seycr.l Assistant Treasurers aud dcsis-
rated repositories, and by the National
Banke designated and qualified as deposito-
ries and financial agents for Treasury notes
payable three years from August L., 1864,
bearing interest st the rate OF eeven and three
tenfh6 per cent per annum With semf-annul
coupons attached, payable IN lawful money.
Th.ee notes will be convertible at the option
Of the holder, at maturity into SIX per cent
gold bearing bonds, redeeu,ab1e after five and
nay able twenty years from AuGust IL, 1857.
The notes will be fss1ed in denominations Of
1ifty, one hundred, five hundred, one tAous-
CT payable to order, as mAy be directed By the
AL Subscriptions must be for
Fifty dollars or some multiple Of tifty dollars.
Interest .;ill he allowed to August Is on all
deposits made prior to that date and psid by
The department upon receipt Of these origi-
from AUGUST Is, persons making deposits
subsequent to that date must pat the interest
accrued from the date Of the note to the date
OF The deposit Parties deposi1ing twenty
five thousand dollars and upw ards for these
nO1es III any oEe time will be allowed COM
mission Of one quarter Of one per cent, which
will be paid By the Treasury Department
certified to by the officer with whom the de-
posit was made. No deductions for COM
missions must be made from the de2osit-
Accompanying this advertisement, In cir
cular form, ia Secretary Fessenden's appeal
to the people Of the United States, In which
he saye:
The circumstances under which this loan
IL asked for aud Your aid invoked, though
Offering widely from the existing state Of
attAtrs three years ago, are such Is aHord
egun1 encouragement aud security. Time,
while proving that tie struggle for national
unity was to exceed In duration and severity
our worst ticf:atious. has tested the M
tional strength and national resources to an
extent alike unexpected and remarkable ex-
citing equal establishment at home and
abroad. Three years Of war hare burdencd
you with debt which but three years sloce
would hare seemed beyond yonr ability to
meet. Yet the accumulated wealth and pro.
ductive energies OF the nation have proved
to be 70 vast that 1t has been borne Gifh
comparative ease, aud pcuceful future
would hardly feel its weight, as price paid
fornationa1 existence and the preservation Of
free institutions It does not deserved
moments consideration. Thus far the war
Il could have been, bya people resolved, at
whatever cost Of blood aud treasure, to trans
nit untmpaired to posterity the system OF
free government bequeathed to them by tie
ETeat men who iramed it. This deliberate
and patriotic resolve has developed
It has shown that in less than century q
nation has arisen unsurpassed In vigor and
exhausuess III resources. able to conduct
through series Uf Jears var on its most
gigantic scale, and finding itself when near
Its close almost unimpaired In allits material
elements Of power. 1t has at the present
moment Creat artnies in tue field, facing IN
enemy aptar nt1y approaching period Of
ntter exhaustion, bur Etil Struggling with
force the greater and more desperate as it
sees, and because 1t eece, the near approach
Of a final and fntal cunsummatton. Such, 10
my deliberate judgment, Is the present con-
dition Of the greet contest for civll liberty in
present moment yen have readily md cheer
fully afforded ;the means necessary to sup
port your government in this protrActed
struggle. It Is your war. 1ou proclaimed
it, and you lave sustained It against traitors
everywhere with patriotic devotion, unsar-
utitred are such as should command your
ready confidence. Much effort has been
made to shake public fai:h 10 nnr national
credit, arotll al nUuc and abro1d. As ret We
have asked no foreign aid. Calm and self
reliant, our own means thus far have proved
adequate to our wants They are yet amole
to meet those Of the present and fa-
ture. It still remains for pat
riotic people to furnish the needtul
supply. The br.vr n.en who are fighting our
battles by lard and sea 1aust be Ted and
clothed. Munitions Of war Of all kinds mast
be furnished, or the war mus end in defeat
and disgrace This is not tic time Tor any
lover Of his country to inquire into the state
of the money N .rket, Or ask whether be can
10 invest bis surplus capital as 10 yield him
can lie desirable If followed BY national dis
solution or rational disgrace. Present profit
thus acquired il Int tile precursor Of future
and SPEEDY destrcct9ca No Investment caa
be 60 severely profitable as tlat which teuds
to.ersure the uati0nal existence. am eDcour-
aged in tie be1itf that by the recent lcyisla-
'ion Of Congress our finances may soon be
placed npob q sGuuder and and more etable
footing. The present deranged condition Of
the currency is imputa5le, in great degree.
to disturbances arising from the Withdrawal
Of pecessarv checks olten inevitable in time
Of war, when the expenditures must largely
excl ed ary possible supply Of coin The OPP
p"rtuni5es thus presented to acquire audd:n
wealth have led to vicious speculation,
consequent increase Of prices and violent
fluctuations.
The remedy is to he found only In control
ling The necessity which bcgets the evil
Hitherto We have 1elt the need Of more eS-
LetFlfe anu vigorous laAatluu- 0Esc1c toua-
,nept has been made upon what seemed to
many an undue timioity and tardfness OF ac'
tton on the part Of Congress In this regard.
deem it but just to say that very great Ills
apprehension has existed. and perhaps still
exists, upon this point. Legislators, like all
others, baye much to learn in a new condl-
| tIor OF af11irs. An entirely new e:stem Was
to be devised, and that q stem must necessa'
,tly BE- the growth Of time and experience.
/ 1t il not Etrarge tbat the first efforts should
aave proved imperfect and inadequate. To
| lav heavy burdens on great and patriotic
| people In such manner as to ne eqnat, and
| so ~ t. OCCASION the least amount of BcfIer
| ing or annoyance, requires tine, and caution
| and vast l1bor; and With nil these experience
il needed to test the value Of the s:stem au6
| correct its erhpie. Such Las been the Worl
that Congress MAS calted npoa 10 icrform-
| am bdpps to eav that da1s results are prov
lug the Internal Revenue act to exceed in et
uciency tfc unst sauguihe expectations Q
it's authors. For the month Of June, 1866
It yielced about four n half millions o
dollars, while Tie corresponding mont
Of tlis year returned about tlftecr
millions under the same law. Under the n-a
! law, which weat into operation 0n the dfsi
day OF the present month the Treasury fre
quently receives one million In day. At
time and experience enable the officers Gu
| plos cd Ia collecting the revenue to enfo-cs
| the strength Of tue provisions Of the new
law, I trust that a million per day will bt
found the rule, end not the exception Still
much space is IDdoubted1, lett for Improve
1nept in the law and In It's administration
| As greater amount Of Decessars information
Is acquired. tCe proper sources Of revenue
| and the most effective mode OF obtaining ii
are best developed in the execution Of th
existing Laws; auo hare caused measure
to he initiateds~ which will, It is believed
euabIe Congress EO to improve and en}arE
i
with the revenue from customs and othe
! sources, to afford IN ample md secure hasi
tor the national credit. Only on such BASH
and In steady aud vigorous restraint upo
the currency can 2 remedy be found fo
II existing evils. Such a restraint eau oul
| be exercised wh6n tue Government is fnrnisl
| I'd with u,eaus to provide for its necessiti {
But without the aid Of a patriotic people tn
arm of the Government is powerless for th
or any other desirable end. The denomln
-ipe from fifty to five thousand dollars, placs
these SECURITIES within the reach Of ali WI
arr tisroscd to aid their country. For the
REDEMPTION tue faith and honor and properi
yf The country are eolemnly pledged. gu
, I cessiul issue to this contest, now believed
: be near at hand, will largely enhance the
yaIue to the holders; and, peace once mo
a whv stlfkhly wtthho1ds his aid in tue hol
e Of turning Lis available means to greater II
r 1Dediate rroli, is epecnlatiog upon, his cou
i 'ry's miefortunes, and may ind what see c
TO be present gain leads to future loss.
pesl, therefore, with confidence to !o5
and patriotic people, and invoke the eftoI
6 0f I'll who lore their country. and desire
. 1t a glorious future, to aid their Governme
. IN sustaining lis credit, and place that cree
Il upon stable foundation.
. II. P. FrssENDEE,
= Secretary Of the Treasury.
Il he Monster Guns.
. P1TTsBuRa, July 22-The great a0-fn