The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-08-05
THE NEW LOAN.
Secretary Fessenden's Circular to
the People.
WASHINGTON, July 25, 1864

WASHINGTON, July 20, 1864.
Secretary Fessenden, under authority of
an act of Congress of June last, to issue an
amount not exceeding two hundred mil
lions of dollars in Treasury notes, &C., has
to day given notice that subscriptions will
be received by the Treasurer of the United
States, the several Assistant Treasurers,
and designated repositories, and by the
National Banks designated and qualified as
repositories and financial agents for Trea-
sury notes, paya, le three years from Au-
gust Is, 1864, bearing interest at the rate
of seven ana three-tenths per cent. per an
mum, with semi-annual coupons attached,
payable in lawful money. These notes
will be convertible at the option of the
holder, at maturity, into six per cent. gold
bearing bonds, redeemable after five, and
payable twenty years from August Is,
1867. The notes will be issued in denom-
nations of fifty, one hundred, five hun
dred, one thousand and five thousand dol
lars, and in blank, or payable to order, as
may be directed by the subscribers. All
subscriptions must be for fifty dollars or
some multiple of fifty dollars. Interest
will be allowed to August Is on all depos-
its made prior to that date and paid by tho
department upon receipt of these original
certificates As the notes draw interest
from August Is, persons making deposits
subsequent to that date must pay the in
terest accrued from the date of the note
to the date of the deposit. Parties deposd
iting twenty-five thousand dollar. and up
wards for these notes, at any one time, will
be allowed commission of one quarter of
one per cent, which will be paid by the
Treasury Department upon the receipt of
bill for the amount certified to by the off,
Ger with whom the deposit was made. No
deductions for commissions must he made
from the deposit.
Accompanying this advertisement, in a
circular form, is Secretary Fessendens ap-
peal to the people of the United States, in
which he says:
The circumstances under which this loan is
asked for and your aid invoked, though differ
ing widely from the existing state of affairs
three years ago, are such as afford equal en-
couragement and security. Time, while prov
ing that the struggle for national unity was to
exceed in duration and severity our worst an
tcipations has tested the national strength
and national resources to an extent alike uneX-
pected and remarkable exciting equal aston
ishment at home and abroad. Three years OF
war have burdened you with debt which but
three years since would have seemed beyond
your ability to meet Yet the accumulated
wealth and productive energies Of the nation
nave proved to be so vast that it has been borne
with comparative ease, and peaceful future
woulo hardly feel its weight, as price paid Tor
nauonai existence and the preservation OF free
institutions 1t does not deserve moments
consideration. Thus far the war has been sup
pOTIcu anu carried on as IL only cOuId nave
Deen, oy people resolved, at whatever cost OF
olood and treasure. to transmit unimp aired to
posterlty the system of free government be.
queathed TO them by the great men who framed
It, This deliberate and patriotic resolve has
oeVeioPed power surprising even to them
selves. 1t has shown that Ia less than CEN
tury nation has arisen unsurpassed in vigor