The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1864-07-29
National Loan.

Secretary Fessenden, IN calling for pop
ulnr loan of 100000, OOOat 7 $40 per cent.
interest, payable in three years, issues the
following circular as IN appeal to the people
Of tho United States:
UP to the present moment you have readily
and cheerfully afforded the means necessary to
support your Government in this protracted
struggle. IL Is your war. You proclaimed il
and you have sustained It against traitors ev-
erywherc with patriotic devotion unsurpassed
in the worlds history. The securities offered
are such as should command your ready con-
fdence. Much effort has been made to shake
the public faith in our national credit, both at
home and abroad. AS yet we have asked no
foreign aid Calm and sclf.rclant, our own
means have thus far proved adequate to our
wants and they are yet ample to meet those Of
the present and future. 1t still remains for pat.
riotc people to furnish the needful supply.
The brave men who arc fighting our battles by
land and sea, must DO fed and clothed. and mu-
nitions Of war of all kinds must be furnished
or the war must end by defeat md disgrace.
This is not the time for any lover of his coun-
try to inquire us to the state Of the money mar
kct, or ask whether he can 80 invest his surplus
capital as to yield him large return. No re.
turn and no profit can be desirable IL followed
by national dissolution or national disgrace.
Present profit thus acquired is but the precur-
sor OF future and speedy destruction. No In.
vestlnent can be 80 surely profitable as that
which tends to insure the national existence |
am encouraged In the belief that by the recent
legislation of Congress our finances may soon
be placed upon sounder and more stable foot
ing.
am happy to say that tho daily results are
proving the Internal revenue act to exceed In
efficiency the most sahguinc expectations OF its
authors.
In June, 1859, II yielded about four and q
half millions. while the corresponding month
of this year has returned about fifteen millions,
under the same law. Under the new law, which
went into operation on the first day Of the pres
cnt month, the treasury has frequently received
one million day. As time and experience
enable the officers employed In collecting the
revenue to enforce the strength Of the provi-
sions Of the new law, trust a million per day
will be found the rule. and not the exception.
Still much space is undoubtedly left for i'm
provement In the law and in its administration,
as greater amount Of necessary information
is acquired. The proper sources OF revenue
and most effective mode Of obtaining II Is best
developed in the execution OF existing laws, and
I have caused measures to be initiated which
will, II is believed, enable Congress so to i'm.
provo aud enlarge the system rs when taken in
connection with the revenue from customs and
other sources, to afford an ample and secure
basis for tho national credit. Only on such
basis and In steady and vigorous restraint
upon the currency can o remedy be found for
existing evils. Such restraint can only be
exercised when the Government Is furnished
with the means to provide for its necessities.
But without the mid Of the patriotic people the
arm OF the Government Is powerless for this or
any other desirable. The denomination of the
notes proposed to be issued, ranging from $50
to $1,000, places these securities within the
reach OF all who are disposed to aid their coun-
try. For their redemption the faith and honor
and property Of the country arc solemnly
pledged. A successful issue to this contcst il
now believed TO be near ut hand, which will
largely enhance their value to the holders. md
peace once restored, all burdens can DO lightly
borne.
lie who sclfshly withholds his mid. In the
hope Of turning his available means 4, greater
immediate profit, Is specializing upon his coun-
try's misfortunes, and may find that what seems
to be present gain leads to future loss. I an.
peal, therefore, with confidence to loyal and
patriotic people, and invoke the efforts of all
who lore their country and desire for lis clo-
rious future to aid their Government In sus.
tanning It's crclit, aud placing that credit upon
y sound foundation.