The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-09-09
The Seven.Thirties---What are
they !?

ers have been pondering the Appeal of Mr..
Fessenden, our new Secretary of the Treasu-
ry. The purport of it is that the People of
the United States, acting as body through
their agent the Government, wish individu-
ais to lend them two hundred million of dol
lars for three years, at 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 endor-
ssd by every man in the country. The loan
is wanted for great national purpose, to
effect which every man, unless he be a trail
tor at heart if not in act, is solemnly pledg-
ed
The appeal is addressed not merely to a
few great capitalists, bu: also to 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 up
ward. Every man who has fifty dollars can
take part in this loan. Apart from patriot
ism and the duty which all owe to their
country, no investment is so desirable as
this.
1t is secure. Every dollar of every mans
property is pledged for the punctual pay
ment of the interest, and of the debt when
due. The security is increasing in value
For some years before the war We were earn
ing 1000 millions year more then We spent
During the three years of the war, owing to
the high prices and constant demand for Ia
Dor, 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 TO
the census of 1850, was Sl6,l59, 100000, OF
which Sl0,95I 1886 was in the Loyal
States. This valuation, according to 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 22 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. De-
ducting this from our net earnings, the peo-
pie who are security for this loan are 1000
millions richer to-day than they were when
tho brol.o out.
No other investment can be so easily con-
vertible. The man who has Treasury note
for $50, or 800, or $1,000, can turn it into
money more readily. and upon better terms
than if it were invested upon bond and mort
gage, or in railroad stocks.
The interest offered is higher than can be
realized from any other safe and convertible
investment. 1t IS, moreover, readily collec-
table when due. To each note are affixed
FIVE coupons or interest tickets. due at the
expiration of each successive half year. The
holder of a note has simply 10 cut off one of
these coupons, present it at the nearest bank
or Government Agency, and receive his in
terest; the note itself need not be presented
at all. Or coupon thus payable will every
where be equivalent, when due, to money.
Thus, while this loan presents great advan-
tages to large capitalists, it offers special in
ducements to those who wish to make q safe
and profitable investment of small savings.
1t is in every way the best Savings Bank
for every institution of this kind must sCme.
how invest its deposit pro6tably in order tc
pay interest and expenses. They will inv es,
largely in this loan, as the best investment
But from the gross interest which they re-
ceive they must deduct largely for the ex
penses of the Bank. Their usual rate of in
terest allowed to depostorsis per cent. upor
sums over $500. The person who invest
directly with Government will receive almos
80 per cent more. Thus the man who de
posits $1,000 in private Savings Bank re
ceives 30 dollars ayear interest; if he depos
It's the same sum in this National Saving.
Bank he receives 13 dollars. For those VIII
wish to find a safe, convenient, and proitabl
means of investing the surplus earning
which they have reserved for their old age
: for the benefit of their children. there is no,l
ing which presents to many advantages /.
this National Loan.
1t is convertible into a six per cent. GO
bearing bonds. At the expiration of thr,
years holder OF the notes of the 80 los
has the option Of accepting payment in fl
or of funding his notes in a six per cent. gol
, interest bond, the principal payable in nc
less than FIVE nor more than twenty veal
from its date as the Government may ele
For six months past, these bonds have ran
ed at an average premium of about eight D
cent. in the New York market, and ha
: sold at 109 to-day (Aug. 12th,) thus maki
the real rate of interest over ten per cent; a.
besides, to make the inducement even gre;
:, er, Congress by special act exempts its Tr,
4 sury notes from state and m unicipal taxatic
\ Could Shylock ask more /? Was patriot.
;, ever so literally rewarded a-Harper,s Mao
:. zine.