The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-26
UNITED STATES FINANCES,


Government MUST be Sustained 90 we
Can 'Ie 80 without Foreign Assistance
Our wants do not Exceed Our Resources
Those .Inyestments which Insure Ma.
tiOnl Pcrmnnence nre the Most Pro-
BtRbIe.
WAsHIN0roS, July 25 1854
Secretary FRssFNDKN. under authority Of the aot
oi Congress of Juno last, empowering him 70 issue
an amount not exceeding 800 100000 in Treasury
notes etc. has to-day givon notice tnat subscriptions
will be received by the Treasurer OF the United
States, the several Assistant Troasurors and desg-
mated repositories, and by the national banks desg-
mated and qualified as repositories, and financial
AGENTS. for treasury nOtcs payable three years from
August 18th, 1864, bearing interest at the rate Of
seven and throe-tonths por cent por annum, with
semi-annual coupons attached payable in lawful
money.
These notes win be convertible at the option OF the
holder at maturity, into six per cont. Fold-bearng
bonds redcemable after FIVE. and payable twenty
years from August 10, 1867 Tho notes will be issued
in denominations Of fifty, one hundred, 6ve hundred
one thousand and Eve thousand dollars, and in blank
or payable TO order, as may be directed by the sub.
soribeB.
All subscriptions must be for hity dollars.
Interest will be allowed TO August 18th on oil do
posts made prior to that date and paid by the De.
pnrtment upon receipt OF tho Original certificates
As tho notes draw interest from August 18TH per
sons making deposits subsequent to that date must
pay the interest accrued from the date Of the notes
to the date of deposit.
Parties depositing $4,000 and upwards for these
notes at amy one time will he allowed a commission
OF one quarter of per cent, which will bo paid
by the Treasury Department upon the receipt OF a
bill for the amount certified 10 by tho officer with
whom tho deposit was made
No deductions for commissions must DO made from
the deposits
Accompanying this advertisement in circular form
Is Secretary FEssFEDEss appeal to tho people of the
United States, in which no says:-The oiroum-
stances under whihc this loan s asked for and your
aid invoked, though differing widely from the exist
ing state of aars three years ago. such as afford
equal encouragement ana security. Time while
proving that the struggle for national unity was to
exceed In duration and severity our worst antcipa.
tons, has tested the national strength and developed
The national resources TO oxtont alike unexpected
and remarkable exciting equal astonishment at
home and abroad.
Three years OF war have burdened you with debt
which, but three years SINCE would have seemed be-
yond your ability to meet, yet the accumulated
wealth and productive energies of the nation have
proved to be 80 vast that has been borno with COM
paritivo ease, and peaceful future would hardly
feel its weight As price paid Tor national existence
and the preservation Of institutions II does not
deserve moments consideration. Thus far the war
has been supported and carried on. II only could
have been, by people resolved at whatever cost of
blood and treasure, to transmit unmpaired TO pos
tcrity the system OF free government bequeathed
them by the gre at men who framed ii.
This deliberate and patriotic resolve has developed
power surprising even to themselves II has shown
that IN less than century nation has arisen
surpassed in vig0r, and eXbausess in resources,
able to conduct through series of years war ON rs
most gigantic scale, and finding ITSELF when near its
close almost unimpaired in all tho material elements
of power.
nel0 lncl0g enemy QDDureutly aDDIOachinp n
period oil utter exhaustion but still struggling with
force the greater and more desperate, as il sees
ana because 1t sees the near approach of final and
fatal contamination.
Such, in my deliberate judgment is the present
condition OF the great contest tor civil liberty in
which you arc now engaged. Up to the present
moment you have readily and cheerfully afforded
~, me means necessary to support your Government
proclaimed 1t, aud you have sustained IL against
untors everywhere with patriotic devotion
surpassed in the worlds history. Tho securities
offered arc such as should command your ready
confidence. Much effort has been made TO shake
the public faith IN our national credit both at home
and abroad. As yet we have asked foreign aid
Calm and self-Teliant our own means have thus
far proved adequate to our wants. they yet
ample to meet those OF the present and the future.
1t still remains ior patriotic people to furnish the
needfnl supply The brave men VINO are aghting
munitions OF OF all kinds must be furnished or
the war must end in deieat and disgrace.
Ihis Is not the time for any lover of his country to
inquire as TO the state of the money market or to ask
whether he can so convert his surplus capital 80 as to
yield him larger return; No return and no profit
can be desirable II followed by national dissolution or
national disgrace Present profit thus acquired but
the precursor OF future ana speedy destruction No
tends TO insure the national o. istence
lam encouraged in the belief that by the recent
IGglslaiion on Congress our finances may soon be
placed upon sounder and more stable footing.
no present derangOd condition of the currency is
tmputabo In great degree to disturbances arising
from the withdrawal of necessary checks Oiton in.
eVitable in time OF war, when expenditures must
largely exceed any possible supply of CON-
The opportunities thus presented to acquire sudden
wea Tn, have led TO various speculatiOns a oOnsc-
quent increase OF prices and violent fluctuations
The remedy IS 10 be found only IN controlling the
necessity which bePets the evil. Hitherto we have
ielt the need of more extensive and vigorous taxa
uOn, Severe comment has been made upon what
seemed TO many undue timidity and tardiness of
action on the part OF Congress. In this REGARD,
deem II but just to say, that very great misappre
henson has existed, and perhaps suli exists, upon
LEGISLATOR like all othors. have much to learn. In
a new condition of afalrs, an entirely new system
was TO be devised and tlat system must necessarily
be the growth OF time and experience. II IS not
strange that the first efforts should have proved i'm
perfect and Inadequate TO ln' heavy burdens on
great ana patriotic people such a manner "a to be
equal, ana as 20 occasion the least amount OF sui.
ienng or annoyance, requires time, aud caution, and
vast labor and with all these, experience is needfll
to test the value OF the system and correct s errors
such has been the work which Congress was called
upon 10 perform, and am happy 90 say that the
exceed IN efficiency the most sanguine expectations
OF its authors.
In the month OF June, 1863 it yielded about
Si,6OO.cOO, while the corresponding month o. tins
year re. .uned about S15OOO,0OO under tho same nw.
Under the new law, which went into operation on
the Lrst DAY OF the pres, nj month the Treasury not
unhequently receives one II ilhOn in day. As time
aud experience mako the officers employed IN CO..
lectlng the revenue ENFORCE tho stringent prOyi-
siOns OF the new law trust million per day will
be found the rule and not the exception. Still much
space IS undoubtedly let for improvement in tlo
law and in it, administration, as greater amount OF
necessary information il acquired
The proper sources on revenue, and the most Ell
iecye modes OF obtaining II, are best developed IN
the execution of tho existing laws. And I have
caused measures 10 be initiated which WILL il is be-
iieYed, enable Congress so to improve and enlarge
the system as whom taken in connection with the
revenue from customs and other sources TO afford an
ample and secure basis Tor the National credit Only
such basis, and in steady and vigorous restraint
upon currency can a remedy be found for existing
oyils. Such restraint can only be exercised when
the Government Is furnished with means TO provide
for its necessities but without the aid OF patriotic
people any Government is powerless for this or any
other desirable end.
The denominations of the notes proposed to be
issued, ranging from fifty 20 five thousand dollars,
place these securities within the reach of all who are
disposed TO aid their country For their redemption
the faith and honor, and property OF that country
are sOlemnlY pledged. A successful issuo to this
contest now believed 10 be near at hand, will largely
enhance their value TO the holder, and peace once
more restored, all burdens be lightly borne. He
who selhshly witbhOds his aid in the hope OF turn
ing his available means 20 greater immediate profit Is
speculaiing upon his countTY's msIOrtunes and may
find that what 10 be present gain leads only 70
future loss. appeal, therefore, with confidence 10
loyal and patriotic people. and invoke tho efforts of
all who love their country and desire for II glorious
future, 10 aid their Government In sustaining its
and Nil AT