Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1864-09-10
The Seyen.Thirties-V nre
TTleyS


We trust that large portion of our read
ers have pondered the appeal of Mr.. Fes-
senden, our new Secretary of the Treasury.
The purport of it is that the people Of the
United States, acting as a body through
their agent, the Government, wish individ-
uals to lend them two hundred millions of
dollars 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 indorsed by every man in the
country. The loan is wanted for great
national purpose, to effect which every man
is solemnly pledged.
The appeal is addressed not merely to a
few great capitalists, but 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 pa
triotism and the duty which all owe to their
country, no Investments more desirable
than 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
earning 1000 millions yeal more than we
spent. During the three years of the war,
owing to the high prices and constant de-
mand for labor, 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 Uni
ted States, according to the census of 1860,
was SIG, 100000, of which Sl0,957, ,44S,956
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 i'm the Loyal States during the
last ten years was over 126 per cent, or an
average of II CLIO 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.
No other investment can be so easily con-
vertible. The man who has Treasury
note for $50, or $l00, or $1,000, can turn il
into money more readily, and upon better
terms, than if it were invested upon bone
and mortgage, or in railroad stocks.
The interest offered Is higher than eau
be realized from any other safe and con-
vertible investment. 1t is, moreover, read
lily cOllectable 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
to cut off one of these coupons, present 1t
at the nearest bank or Government Agen-
cy, and receive his interest; the note itself
need not be presented at all. Or a coupon
thus payable will everywhere be equiva-
lent, when due, to money.
Thus, while this loan presents great ad-
vantages to large capitalists, it offers special
inducements to those who wish to make a
safe and profitable investment of small
saving. 1t is in every way the best Saw
ings Bank; for every institution Of this
kind must somehow invest its deposits
protitably in order to pay interest and eX-
penses. They will invest largely in this
loan, as the best investment. But from the
gross interest which they receive they must
deduct largely for the expenses of the
Bank. Their usual rate of interest allowed
to depositors is per cent. upon sums over
$500. The person who invests directly
with Government will receive almost 80
per cent. more. Thus the man VINO de-
posits $1,000 in a private Savings Bank re-
ceives so dollars a year interest; it he de-
posts the same sum in this National Saw
ings Bank he receives 73 dollars. For those
who wish to find safe, convenient, and
profitable means of investing the surplus
earnings which they have reserved fol-
their old age or for the benefit of their
children, there is nothing which presents
so many advantages as this National Loan
1t Is convertible into six per cent. gold
bearing bond. At the expiration of three
years holder of the notes of the 7-30 loan
has the option of accepting payment in full
or of funding his notes in six per cent.
gold interest bond, the principal payable in
not less than five nor more than twenty
years from its date as the Government may
elect. For six months past these bonds
have ranged atan average premium of fabout
eight per cent. I'M the New York market,
and have sold at 100 to-day (Aug. l2th),
thus making the real rate of interest over
ten per cent; and besides, to make the in
ducement even greater, Congress by special
act exempts its Treasury notes from State
and municipal taxation. Could Shylock
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