Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-08-24
MORNING LEADER,
The seven.Thirties-Wha1 are they

/
The seven.ThirfIes-W are they.
We trust that large portion of our
readers have pondered the Appeal of Mr..
Fessenden, our new Secretary Of the Taeas-
ury. The purport of is that the People
of the United States, acting as body
through their agent the Government, wish
individuals to lend them two hundred mil
lions 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 endorsed by every man
in the country The loan is wanted for
great national purpose, to effect which ev-
cry man, unless he be a traitor at heart if
not in act, is solemnly pledged.
The Appeal is addressed, not merely to
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 upward. Every man who has
fifty dollars can take part in this loan.
Apart from patriotism, and the duty which
all owe to their country, no investment is
SO desirable as this.
tits secure. Every dollar of every mans
property is pledged for the punctual pay
nent of the interest, and of the principal
when due. TIE security is increasing in
value. For some years before the war we
were earning 1000 millions a year more
than we spent During the three years of
the war, owing to the high prices and con-
slant demand for labor, we have
earned more than ever before. No
man who could do work has been idle
and, except for the war, we have speut less
than before. The total valuation of the
property of the United States, according to
the census Of 1850, was Sic, $4,000, 600, of
which $IO,957, ,44s,95 was in the loyal
states. This valuation, to the rule
Of assessment usually adopted, was
not more than two-thirds of the actual
cash value of the property. The increase
of properly in the Loyal States during the
last ten years was over l26 per cent, or an
average of II 6-1O per cent. per annum.
In three years Of the war we of the United
States have certainly earned 5000 mill ons
more than We have spent apart from the
war. The cost of the war may be set down
at 2OOO millions. Deducting this from our
net earnings the People who are security
for this loan are 1000 millions richer to-
day than they we're when the war broke
out.
No other investment can be so easily
convertible. The man who has Treasury
note tor S5Oor SlOO, or $1,000, can turn it
into money more readily, and upon better
terms, than if it were invested upon bond
and mortgage. or in railroah stocks.
The interest offered is higher than can
be realized from any other safe and con-
vertible investment. 1t is, moreover,
readily collectable when due To each note
are affixed five coupons" or interest tickets,
due at the expiration of each successive
half-year The holder ola note has simply
TO cut off one of these coupons, present it at
the nearest bank or Government Agency,
and receive his interest; the note itself
need not be presented at all. Or coupon
thus payable will everywhere be equivalent,
when due, to money.
Thus. while this loan presents great ad-
vantage to large capitalists, it offers special
inducements to those who wish to make a
safe and profitable investment Of small
saving. Itisin every waythe best Savings
Bank; for every Institution of this kind
must somehow invest its deposits proftably
in order to pay interests and expenses,
! They viii invest largely in this loan, as this
| best investment. But from the gross in.
terest which they receive they must deduct
largely for the expenses of the Bank.
Their usual rate of interest allowed to de-
pOsitOrs IS 5 per cent. upon sums over
| $780, The person who invests directly
with Government will receive almost 90
per cent. more. Thus the man who do.
posite $1,000 in private Savings Bank
receives so dollars year interest; if hc
deposits the same sum in this National
Savings Bank he receives 70 dollars
For those who wish to find safe, convent
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surplus earnings which they have reserved
for their old age, OF for the benefit of theil
children, there is nothing which presents 81
many advantages as this National Loan.
1t is convertible into a six per cent. goli
bearing bond. At the expiration of thre,
years 3 holder of the notes of the 7.3O LOAF
has the option of accepting payment in ful
OF OF funding his notes in six per cent
gold interest bond, the principal payabl
in not less than five nor more than twent,
years from its date as the Government ma
, elect. For six months past, these bond
have ranged at an average premium Q
about eight per cent. in the New York MAJ
ket, and have sold at 100 to-day (Augus
12th), thus making the real rate of interes
over ten per cent; and besides, to make tn
indueement even greater, Congress by spe
cial act exempts its Treasury notes fror
State and municipal taxation. Could Shy
= lock ask more? Was patriotism ever 5
literally rewarded2-Harper Magazine
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