The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-09-02

The Seven.Thirties.- What are rh.x d,

From Harpers Magazine.
We trust that large portion of our readers
have pondeyed the Appeal OF Mr.. Fessenden,
the new Secretary of the Treasury. The pur-
port of it is that the people Of the United
States, acting as . body through their agent
the Government, wish individuals to lend them
two hundred millions Of dollars for three years,
at seven and three.tenths per cent. annual in.
terest, payable every elk months. For this
they offer Treasury n0tes-that is, in reality,
notes drawn and endorsed by every man in the
country. The loan is wanted for great ma
tional purpose, to effect which every man, un-
less he be traitor at heart if not in act is SOL
EMMY 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 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.
1t is secure. Every dollar of every man
property is pledged for the punctual payment
of the interest, and of the debt when due. The
security is increasing in value. For some years
before the war we were earning 900 millions
q year more than we spent. During the three
years of the war, owing to the high prices and
constant demand for labor, we have earned
more than ever before. No man who could or
would work has been idle; and except for the
tai valuation of the property of the United
States, according to the census of 1860, was
SIC 159, O0O, 900, of which $40 957, 448, 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 in the
loyal States during the last ten years was over
126 per cent, or an average of 126-1O Der cent.
per annum. In three years of the war we of
the United States have ceartainly earned 1000
millions more than We have spent apart from
the war. The cost of the war NAV be set down
at 1000 millions. Deductin9 this from our net
earnings, the People who are security for this
loan are 900 millions richer to day than they
were when the war broke 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 IL into
money more readily, and upon better terms,
than If invested upon bond and mortgage, or
in railroad stocks.
The interest offered is higher than can he
realized from any other safe and convertible
investment. 1t is, moreover readily collect
able when due. To each note are affixed five
coupons, or interest tickets, due at the expir
alton of each successive halfyear The holder
of q note has simply to cut off one of these
coupons, present it at the nearest bank or Gov
eminent Agency, and receive his interest; the
note itself need not be presented at all. Or \
coupon thus payable will everywhere be equiv.
alent, when due, to money.
mus, while the loan presents great advanta-
ges to large capitalists, it offers special induce
ments to those who wish to make safe and
profitable investment of small savings. It is
in every way the best Savings Bank; for every
institution OF this kind must somehow invest
its deposits prOfitably in order to nav interest
and expenses. They will invest largely in this
loan, as the best investment But from the
gross interest which they receive thew must de-
duct largely for the expenses of the Bank.
Their usual rate of interest allowed to deposit
Ors ls per cent upon sums over $780, The
person who invests directly with the Govern
ment receives almost 90 per cent. more. Thus
the man who deposits 81 900 in a private Saw
ings' Bank receives $50 year interest. If he
deposits the same sum in this National SAVINGS
Bank he receives IS dollars. For those who
wish to find safe, convenient, and profitable
means OF investing the surplus earnings which
they have reserved for their old age or for the
dement, OF their children, there Is nothing which
presents so many advantages as this National
Loan.
1t Is convertible into a six per cent. gold
bearing bond. At the expiration of three wears
holder of the notes of the $50 loan has the
option OF accepting payment in full or of fund
ing his notes in six per cent. gold interest
bond, the principal payable in not less than
i've or more than twenty years from its date as
the Government may elect. For six months
past, these bonds have ranged at an average
premium of about eight per cent. in the New
York market, and have sold at 100 tO-dayfAue.
12th), thus making the real rate of interest
over ten per cent. and besides, to make the
inducement even greater, Congress, by special
act exempts its Treasury notes from State and
municipal taxation. Could Shylock ask more ?
was patriotism ever so literally rewarded?