The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-08-13
Il q 7 IL T. Pc OPI,E OF
THE UNITED STATES.
g. II, CLARK,
PRESIDENT.


~ an oct Of Congress- approved June 1854 the seers-
ary OF the Treasury authorized 70 Issue
exceeding two hundred millions OF dollars In Treasury
Notes. bearing interest rate not exceeding seven and
tenthi per ecntum redeeuable aer three years
from date and 70 exchange the for lawful money
The Secretary Is further authorized to tho
into bonds bearing interest at rate not exceeding six
per ccnum, payable In Coip pursuance OF theautho-
rlty thus conferred 70 the people Of the United
States Treasury Notes described in my advertisement
dated July 20, 1894.
The circumstance under which this loan Is asked for
and aid invoked though differing widely from the
existing state OF ars three years such Afford
equal announcement and security. Time, while proving
that the struggle for national unity exceed In dura
ton ana severity worst SrtcpSons has tcated the
national strength and developed the resources to
an extent alike unexpected and remarkable, exciting
equal asOnshmcnt at home abroad. Thros years Of
war have burdencd you with debt which but three years
since, would have seemed beyond your ability to meet
lot the accumulated wealth and productive energies OF
the nation have proved to he that has borne
with comparative and peaceful future would hardly
feel weight As price raid for national existence and
the preservation of free institutions does not deserve
moments consideration.
Thus far the has been supported and carried on
it only could have been by people resoved whatever
cost Of blood aud treasure transmit unmpaired TO
pOsteTty the system Of nee government bequeathed TO
patriotic resolve has developed power surprising to
Themselves. Hhas shown that In less than century
nation has arisen unsurpassed In vgor and exhAucss
in resources able TO conduct, through series years
war gu It's most gigantic scale and finding ITSELF when
its close almost unimpaired In all the material ole
ments Of power. II has, at the present moment great
armies In tho field, facing enemy apparently approach
ing period ofutter exhaustion but st struggling with
force the greater aud more desperate II seos
cause it sees the approach OF ana and fatal con-
summstios. Such, in my deliberate Judgment, is the
present condition OF the great contest for civil liberty In
which you engaged.
Up to the present moment you have readily and cheer
fully afforded the means necessary support your Gov
orment in this protTaecd struggle. Is your war; You
proclaimed IT, and you havo sustained it against traitors
whore with patriotic devotion unsurpassod In the
worlds history.
The securities OGercd are such as should command your
ready confidence. Much has been made 10 shake
public faiia in our national credit both at home aud
abroad As yet have asked foreign aid. Calm and
sefreiant, have thus Gar proved adequate
to orr wants. They yet ample to meet those Of tho
present and the future. 1t stu remains for patriotic
people to furnish tho HeSdf supply The brave who
arc Aghng orr battles by land and must be led and
clothed, munitions OF Of all kinds be furnished.
the end IN defeat and disgrace This Is not
the to for any lover Of lis country inquire the
state Of tac money Market ask whether he can 80
inyest his surplus capital yield him larger return
No return and Proht he desirable followed by
national dissolution national Disgrace Present profit
thus acquired ia but the precursor Of future and speedy
destructlon. 10 Investment be surely pro-
htAble that which tends TO insure the national oN-
! istcnce.
ENCOURAGED in tue belle lat by the recent IegA-
tion Of Congress finances may be placed upon
sourder and stable footing. The present deranged
condition OF the currency Is mputable great degree
to disturbances arising withdrawal necessary
checks, ofien ne1 table In time OF when expenditures
pO-s OF on
portunes thus pre- OtCd 10 acquire sudden wealth have
led to vicious speculation consequent increase prices
and violent huctuation. The remedy to be found only
in controlling tho necessity which begets uie evil,
Hitherto have felt the need OF extensive and
vigorous taxation. Severe comment has been made upon
what seemed 10 many undue tmldty and tardiuess
Of action the part Of Congress- IN this regard.
deem It but Just to say that very great unsupported
sion has existed Rnd perhaps stl exists, upon this
poat. Leglsators, like all others, have much 10
In a condition Of afars. An entirely new system
to lie devised and that system necessarily be
the growtl OF time and experience II IS not strange
that hrst efforts should have proved imperfect and la
adequate 10 lay heavy burdens great and pat RI
otto people in such manner a. to be equal and IL
occasion the least amount Of suffering annoy anc6
requires time and caution and vast labor aud, with
all these experience is nCedfl 10 test the value of the
system, and correct its errors. Such has been the
work Which Congres, was called upon 10 perform.
Hm happy to say that daily results proving the
enlccucN
sIngune expectations OF rs authors. In the month OF
juno, 1855, yielded abont four and e-har millions
OF dollars, while The corresponding month Of this year
returned about fifteen millions, under the law
Under the Law, which went into operation the first
day Of the present month, the Treasury not unOe-
luently receives million IN day. As time aud eSpe-
rieuce enable the officers employed in collecting the
10 enforce the stringent provisions Of the law,
trust that million per day viii be found to rule, aud
not tho exception su, uuc, space undoubtedly lei
for Improvement IN the law, and in It's administration,
greater RncVut Of necessary Information Is acquired
The proper OF revenue, and the most effective
inodes ofohalnlng IT, heat developed In the execution
OF existing laws. Aud have caused measures ~ be
Initiated which will, It Is believed, enable Congress 70
improve and enlarge the system when taken in cen
necon with the from customs, and other
to RnoTd ample and basis for the national credit
9nly such basis, and IN steady and vigorous
Eant upoR currency, remedy be found Tor eus.Ag
evils. Such restraint only be exercised when the
Governments furnished with means 70 provide for rs
necessities. But without the aid OF patriotic people
Governments POwerless fsE thit or any ether desirable
| enc.
The denominations oi the proposed be issued
ranging from my TO nyS thousand dollars place those
securities within the reach Of an who disposed 70 ald
iher county. For thei, redemption the faith and hOHOI
and properly OF that country soleIlny pledged
successful Issue ths contest, believed be near a.
hand win largely enhance their value the holder; and
peace restored al burdens bs Lightly borne Ne
who selhshy wthholds his aid In the hope OF turning his
available 70 greater immediate profit, k spesulains
upon HE eountTys nsortunes, aAd may ind that What
seems b present gain leads eniy to future loss. ap
peal therefore, with confidence to loyn and patriotic
people, and nv0ko the shoS Of al who love their uny,
and desire for II glorious fuiure to aid s Government
IN sustaining is credit and placing thA, credit upon
stable icuntsuOn.
W. P. FEssENDEN,
sutlS7OIh SECRETARY or THE TREASURY,