The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-08-12
The Public Credit.

In our last paper was printed at length
the earnestappeal of Secretary Fessen-
den, which, we doubt not. attracted
the attention of every reader 1t was
a well written and well digested State
paper, worthy alike of the subject and /
its author. We again refer to this APP
peal for the purpose Of alluding to the
argument for self-preservation to which
he reduced the whole question in the
closing part of his address. The mainte-
nance of the public credit is dictated /
as well by interest as by more elevated
patriotism. THE Spectator may heap
together his gains as he can, the CAPT !
talist may turn aside to what he fancies
to be more profitable investments; but
after all the public credit will be the
measure by which their profits will
finally be determined. Where is the
investment that will remain sound if
this government falls2 What profits
can be counted with safety, if the ma
tional credit, which in one shape or
another now exists in every mans
pocket and in every accumulation of
capital, and lies at the root of the
prosperity of every institution and en-
terprise,--is to fail 1t is now ques-
ton, whether seeming gains shall be
real, or turn to emptiness in the hands
of him who grasps at them. Let no
man think he can evade this call of
his country to abandon the pursuit of
merely selfish ends and act for the
common good, or that by any art of
investment he can separate his inter-
ests from that of his fellows, and re-
main secure while those around him
suffer A common interest leads us
all towards common destiny, from
which no man or class can escape, I'M
less the general fortune is prosperous;
and this can be, only by means of a
general and unreserved postponement
of selfish purposes, and hearty de-
votion of everything to the cause of
our country.
The period of great war is crisis
which demands extraordinary and i'm
mediate efforts. The government is
: not to be sustained by few casual
and scattered gifts; nor, altogether,
by the payment of taxes, but by loans,
large loans of money. 1t is the people
who are to make these loans, for they
cannot be got from foreigners, if the
7 people, being abundantly able, have
5 not confidence enough in the govern
r ment to lend upon such handsome Of
: fers of interest as are now made. And
o it is for these great loans that the gov
: eminent asks, offering to the most
: willing patriot all those inducements
: to self interest which may well secure
r as they do, the help of copperhead'
: and rebels, but also asking of patriots
!, not merely that they will lend theii
r money where it is perfectly convenient
e to do so and where self interest plain
N " demands it,--f9r even copperhead'
! do that,-but also that they will g
Is out of their way to help the govern
d ment, and will sacrifice something TO
D, the sake of helping it. 1t behove
'e such persons to prefer the government
1T securities, to give up the chance, per
haps, of one or two per cent iron
lie some other quarter, and to run risks
II if they think there be risks, in lending
a. to the government.
20 Therefore we heartily join in the az
n. peals made by the Secretary of tn
rs Treasury. The New York 7ribun
n well says: 1--WE ask every loyal ma
a and woman to answer promptly TIN
r. uuestion-How much can / lend tn
10 Government without injustice to m
t. creditors or my family? If you ca
ID lend 500, $500, $1,000, $4,000, d
tn not deem your duty discharged b
e. proffering half that sum. If you ca
it lend but $50, put that sum at once
IN the nearest depository of public nor
u ey, or intrust it to some banker c
w neighbor who is making up subscril
e. ton, and direct him to invest in you
b. behalf. Bankers and other thrift
i'd men should open subscriptions at ono
he among their neighbors, and even g.
IN up public meetings to explain an
command the new loan; as every OF
to who pays in $4,000 at once on a
IN count of il will receive commissio
be of $62.50. Remember that, thong
tn your bonds may be some time in con
ed ing, they draw interest from the ola
a in which your money is deposited
to the credit of the government In Al
st sub treasury or National Bank auth'
e. rized to receive public moneys"
Doy- Messrs. Wade of Ohio, and l
~ Winter Davis of Maryland, have r.