Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1864-08-18

t1t unrcc-tguins, payable nehhzannuuis.
II ynu lend on mortgage, ,,i''fo must be
a searching uf ti,ioa, lawyers llcs, stamp
duties and delays, and you will ii .dliy
have returned to you only the same kind
Of mb':ts you would receive from the
Government, and less of it If you in
vest in this loan, you have no trouble
II there is no National bank at hand, any
banker VIII obtain it for you without
charge, and pay you the interest coupon
ut the end of six months III n most con
vcmicnt form of remittance to his city
correspondent If you wish to borrow
ninety cents on the dolnr upon it, YOU
have tho highest security in the market
to do it'with: If you wish to sell. it will
bring within II fraction of cost and inte-
rest mt any moment. 1t will be very
handy t? have i'll the house.
ITS COMPATIBILITY INTO A SIX PER cnyr
Here comes in advantage tt.af -,ust
not be lost sight Of. 1T tie expiration
of three years holder of the notes Of the
40 loan has tho option of acccptinp
paynfrnf ii full or of. funding his notes
in six per cent. gola. interest bond, the
the principal payable in not less than five
nor more thar twenty yetrs from its date
as the Govcr',tncnt may elect. For six
months past, tilesn bonds ranged ut an
average premium of about eight per cent.
in the New York market, and have sold
at 100 to-day (July 2S). Before the
war, u. $. six per cent stocks sold at n
much higher rate-and were once bought
up hy the U. s. IRE; sury under sp ,cial
act of Congress at premium of not less
than twenty rcr cent. There is no doubt
that this option Of conversion is worth
AZ least two or three per cent per annum
70 the subscriber to the loan, thus mere
ing the actual rate of interest to about
ten per cent. Notes of the same class
issued three years ago, are now selling at
a premium that fully proves the correct
ness of this statement
ITS EXEMPTION FROM STATE or MUNICIPAL
@ TAXATION. 'a-i
But aside from all the advantages we
have enumerated. special3Act OF Con-
gfessr c.reB,pts all bonds and Treasury
notes Jrom tocat mcation. On the average
this exemption is worth about two per
cent. per unnum, according to the rate
Of taxation in rarioTs parts of the coun-
try. Can greater inducements be asked
for than those VIC have enumerated a.
The Secretary of the Treasury has
been told that lie must "bay moaey at the
highest ruto necessary TO con- mand it -
that he should sell his obligations 'for
Whit they would bring" so as to lead the
market but the Secretary will TO no such
thing. If Shylock bought bonds at 90
in August, he would demand concession
Of another ten per cent. in September.
and twenty in October, until he would
finally offer to lend only the interest and
keep the principal. If Government Sc
curities are worth anything, they, are
richly worth all their face calls for +, gold
and the country is not So poor in spirit or
in purse as to submit to any such sacri-
fec rs Slylock demands. There is but a
limited supply of money seeking invest
ment at any time, and the Government
offers to pay literally for its use At
the rate of seven and three tenths per
cent. per annum, to say nothing Of the
collateral advantages, it is the strongest
borrower in the market, and every feel
ing of interest, as well as patriotism and
duty. should induce our readers to invest
in its loans. ~