Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-08-10
The New Loan.
Mn. FRssENDIN's CIRCULAR.

NM. EkSSENDIN ) CIRCULAR.
To the people Of The United States:
The circumstances under which this
loan is asked for, ana your aid invoked,
though differing widely from the existing
state OF affairs three years ago, are such
as afford equal encouragement and secu-
rity. Time, while proving thatthe strug-
gle for national unity was to exceed in
duration and severity our worst anticipa-
tions, has tested the national strength
and national to an extent alike
unexpected and remarkable, exciting
equal establishment al home and abroad.
Three years of war have burdened you
with a debt which, but three years since,
would have seemed beyond your ability
to meet. Yet the accumulated wealth
and productive energies of the nation have
proved to be so vast. that it has been
borne with comparative ease, and a peace
full future would hardly feel its weight,
as a price paid for national existence and
the preservation of free institutions. 1t
does not deserve a moments considera-
ton.
Thus far the war has been supported
and carried On, as it only could have been
by a people resolved at whatever cost of
blood and treasure, to transmit to poster
ity the system of free government be-
queathed to them by the great men who
framed it. This deliberate and patriotic
resolve has developed a power surprising
even TO themselves. 1t has shown that,
in less than a century, q nation has arts
en- unsurpassed in vigor and exhaustless
in resources, able to conduct through =
series of years q war IN a most gigantic
scale, and finding itself, when near its
close, almost unimpaired in all the mate
rial elements of power. 1t has at the
present momen great armies in the field
facing an enemy apparently approaching
a period of utter exhaustion, but still
struggling with a force the greater and
more desperate as it sees, and because 1t
sees, the near approach of a final and ia
tai contamination. Such ismy deliberate
Judgment in the present condition of the
great contest for civil liberty in which you
are MOVE gnaged.
Up to the present moment you have
readily and cheerfully afforded the means
necessary to support your government in
this protracted struggle. 1t is your war.
You proclaimed it and you have sustain
ed it against traitors everywhere,-with a
patriotic devotion unsurpassed in the
worlds history. The securities offered
are such as should command your ready
] confidence. Much effort has been made
to shake the public faith in our National
credit both at home and abroad. As yet
we nave asked no foreign aid. Calm and
selfreliant, our own means have thus far
proved adequate to our wants. They are
vet ample to meet those of the present
and future. 1t still remains for patriotic
people to furnish the needful supply.
The brave men who are fighting our bat
ties by land and sea must be fed and cloth
ed. Munitions of war of all kinds must
be furnished, or the wal must end in de-
feat and disgrace. This is not the time
for any lover of his country to inquire as
to the state of the money market, or ask
whether he can so invest his surplus cap
ital as TO yield him a larger return. No
return and no profit can be desirable il
followed by national dissolution or nation
al disgrace. Present profit thus acquired
is but the precursor of future and speedy
destruction. No investment can be so
: surely profitable as that which tends to
insure the National existence. l am en-
couraged in the belief, hat by the re-
may soon be placed upon a sounder and
more stable footing.
\ | am happy to say that the daily re-
suits are proving the Internal Revenue
act to exceed in efficiency the most san
guine expectations of its authors. In
June, 1868, it yielded about four and a
half millions, while the corresponding
month of this year has returned about
fifteen millions underline same law. I'm
der the new law, which went into opera
ton on the first day of the presentmonth,
the Treasury has frequently received one
million a day. As time and experience
enable the officers employed in collect
ing the revenue to enforce the strength
| of the provisions of the new law, | trust
a million per day will be found the rule
and not the exception. Still much space
is undoubtedly left for improvement in
the law and in its administration, as a
greater amount of necessary information
is acquired. The proper sources of reve-
nue. and most effective mode of obtaining
it is best developed in the execution Of
existing laws, and l have caused measures
TO be initiated, which will, it is believ.
ed, enable Congress so to improve and en-.
large the system, as, when taken in con.
nection with the revenue from customs
and other sources, to afford an ample and
secure basis for the National credit. On.
" on such a basis and in a steady and Wig.
orous restraint upon the currency can a
remedy be found for existing evils. Such
a restraint can only be exercised when
the government is furnished with the
means to provide for its necessities; but
without the aid of the patriotic people
the army of the government is powerless
for this or any other desirable end. The
denomination of the notes proposed to
be issued, ranging from $50 to $1,000,
places these securities within the reach
of all who are disposed to aid their coun-
try. For their redemption the faith and
honor and property of the country are
solemnly pledged. A successful issue to
this contest is now believed to. be near at
hand, which will largely enhance their
value to the holder, and peace once re-
stored, all burdens can be lightly borne.
He who selfshly withholds his aid in
the hope of turning his available means
to greater immediate profit in speculat-
ing upon his country's nisfortunes,
may find that what seems to be present
gain leads to future loss. appeal, there
fore, with confidence to a loyal and pat
riotic people, and invoke the efforts of
all who love their country and desire for
it a glorious future, to aid their govern
ment in sustaining its credit, and placing
that credit upon a sound foundation.
W. P. FESSENDEN,
Sec'y Of the Treasury.