The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1864-08-09

BY an act II Congress, approved
June 50, 1864. the Secretary Of the
Treasury Is Authorized 10 issue an
amount not exceeding two hundred
millions Of dollars IN Treasury notes,
bcasuR inlefes, 81 a rate not exceed.
ing seven and ihrre-tcnlhs per cenlam,
redeemable after three years from date
and to exchange The same for lawful
moaey. Tie Secretary IS further an
thoraed loc1eseri the Same iulo bonds
bearing iuiere-t a, q rate not exceed.
ing SIX per centun, payable % coia.
In pursuance 81 the authority thus
conferred. / now offer to The people Of
the United States Treasury notes as
described 10 my advertisement dated
July %, 1864.
The circumstances under which this
loan is asked for, aud your aid inyok-
ed, though differing widely from the
existing state Of affairs three years
ago, are such as 10 afford equal en-
enlargement and security. Time,
while proving that the struggle for ma
tjonol unity was 10 exceed in duration,
and severity our worst auticipaiions
has tested the national strength, and
developed the national resources, to
an extent alike unexpected aud re-
markable, exciting equal astonishment
al home aud abroad. Three years Of
war have burdened you with debt
which, bat 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 ii has
been boriYe with comparative ease, aud
a peaceful future would hardly ieelits
weight, AS price paid for national
existence, and the preservation Of free
institutions, il does moi deserve a mo-
ment's consideration.
Thus far the war has been support
ed and carried on, as il only could have
been, by people resolved, at wbatey-
err cost OF blood and treasure, to trans
nit, unimpaired, TO poslerily. the sys-
TEN of free government bequeatbed TO
them by the great men who framed il.
This deliberate and patriotic resolve
has developed a power surprising ey-
en- TO themselves. 1t has shown that
in less than a century nation has
arisen, unsurpassed IA visor, exhaust
less IN resources, able to conduct,
through series OF years, war on lis
most gigantic scale, and finding Itself,
when neal It's close, almost uHinlpair-
ed in all the material elements OF pow
er. II has, at the present moment,
great armies in the field, facing au en-
envy apparently approaching period
OF utter exhaustion, but still struggling
with force the greater aud more
desperate as it sees, and because it
sees, the near approach Of a final and
fatal eonsummation. Such, in my
deliberate judgement, Is the present
condition OF the great contest Tor civil
liberty in which you are now eagag
ed
Up to the present moment you have
readily and cheerfally afforded the
means necessary 10 support your gov
eminent in this proIracted struggle
1t is your war. You proclaimed il,
and you have sustained it against
traitors every where, with patriotic
devotion unsurpassed in the worlds
history.
The securities offered are such as
should command your ready conf
dence. Mech effort has been made
to shake public faith in our national
credit, both at home and abroad. As
yet we have asked no foreign aid
Calm and self-reliant, our own means
have thus far proved adequate to our
wants. They are yet ample TO meet
those Of the present and the future
Ii still remains for a patriotic people
to furnish the needful supply. The
brave men who are fighting our bat
ties by land and sea must be fed and
clothed, munitions Of war Of all kinds
must be furnished, or The war must
end in defeat and disgrace. This is
not the time for any lover Of his count
ry to inquire as to the state Of the
money market, or ask whether he can
so invest his surplus capital as TO yield
him larger return. No return, and
no profit, can be desirable, if followed
by national dissolution, or national
disgrace. Present profit, thu, aequir-
ed, is but the precursor Of future and
speedy destruction. No investment
can be so surely profitable as thai
which tends to insure the national ex-
iseuce.
| am encouraged in the belief that
by the recent legislation Of Congress
our finances may soon be placed upon
sounder and more stable footing.-.-
The present deranged condition ofthe
currency is imputable, in great de-
gree, to disturbances arising from the
withdrawal Of necessary checks, often
inevitable in time OF war, when ex-
pendilures must largely exceed any
possible supply Of coin. The oppor-
tuni;ies thus. presented toaequire sud
den wealth have led to vicious specn-
lation, a consequent increase 10 prices,
aud violent iluctuaiion. Tie remedy
Is 10 be iouhd only in controlling tue
Necessity which begets the evil
Hitherto we have felt the need Of