East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1864-08-17
TREASURY DEPARTMENT,
~ July rs, 1864.
To tho People of the United States

lNEAhtNf DEfAkThINT,
July rs, 1864.
To tho People of the United States.
By an act Of Congress- approved juno 80,
1864, the Secretary of the Treasury Is authorized
10 issue an amount not exceeding two hundred
millions Of dollars in Treasury notes, bearing in
terest Mt a rate not exceeding seven and three
tenths per centum, redeemable after three years
from dave, and to exchange the same for lawful
money The Secretary Is further authorized to
convert the Same into bonds, bearing interest Mt
q rate not exceeding six per centum, payable in
coin. In pursuance Of the authority thus confer
red, now offer to the people Of the United
States, Treasury notes as described In my adver-
tisement Of July 20, 1864,
The circumstances under, which this loan is
asked for, and your aid invoked, though differing
widely from the existing state Of affairs three
years ago, are such as 10 afford equal encourage
mcnt and security Time, while providing that
the national unity was TO exceed In duration and
severity our worst anticipations, has tested the
national resources, TO an extent alike unexpected
and remarkable, exciting equal astonishment ut
homo and abroad. Three years Of war have bur-
dened you with debt which, but three years
since, would have seemed beyond your ability TO
meet Yet, the accumulated wealth and pro-
ductivc energies Of the nation have proved TO be
so vast that 1t has been borne with comparative
case and peaceful future would hardly feel its
and the preservation Of free institutions, 1t does
not deserve a moments consideration,
Thus far the war has been supported and car
ried on, as 1t only could have been, by n people
resolved at whatever cost of blood and treasure,
TO transmit unimpaired, TO posterity, the system
Of fee government bequcthed 10 them by the
great men who framed it, This deliberate and
patriotic resolve has developeda power surprising
even 10 themselves. 1t has shown that in less
than century nation has arisen, unsurpassed
in vgor and exbaustless in resources able To con-
duct through series of years, war on its most
gigantic scales, and finding itself, when near its
close, almost unimpared in all the material ele-
ments Of power. 1t has, at the present moment
great armies In the field, facing an enemy APP
parently approaching period Of utter exhaus-
ton, but still struggling with force the greater
and more desperate as 1t sees, the near approach
OF n final and fatal consumation. Such, In my
deliberate judgement, lie the present condition Of
the great contest for civil liberty in which you are
now engaged.
Up to the present moment you have readily and
cheerfully afforded the meals necessary to sup
port your government in this protracted struggle.
Ii is your war. You proclaimed 1t. and you have
sustained IL against traitors everywhere, with n
patriotic devotion unsurpassed in the worlds his
tory.
: The secnritios offored such as should CON-
mand your ready confidence. Much effort has
been made TO shake public faith in our national
credit, both at homo and abroad. As yet we have
asked no foreign aid Calm and self-rcliant our
own means have thus far proved adequate to our
wants. They arc ample yet TO meet those Of the
present and future 1t still remains for n patriot
ic people to furnish a needful supply The brave
men who are fighting our battles by land and by
sen must be fod 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 country to try and inquire as 10
the state Of tho money market, or ask whether
he invest his surplus capital as to yield him
n larger return. No return, and no profit can be
desirable il followed by national dissolution. or
national disgrace. Present profit, thus acquired,
is but the precursor Of future and speedy DIES.
truction. No investment cnn be ~ surely profta-
bic us that which tends to insure the national ex-
istence.
am encouraged by tho belief that by the
recent legislation Of Congress our finances may
soon be placed upon a sounder and stable footing
The present dcrangcd condition Of the currency
Is imputable, in great degree, to disturbances
arising from tho withdrawal Of necessary checks,
often inevitable in time Of war; when oxpcndi-
lures must largely exceed any possible supply Of
coin. The opportunities thus presented To nc
qure sudden wealth, have led TO vicious spocula-
ton, consequent Increase in prices, and violent
fuctuation. The remedy is to bo found only in
controlling the necessity which bcgets the evil
and vigorous taxation. Severe comment has
been made upon what seemed TO many m undue
timidity and hardness Of action on the part of
Congress, in this regard. deem il but just to
say that very great misrepresentation has existed,
and perhaps still exists, upon this point. Lcgis-
ators, like all other have much to learn in a new
condition Of affnirs. An entirely new system
was to DO prevised and that system must necessar-
lily be the growth Of time and experience. 1t is
not strange that tho arst efforts should have prov
cd imperfect and inadequate To lay heavy bur-
dens on great and patriotic people In such a
manner as to be equal, and rs to occasion the
least amount Of suffering or annoyance, requires
time and caution. and vast labor; and, with all
these experience is needful to test tho value Of
the system and correct its errors. Such has been
the work which Congress was called upon to per-
form l am happy to say that daily results are
proving tho Internal Revenue Act 10 exceed in
efficiency tho most sanguine expectations Of ito
authors. In the month Of June, 1863 it yielded
about four and half millions of dollars, while
the corresponding month Of this year returned
about fifteen millions, under the same law
Under the new law which went into operation
on the first day of the present month, the Treas
ury not frequently receives one million In day.
As time and experience enable the officers employ
cd in collecting tho revenue, 10 enforce the strn
gent provisions Of tho new law, trust that a
million per day will be found the rule and not the
for improvement in the law, and its admnstra-
ton. rs greater amount Of necessary informa-
ton is acquired. The proper sources Of revenue,
and the most effective modes Of obtaining IL, are
best developed in The execution Of existing laws.
And have caused measures to be initiated which
will, IL is believed, enable Congress to improve
and enlarge the system ms, whom taken in connec-
ton with tho revenue from customs, and other
sources, to afford an ample and secure basis for
tho national credit. Only on such basis and In
a steady and and vigorous restraint upos curren.
Cyl can remedy be found for existing evils. |
Such restraint can only be exercised when the
government is furnished with means to provide
for its peccssilics. But without the aid of pat
riotic people any government is p0werless, for |
this or any other desirable end.
The denominations of tho notes proposed to DO !
issued, ranging from fifty TO Eve thousand dollars,
are disposed to aid their country. For their re-
dempton the faith and honor and property Of that |
country are soemnly pledged. successful is
sue to this contest, now believed to be near at |
hand, will largely enhance their value TO the |
holder; and peace once restored, oil burdens can |
be lightly borne. lie who selhshly withhold his |
aid in the hope Of turning his availabIg means to |
greater Immediate profit, is speculatng upon his
country's misfortuncs, and may find that what
seems to be pref ent gain leads only TO future loss
appeal therefore. with confidence TO a loyal and
patriotic people, and invoke the efforts Of all who
love their country and desire for IL glorious fu-
iurc, 70 aid their government in sustaining ts
credit and placing that credit upon a stable foun-
iation. w. p. FESSENDEN,
Secretary Of The Treasury
DIARHEA AND DYsENTERY.--we have