The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-08-23

The seven-Tkirties- are theyq

We trust that large portion OF our readers
have pondered the Appeal OF Mr. Fessenden, our
new Secretary of the Treasury. The purport
OF it is that the people of the United States,
acting as a body through their agent the Gov
eminent, wish individuals to lend them two
hundred millions OF dollars for three years, at
seven and three-tenths per cent annual inter-
est, payable every six months. For this they
offer Treasury Notes-that is, in reality, notes
drawn and endorsed by every man in the
country. The loan is wanted Tor great ma
tional purpose, to effect which every man, UNI
less he he a traitor at heart if not in act, is
solemnly pledged.
The Appeal is addressed not merely to
few great capitalists, but also TO the many
whose aggregate means constitute the mass of
the wealth of the land The notes upon which
the loan is asked are from $50 upward. Ev-
cry man who has fifty dollars can take part in
This loan. Apart from patriotism and the du
ty which all owe to their country, no invest
ment is so desirable as this.
1t is secure. Every dollar OF every mans
property is pledged for the punctual payment
OF the interest, and of the debt when due.
The security is increasing in value. Forsome
wears before the war we were earning 100
millions a year more than we spent. During
the three years of the war, owing to the high
price and constant demand for labor, we have
earned more than ever before. No man who
could or would work has been idle; and, ex-
cept for the war, we have spent less than be-
fore. The total valuation OF the property OF
the United States, according to the census of
1860, was S16,l59,000,000, Of which Si0957,-
44S, 956 was in the Loyal States. This vaua-
ton, according to the usual rule of assessment,
was not more than two-thirds Of the actual
cash value of the property. The increase OF
property in the Loyal States during the last
ten years, was over 1876 per cent, or an aver
age OF Il 6l0 per cent. per annum. In three
years of the war we ofthe United States have
certainly earned 5000 millions more than we
have spent apart from the war. The cost OF
the war may be set down at 1000 millions.
Deducting this from our net earnings, the
People who are security for this loan are 1000
| millions richer today than they were when the
war broke out.
No other investment can be so easily con-
vertible. The man who has Treasury no te
for $50, or 500, or $1,000 can turn it into
money more readily, and upon better terms,
than if it were invested upon bond and mort
gage, or in railroad stocks.
The interest offered is higher than can be
realized from any other safe and convertible
| investment. 1t Is, moreover, readily collecta-
be when due. To each note are affixed five
coupons or interest tickets, due at the ex-
| piration of each successive halfyesr. The
! holder of a note has simply to cut off one oil
| coupons, present it at the nearest bank OF
| Government Agency, and receive his interest
the note itself need not be presented at all
| Or coupon thus payable will everywhere be
equivalent, when due, to money.
| Thus, while this loan presents great advan-
tages to large capitalists, it offers special in.
| ducements 10 those who wish TO make safe
| and profitable investment of small saving. Ii
J &c in ha hact Garinfrs e.,
every institution of this kind must somehow
! invest its deposits profitably in order to pay
interest and expenses. They will invest
| largely in this loan, as the best Investment
| but from the gross interest which they receive
they must deduct largely for the expenses Of
| the Bank. Their usual rate of interest allow
ed to deuositors is per cent, upon sums over
$500. The person who invests directly with
Government will receive almost so per cent
more. THUS the man who deposits $1,000 in q
private Savings Bank receives 80 dollars 8
year interest; If he deposits the same sum il
this National Savings Bank he receives I;
dollars. For those who wish to find a safe
convenient, and profitable means of invest
ing the surplus earnings which they have re
served for their old age, or for the benefit o
their children, there is nothing which presents
so many advantages as this National Lean.
1t Is convertible into six per cent gold
bearing bond. At the expiration OF tire,
years a holder OF the notes of 80 loan bal
the option Of accepting payment iu full, or o
funding his notes in six per cent. gold inter
est bond, the principal payable in not less tina,
live nor more than twenty years from its datt
as the Government may elect. For six months
past, these bonds have ragged at an averag,
premium of about eight per cent. in the New
York market. and have sold at 100 to-da,
(Aug. l2th,l thus making the real rate of in
terest over ten per cent. and besides, TO max
the Involvement even greater, Congress b.
special act exempts its Treasury notes from
state and municipal taxation. Could Shylocl
ask more? Was patriotism ever SO LIBERAL,
rewarded? Harper's Magazine.