The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-08-19
To the People of the United States.


thorized to issue an amount not exceeding
two hundred millions of dollars in Treasury
notes, bearing interes: at rate not exceed
ing seven and three-tenths per centum, re
deemable after three years from date, and to
exchange the same for lawful money. The
Secretary is further authorized to conver,
the same into bonds, bearing interest at g
rate not exceeding six per centum, payable
in coin. In pursuance of the authority thus
conferred, | now offer to the people of the
United States Treasury notes as described ir
my advertisement, July %, 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, ale such as to afford
equal encouragement and security. Time
while proving that the struggle for national
unity was to exceed in duration and severity
our worst anticipations, has tested the ma
tional strength, and developed the national
resources, to an extent alike unexpected and
remarks able, exciting equal astonishment at
home and abroad. Three years Of war have
burdened you with 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 peaceful future
would hardly feel its weight. AS a price
paid for rational existence, and the preserva-
ton of free institutions, it does not deserve
a moments consideration.
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, unimpaired, to
posterity, the system of free government be-
queathed to them by the great men who
framed it. This deliberate and patriotic re-
solve has developed power surprising even
to themselves. 1t has shown tha. in less
than a century a nation has arisen, unsur-
passed in vigor and exhaustess in res0ur-
ceS, and able 10 conduct, through series of
years, war on its most gigantic scale, and
finding itself, when near lis close, almost un-
in n.paired IN all the material elements OF pow.
er. 1t has, at the present moment great
E,ll l.,
approaching a period of utter exhaustion,
but still struggling with force the greater
and more desperate as it sees, and because il
sees, the near approach of final and fatal
consummaton. Such, in nv deliberate udg-
nent, is the present condition Of the great
contest for civil liberty in which you are now
engaged.
Up to the present moment you have read
ily ana cheertully afforded the means neces-
sary to support your government in this pro-
tracttd struggle. 1t is your war. You pro-
claimed it, and you have sustained i, against
traitors everywhere, with patriotic devotion
unsurpassed in the world S history.
The securities offered are such as should
command your ready confidence. Much ef-
fort 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 cur wants. They are
yet ample to meet those e the present and
the future 1t still remains for patriotic
people to furnish the needful supply. The
brave men who are fighting our battles by
land and sea must be fed and clothed, mum
I tons 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 enquire as to the state OF the
money market, or ask whether he can so in
vest his surplus capital as to yield him &
larger return. No return, and no profit can
be desirable, if followed by national dissolu
ton, Or national disgrace. Present profit
thus acquired, is but the precursor of future
and speedy destruction. NJ investment Car
be so surely profitable as that which tends t.
insure the national existence.
| am encouraged in the belief that by tn,
recent legislation of Congress our finance
may soon be placed upon sounder ant
more stable footing. The present deranget
condition of the currency is imputable, in
great degree, to disturbances arising from
the Withdrawal of necessary checks, oftel
inevitable in time of war, when expenditure
must largely exceed any possible supply G
coin. The opportunities thus presented t
acquire sudden wealth have led to viciou
speculation, consequent increase in prices
and violent fuctuation. The remedy is t
be found only in controlling the necessit
: which begets the evil. Hitherto we hay
: felt the need of more extensive and vigorou
taxation. Severe comment has been made upo
: what seemed to many an undue timi 1lty an
: tardiness Of action, on the par. of Congress;
: in this regard. | deem it but just to sa
that very great misapprehension has existed
a and perhaps still exists, upon this point
2 Legislators, like all others, have much +
. learn in a new condition of affairs An er
tirely new system was to be devised, an
e that system must necessarily be the growt
e OF time and experience. 1t is not stran,
that first efforts should have proved impe
e feet and inadequate. To lay heavy burder
+ on great and patriotic people in such
d manner as to be equal, and as to occasio
4 tho least amount of suffering or annnrane