Civilian & telegraph. [volume] (Cumberland, Md.) 1859-1875, 1864-08-18
TO THE PEOPLE OF THE UNITED
STATES
TREASURY DEpARrMEST,.
49,

1 "
is authorized to issHe an amount not ex.
tssaihg Two hundred faliiishs of dollars
III Treasury fiotes, bearing interest at O
rate not exceeding seveh ard three -ichths
per centum, redeemable after three years
from date, and to exchange the same fol
lawful money. The Secretary is further
Authorized to convert the same into bonds,
; bearing interest at q rote not exee,l ling
six per centum, payable in con in
! pursuance of the authority thus eoalsrrad
| now offer to the people of the United
4 States Treasury notes as described II N
advertisement dated July rs, 1866.
The circumstances under which thi.
loan is asked for, and your aid invoke
though differing widely from the exist,
state IF affairs three years ago, ar sue
as to afford eYual encouragement and al
curity. Time. while provias ll,f tlH
struggle for national unity was T. c5tcd
in duration and severity our worst ant
ipations. has tested the national strcle, II
and developed the national resources
a. extcnt alike unexpected and rsmarl
bic, exciting cIial astonishmcnt at horF
and abroad. Three years. of war ha2
burdened you with u ttbt which. bill
three years since would liavu seeincd J.
yo2d yBur ability 10 m8et. ", tile n,
cumulatcd wealth and tte'luttive eaorgl
Of the nation have proved t. r. so W
that It has been bornu with coubarati Z
ease, and peaceful future would hardl 4
feel it's weight. AS price pail f5r nal
tional existence, and the preservation e
free institutions, it does not deserve
moments consideration.
Thus far the war has been support.
and carried on. as it only could havs
been, by people resolved, at whaicye
cost of blood and treasure, to trananj,
unimpaircd, to rosterity, the f. govern
mcnt bequeathcd TO tlltm " The grg
men who framed it. This dclh,rata ms
patriotic resolve has developed q posse.
SURPRISING, even themselves. 1t 4. STOW
that in less than century ,e,tou hu.
arisen, unsurpassed in vlgor, Hal cs
haustlcss in resources, able to conduct
through Il series of years, war o. ,s uios
gigantic scale, and finding its, II. ~hn.
near its close, almost uMimrnirei N. I'D
the material elements of power 7 has
at the present moment, great nrmtts, 1.
the field, facing an di'emy appa emily ny
preaching a period of iitttr D. ,,aust,ou,
but still struggling with Il EjfGU Il great
er and more desi'tfgtt MS !. sees '.a i'5s
cause it sees, the near approacli Ut q iu5i
and fatal consumnatiom. Such, in NY
deliberate judgment. is the present con
diiion of the gftat ts.Itcst for civil lip-
crty in which you are hoW ciiga scd
Up to the present moment you ha
readily mud chccrfully afforded The mcaos
Tccessafy {" support your government IN
this protractGd struggle. 1t is gast wol
foh proclaimed it; and you hayc s,,=
fJtaincd it against traitors Svctswicrc, with
Patriotic devotion unsurpassed Ii the
worlds history.
+ The scfttrItcs ottrcd IRE such us should
commrfiS .Stur ready confidence. Much
effort has beet made ~ shake ta'|ic
faith in our national Credit, both at Iiiohiile
and abroad. As yet VIC have asked nc
foreign MD. Calm and sclf-rcliant, our
own means have thus ftr proved ADEQUATE
to our wants. They are yet ample t.
l"cet those If the. present and the future
1t still remains for = patriotic people tt
furnish the 'neetlfnl supply. III. brev,
men who are fighting our battles by land
and sea must he fed and clothed. mnli
tons Of Far Of all kinds must be furnish
cd, or the war mttst ctid In ,duftnt aht
disgrace. This is not the t.ssc for an,
lover Of his country to inquire as to tho
state of the money market, or ash
whether he can SO ltvcs. his surplus CAPT
tai as to yield him lsfgcf rctilrn. N
, return, and no profit, can be desirable, i
followed by national dissolution, or ma
tional dlsgfarr Present profit. thus nc
, Iuircd, is but the precursor Of future an,
speedy destruction No investment car
| be so surely profitable as that which tend
to ...surc the national existence
/ am Encouraged in the belief that b,
, the recent i.'oislation Of Congress GU
finances may so,i he placed upon SCUM
der and more stable ::'"ting. The pre-
sent dcrangcd condition % the eurrcnc.
, is imputablc, in great degree, to dis
turban,cs arising from the withdr wal .
necessary checks, often inevitalc III tim
of war, when expenditures must largei,
: exceed any possible supply Of coin. TIL
/, opportunities thus presented to acquir,
, sudden wealth have led to vicious spccu
! lation, consequent increase in prices
/ and violsnt Auctuation., The remedy il
: tp I've found only in controlling the cs
!, sity which begcts the evil. Hitherto W,
. have felt the need Of more extensive ant
: vigorous taxation. Severe comment ha
, trcn made upon what seemed to many M
undac .tinidity and Hardness of action
on the Part of. Congress, in this regard
!. | deem it but just to say that very grea
!. Misrepresentation has existed, and per
haps stiff EXISTS, upon this PORT. leg
!. islators, like an otners, have much Il
learn in new condition of affairs. "A,
!, entirely new system was to be devised
, and that system i.,lst necessarily be til,
|; growth Of time and experience. 1t is no
strnnge that first efforts should hav,
proved imperfect atsa izadcq,,sAc. ~
lay heavy burdens on great and patri
oto PcoFic fh s"oh =" H"uHci as W "
equal. and as to occasion the least amour
Of suffering or annoyance, requires tim,
and caution, and vast labor aud, witt
; all these. experience is ncedful to ties
the value of the system, and its error.
Such has been the work which Congress
was called upon TO perform. / am hap
py to say that daily results arc proving
tho Internal Revenue Act to exceed il
efficiency the most sanguinc expectation.
Of its authors In. the month of June
1868, it yielded about four and one-hal
millions Of dollars, while the correspond
ing month Of this year returned abou
: fifteen millions, Under the same law
Under the new law, which went into ope
ration on the first day of the present
u,otft tho Tra,curv mt unfrouuontI,