The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-08-05

ity of an act of Congress of June last
tolssue an amountnot exceeding $500
/ 000,000 III Treasury notes, &c, has
given notice that subscriptions will be
received by the Treasurer of the
United States, the several Assistant
Treasurers and designated repositories,
and by the National Banks designated
and qualified as repositories and fnan-
cial agents for Treasury notes payable
three years from August Is, 1864,
bearing interest at the rate of seven
and three-tenths per cent per annum
with semi-annual coupons attached,
payable in lawful money. These notes
will be convertible at the option of the
holder, at maturity into six per cent.
gold bearing bonds, redeemable after
five and payable twenty years from
August 10, 1867. The notes will be
issued in denominations of fifty, one
hundred, five hundred, one thousand,
and five thousand dollars, and in blank,
or payable to order, as may be direct
ed by the subscribers All subscrip-
tons must be for fifty dollars or some
multiple of fifty dollars Interest will
be allowed to August Is on all depos
its made prior to that date and paid
by the department on receipt of these
original certificates. AS the notes
draw interest from August 10, persons
making deposits subsequent to that
date must pay the interest accrued
from the date of the note to the date
of the deposit. Parties depositing
twenty-five thousand dollars and up
wards for these notes at any one time
viii be allowed commission of one
quarter of one per cent, which will be
paid by the Treasury Department up
on the receipt of bill for the amount
certified to by the officer with whom
the deposit was made. No deductions
for commissions must be made from
the deposit.
The different National Banks in the
State and country will receive subscrip-
tons for the new $40 Treasury
notes.
Accompanying the official advertise
ment in circular form is Secretary
: Fessenden's appeal to the people Of the
> United States in which he says;
1t still remains for patriotic people
I to furnish the needful supply The
brave men who are fighting our battles
=, by sea and land 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
I not the time for any lover of his coun
try to inquire into the state of the
. money market, or ask whether he car
so invest his surplus capital as to yielC
> him larger return. No return ano
:, no profit can be desirable if followed
by national dissolution or national dis
grace. Present profit thus acquired |.
. but the precursc of futu e and s. e Ady
destruction No investment can be st
surely profitable MS that which tend
to ensure the national existence | an
encouraged in the belief that by th'
recent legislation of Congress on
finances may soon ba placed on {
sounder and more stable footing. Th'
present deranged condition of the eur
n rency is imputable. in a great degree
" to disturbances arising from the with
Of drawal of necessary checks often iney
:, table in time of war, when the expen
~ ditures must largely exceed any pos
Of sible supply of coin. The opportuni
v ties thus presented to acquire suddei
n wealth have led to vicious speculation
is consequent increase of prices an,
re violent fluctuations.
to The remedy is to be found only i
T. the necessity which begets the wal
TO Hitherto we have felt the need Of NOR
OF extensive and vigorous taxation. Sc
II, we're comment has been made upo
is what seemed to many an undue tiinid
e, ity and tardiness of action on the par
n of Congress in this regard | deem
es but Just to say that very great misar
Us prehension has existed, and perhap
ce still exists, upon this point. Legisla
N tors, like all others, have much to lear
II. in new condition of affairs. An ell
H. tirely new system was to be devised
IS, and that system must necessarily b
10 the growth of time and experience,
n is not strange that the first effort
ne should have proved imperfect and il
sc adequate 70 lay heavy burdens ON
as great and patriotic people in such
40 manner as to be equal, and so rs to OF
te casion the least amount of suffering Q
us annoyance, requires time and cautio
10 and vast labor; and with all these, ex
re perience is needful to test the value q
OF the system and correct its errors. Sue
ne has been the work that Congress wa
en- called upon to perform. | am happ
We to say that daily results are proyln
the Internal Revenue act to exceed i
efficiency the most sunguine expectG
tons of it's authors. For the mont
u vi of June, 1863, it yielded about four an
ii' a half millions of dollars, while tn
~ corresponding month of this year I,
us turned about fifteen millions under Tia
~ same law. Under the new law, whic
ne went into operation on the first day c
a. the present month, the Treasury fr'
ys quently receives one million in da,
10 AS time and experience enable the O
Oh fcers employed in collecting the rev,
III nue. to enforce the strength of the pre-
20 visions of the new law, | trust that
IS million per day will be found the rul
~ and not the exception. Still, niue
lis space is undoubtedly left for improve