Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1864-08-03
THE NEW NATIONAL LOAN.
Secretary Fessenden's Circular to the People.

of dollars in Treasury notes, etc., has given
notice that subscriptions viii be received b7
the Treasurer of the United States, the seve
raj Assistant Treasurers, and designated
depositories. and by the National Banks
designated and qualified as deposito
) ries and financial agents, for Treasury notes,
PAYABLE three years from August 10, 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 at
ter FIVE ana payable twenty years from Au--
gust Is 1867. The notes viii be issued in
denominations Of fifty, one hundred, FIVE hun
i t1red one thousand and FIVE thousand dollars,
! and in blank or payable to order, rs may be
directed by the subscribers. All subscrip
tions must be for fifty dollars or some multi
pie of fifty dollars. Interest viii be allowed
+ to August Is on all deposits made prior TO
/ that date and paid by the department upon
! receipt of these original certificates. As the
notes draw interest from August Is, 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 de
! posting twenty-five thousand dollars and up
/ wards for these notes at any one time will be
! allowed commission of one-quarter of one
| per cent, which will be paid by the Treasury
| Department upon the receipt of a 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
Accompanying this advertisement. in a cir
cular form, is Secretary Fessenden's appeal to
the people of the United States in which ne
says
The circumstances under which this loan is
asked for and your aid invoked, though diff
fering widely from the existing state of af-
fairs three years ago, are such 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 national
strength and national resources to extent
alike unexpected and remarkable, exciting
equal establishment at home and abroad
Three years of war have burdened you with
a 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 price paid for national exist
ence and the preservation o. Tee institutions
| it does not deserve momens 5 consideration
| Thus far the war has been supported and car
! ried on, as it only could have been, by a peo-
Pile resolved, at whatever cost of blood and
treasure, to transmit unimpaired to posterty
/
! to them by the great men who framed it.
/ This deliberate and pair otto resolve has de-
| Veloped power surprising even to them
selves. 1t has shown that III less than a cen
| fury nation has arisen unsurpassed in vigor
| and exhaustless in resources. able to conduct
! through a series of years war its most gil
| gantc scale and finding itself when near its
close almost unimpaired in all its material ell
| ements of power. 1t has at the present mo-
| ment great armies in the field facing an enc
| my apparently approaching period of utter
| exhaustion, but struggling with a force the
| greater and more desperate as it sees, and
| because 1t sees, the near approach of final
| and fatal consummation. Such, in my DELHI
crate judgment, is 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 means necessary to support
| your Government IN this protracted
struggle. 1t is your war. You proclaimed
it, and you have sustained it against traitors
| everywhere with patriotic devotion, unsur-
passed in the worlds history. The securities
offered you are such as should command your
ready confidence. Much effort 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
/ selt-rehant, our own means thus far have
proved adequate to our wants. They are vet
| ample to meet those of the present and fu-
ture. 1t still remains for a patriotic people
to furnish the needful supply. The brave
men who are fighting our battles by land and
sea 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 not the time for any lover of his country
to inquire into tho. state of the money mar
ket, or ask whether he can so invest his sur
plus capital as to yield him a larger retul n.
r,fY,r N MOTT l.
followed by national dissolution or national
disgrace. Present profit thus acquired is but
the precursor Of future and speedy destruc-
ton. No investment can be so surely prof.
| table as that which tends to ensure the ma
tional existence | am encouraged in the
belief that by the recent legislation of Con
gress our finances may soon be placed upon
a sounder and more stable footing. The
present deranged condition of the currency
Is imputatle, in great degree, to disturb
ances arising from the withdrawal of neces-
sarv checks, often inevitable in time of war,
| when the expenditures must largely exceed
any possible supply of coin. The opportuni-
ties thus presented to acquire sudden wealth
nave led to vicious speculation, a consequent
increase of prices and violent fluctuations
The remedy is to be found only in control
ling the necessity which begets the evil
Hitherto we have felt the need of more ex-
tensive and vigorous taxation. Severe COM
ment has been made upon what seemed to
many undue timidity and hardness of ac-
| tion on the part of Congress il this regard
| deem it but just to sag that very great mis-
i apprehension has existed, and perhaps still
exists upon this point. Legislators ike all
others, have much to learn in new coudi
ton of affairs. An entirely new system was
to be devised, and that system must necessa-
rily be the growth of time and experience
| 1t is not strange that the first efforts should
| have proved imperfect and inadequate To
| lay heavy burdens on great and patriotic
| people in such manner as to be equal, and
| so to occasion the least amount of suffer
| ing or annoyance, requires time, and caution
| and vast labor, and with all these experience
Is needed TO test the value of the system and
| correct its errors. Such has been the task
that Congress was called upon to perform |
| am happy to say that daily results are PROV
ing the Internal Revenue act to exceed in
| efficiency the most sanguine expectations of
It's authors. For the month of June, 1868, it
| yielded about four and half millions Of dol
| lars, while the corresponding month of this
| year returned about fifteen millions under the
| same law. Under the new law, which went