Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-29
Tho New Loan.


Mr.. FEssESDEN's CIRcuLAR.-The fol-
lowing excellent circular, ought to be copied
| into every loyal paper in the country.
To THE PRopLE OF THE UNITED STATES:
The circumstances under which this loan
| Ia asked for. and your aid invoked, though
differing widely from the existing state Of
| ,F,;rs three wears ago are such as afford
eonal announcement 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 national resources to an
extent alike unexpected and remarkable, eS-
citing equal astonishment at home and
abroad Three years of war have burdened
YOU with debt which, but three years since,
would have seemed beyond our ability to
meet. Yet the accumulated wealth and pro-
ductive energies Of the nation have proved to
be so vast, that it has been borne with COM
paratiye ease, and peaceful future would
hardly feel its weight, as price paid for ma
tional existence and the preservation Of free
institutions. 1t does not deserve 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 to posterity the system
Of free government oequeathed to them by
the great men who framed it. This delibe-
rate and patriotic resolve has developed
power surprising even to themselves. 1t has
shown that, in less than century, nation
has arisen unsurpassed in yigor and exhaust
less in resources, able to conduct through a
series OF years war on its most gigantic
scale, and finding itself, when near its close,
almost unimpaired in all the material ele-
ments of power. 1t has at the present mo-
ment great armies in the field, facing an
enemy apparently approaching period Of
utter exhaustion, but still struggling with
force the greater and more desperate as It
sees the near approach Of final and fatal
consummation. Such is my deliberate judg-
ment in the present condition of the great
contest for civil liberty in which you are now
engaged.
Up to the present moment you have readi-
" and cheerfully afforded the means neces-
sary to support your government in this pro-
tracted struggle. 1t is your war. You pro-
claimed it, and you have sustained it against
traitors everywhere-with patriotic devo-
ton unsurpassed in the worlds history. The
securities offered are such as should COM
mand your ready confidence. Much effort
has been made to shake the public faith in
our National credit both at home and abroad.
As yet we have asked no foreign aid. Calm
and self.rcliant, our own means have thus
far proved adequate to our wants. They are
vet ample 20 meet those Of the present and
future l: 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. 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 as to the state of the money mar
ket, or ask whether he can so invest his sur
plus capital as to yield him q larger return.
No return and no profit can be desirable il
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 pro-
ftable as that which tends to insure the Ma
tional existence. | am encouraged in the
belief, that BY the recent legislation Of Con-
sress our finances may soon be placed upon
a Sounder and more stable footing.
am happy to say that the daily results are
proving the Internal Revenue act to exceed
in efficiency the most sanguine expectations
of its authors. In June, 1868, it yielded
about four and half millions, while the cor
responding month Of this year has returned
about fifteen millions under the same law.
Under the new law, which went into opera
ton on the first day of the present month,
the Treasury has frequently received one
million day. As time and experience en-
able the officers employed in collecting the
revenue to enforce the strength of the Rroyi-
sions Of the new law, trust million per
day will be found the rule and not the excep-
ton. Still much space is undoubtedly left
for Improvement in the law and in its admin
istration, as greater amount Of necessary
information is acquired. The proper sources
of revenue and most effective mode Of obtain
ing It is best developed in the execution Of
existing laws, and have caused measures to
be initiated. which will, it is believed, enable
Congress so to improve and enlarge the sys-
TEN, as, when taken in connection with the
revenue from customs and other sources, to
afford an ample and secure basis for the Ma
tional credit. Only on such basis and in
steady and vigorous restraint upon the cur
rency can remedy be found for existing
evils. Such restraint can only be exercised
when the government is furnished with the
means to provide for its necessities; but
without the aid Of the patriotic people the
army of the government is Powerless for this
or any other desirable end. The denomina-
ton Of the nores proposed to be issued, rang
ing from $50 to 5000, places these securities
within the reach of all who are disposed to
aid their country. For their redemption the
faith and honor and property of the country
are solemnly pledged. A successful issue to
this contest is now believed to be near at
hand, which will largely enhance their value
to the holder, and peace once restored, all
burdens can be lightly borne.
He who sel6shly withholds his aid in the
hope of turning his available means to greater
immediate profit is specializing upon his
country's misfortunes, and may find that
what seems to be present gain leads to future
loyal and patriotic people, and invoke the
efforts of all who love their country and de-
sire for it a glorious future, to aid their gov
eminent in sustaining its credit, and placing
that credit upon sound foundation.
w. P. FEssENDEN, Sec'y of Treas'y.