The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1864-08-12
To the People Of the United States.
TREASURY DxpARrMRNF,
july 25. 1864

Jufy 20, 1864.
By an act Of Congress, approved June
80, 1864, the Secretary Of the Treasury
is authorized TO issue an amount not ex-
eeeding two hundred millions oT dollars,
in Treasury notes, bearing interest at q
rate not exceeding seven and three-tenths
per ceu'um, redeemable after three years
from date, and TO exchange the same for
lawful money. The Secretary Is further
authorized 10 convert the same into bonds,
bearing interest at rate not exceeding
six per centum, payable in coin. In pur-
suance Of the, authority thus conferred,
now offer TO the people OF the United
States Treasury notes, as described in my
advertisement dated July 95, 1854.
The circumstances unoer which this
loan is asked for. and your aid invoked,
though differing widely from the existing
state of.affairs three years ago, are such
as 10 afford equal encouragement and Sc.
curity. Time, while proving that the
struggle for national unity was TO exceed
in duration and severity our worst aniici.
pa,ions, has tested the national strength,
and developed the national resources. to
an extent alike unexpected and remark
able, exciting equal astonishmept at home
and abroad. Three years Of war have
burdened you with debt which, but
three years since, would have seemed be.
yond your ability to meet. Yet the aceu.
mulated wealth and productive energies
OF the nation have proved to be SO vast
that il has been borne with comparative
ease, and peaceful future would hardly
feel its weight. Aa a price paid for nation
al existence, and the preservation Of free
institutions, it does not deserve moment 8
consideration.
Thus far the war has been supported
and carried on, as il only could have been,
by people resolved. at whatever cost OF
blood and treasure, to transmit, unim-
paired,t posteri,y The system Of free gov
ernment bequeathed to them by the great
men who framedit. This deliberate and
patriotic resolve has developed a power
surprising even TO themselves. II has
shown that in less than century a nation
has arisen. unsurpassed in vigor, and ex.
haus:less in resources, able 10 conduct,
thiongh series Of years, war on its most
gigantic scale, and finding itself, when
near its close, almost unimpaired in all
the material elements of power. 1t has,
at the present moment, great armies in
the field, facing an enemy apparently ap.
preaching a period OF utter exhaustion,
but still smuggling with force the great
er and more desperate as it sees, and be.
cause it sees, the near approach OF fnal
and fatal contamination. Such, in my de-
liberate judgment, is the presen, condi.
ton Of the great contest for civil liberty
in whice you are engaged.
Up the present moment you have re ad-
lily and cbeerfully afforded the means
necessary TO support your government
in this protracted struggle. L. is your
war. You proclaimed It, and you have
sustained it against traitors every where.
with q patriotic devotion unsurpassed in
the worlds history, ,.s'i. ,.H.
The securities offered 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 ye, we have asked no foreign
aid. Calm end self reliant. our own means
have thus far-proved adequate to our
wants. They are yet ample TO meet those
Of the present and the future. 1t still re.
mains for patriotic people to furnish the
needful supply. The brave men who are
fighting our battles by land and sea, mus.
be fed and clohed, 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
market, or ask whether he can go invest
his surplus capital as to yield him larger
return. No return, and no profit, can be
desirable. il followed by national disco
luton. or national disgrace. Present prof
it. thus acquired, is but the precursor Of
future and speedy destruction. No invest
ment can be so surely profitable as that
which tends to insure the national exist
ence.
l am encouraged in tho belief that by the
recent legislation of Congress our finances
may soon DO placed upon a sounder and
more stablo footing. The present derauged
condition Of tho currency 10 imputable, In a
great degree, TO Disturbances arising from
tho withdrawal Of necessary checks, often
inevitable in time of war, when expenditures
must largely exceed any possible supply o!
coin. The opportunities thus presented to
acquire sudden wealth have led to vicious
speculation. consequent increase in prices.
aud violent huctuation. The remedy is to
be found only in controlling the necessity
which bogets the evil. Hitherto We have
folt tho need Of more extensive and vigor.
Gus taxation. Severe comment has been
made upon what seemed to many an undue
timidty and tardiness Of action. on tho part
of Congress. In this regard. deem il but
just that worry great misapprehension has
existed, and perhaps still exists, upon this
point. Legislators, like all others. have
much to learn 10 new condition OF affairs.
An entirely new system was to be devised.
and that system must necessarily bo the
growth of timo and experience. 1t is not
strange that first efforts should have proved
imperfect and inadequate To lay heavy
burdens on agreat and patriotic people In
such u manner rs to be equal, aud as to oc.
casion the least amounS OF suffering or an
noyance. requires time and caution, aud vast
laborj and. with all those, experience is
needful to test the valuo OF the system, and
correct It's errors. Such has been the work
which Congress was called upon to perform