Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1864-08-25
The seven Thir,ies--what are They

We trust that large portion of our
readers have pondered the appeal of Mr..
Fessenden, our new Secretary of the
Treasury The purport of 1t is that the
people OF the United States acting as a
body through their agent the Govern
ment, wish individuals to lend them
two hundred millions OF dollars for three
years, at seven and three tenths per cent
annual interest payable every six
months. For this they offer Treasury
Notes-that is. in reality notes drawn
and endorsed by every man in the coun-
try. The loan is wanted for great ma
| tional purpose, to effect which every
| man, unless he be traitor at heart II
not in act is solemnly pledged.
| The appeal is addressed not merely to
few great capitalists, but also to the
many whose aggregate means constitute
the mass of the wealth of the land. The
! notes upon which this loan is asked are
from $50 upward, Every man who has
fifty dollars can take part in this loan.
| Apart from patriotism and the duty
| which all owe to their country, no in
vestment is so desirable as this,
1t is secure. Every dollar of every
mans property is pledged for the pune
tual payment of the interest, and of the
debt when due. The security is increas-
| ing in value. For some years before the
war we were earning 1000 millions
! year more than we spent. During the
three years of the war, owing to the high
prices and constant demand for labor,
we have earned more than ever before.
No man Who could or would work has
been idle; and, except for the war, we
have spent less than before. The total
valuation of the property of the United
States, according to the census of 1850,
was SIG, l59,0 100000, of which Sl0,957,-
448, $50 was in the Loyal States. This
valuation, according to the usual rate of
assessment, was not more than two
thirds of the actual cash value of the
property. The increase of property in
the Loyal States during the last ten
years was over 126 per cent, or an aver
age OF II $40 per cent per annum. In
three years of the war we of the United
States have certainly earned 5000 mil
lions more than we have spent apart
from the war. The cost of the war may
be set down at 1000 millions. Deduct
ing this from our net earnings, the peo-
pie who are security for this loan are
1000 millions richer to-day than they
were when the war broke out.
No other investment can be so easily
convertible. The man who has Treas
ury note for $50, or 500, or $1,000, can
turn it into money more readily, and
upon better terms, than if it were in
vested upon bond and mortgage, or in
railroad stocks.
, The interest offered is higher than can
,, be realized from any other safe and con-
vertible investment. 1t is, moreover,
readily collectable when due. To each
note are affixed five " coupons" or IN
terest tickets, due at the expiration OF each
successive halfyear. The holder OF
note has simply to cut off one of these
coupons, present it at the nearest bank
, or government agency, and receive his
! interest the note itself need not be pre-
= sented at all. Ora coupon thus paya-
: BILE will everywhere be equivalent, when
due, to money.
. Thus. while this loan presents grea,
. advantages to large capitalists, it offers
y special inducements to those who wish
. to make a safe and profitable investment
7 of small saving 1t is in every way the
best savings bank for every institution
of the kind must somehow invest its de
posits proftably in order to pay interes
!, and expenses. They will invest largel,
u u in the loan, as the best Investment. Bu
y y from the gross interest which they re
u ceive they must deduct largely for tn
% expenses of the bank. Their usual rat
-, - of interest allowed to depositors is
~ per cent. upon sums over $500. In
person who invests directly with gov
nlp ppnt
~ more. Thus the man who deposit
!. $1,000 in a private savings bank re
ceives so dollars year interest If
NY deposits the same sum in this Nationa
!, Savings Bank he receives 73 dollars
~ For those who wish to find safe, con
: venient, and profitable means of invest
T ing the surplus earnings which the
o. have reserved for their old age or for tn
@ benefit of their children, there is nothin
m which presents so many advantages a
- this National Loan
-, 1t is convertible into a six per cent
: gold-bearing bond. At the expiration
- OF three years holder of the notes O
the I 80 loan has the option of accept
\ ing payment in full or of funding hi
notes in six per cent. gold interes
ts bond, the principal payment in novles
~ than five nor more than twenty year
- y from the date as the governmant ma
W w. elect. For six months past these bond
! have ranged at an average premium 0
p about eight per cent. in the New Yor
" market, and have sold at 100 to-da
~ (Aug. l2th), thus making the real rat
" of interest over ten per cent. and be
~ sides, to make the inducement evel
Of greater, Congress by special act ex
a. empts its Treasury notes from state an
N municipal taxation. Gould Shylock as
70 morel Was patriotism ever so lib
orally rewarded l-H@per's Magazine.