Year: 1864




To the People of the United States.


The circumstances under which this loan /,
asked Tor, und your aid invoked. though differ
ing widely from the existing state of affairs
three years ago, are such as afford equal en-
couragemeut and security. Time, while proc-
ing that the struggle for national strength and
national resources TO an extent alike unexpec-
ted and remarkable, exciting equal astonish-
ment at home and abroad. Three years of war
have burdened you with debt which, but
three years since, would have seemed bevond
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 a price
paid for national existence and the preservation
of free institutions. 1t does not deserve mo-
ment's consideration.


Thus far the wsr has been supported and
carried on, as ii only could have been, by
people resolved at whatever cost of blood and
treasure, TO transmit to pOslerity the system of
free government bequeothed to them by the
great men who framed it, This deliberate and
patriotic resolve has developed power surprs-
ing even to themselves. 1t has shown that in
less than a century, nation has arisen unsur.
passed in yigor and exhaustless in resources,
able TO conduct through series Of years war
on its most gigantic scale, and finding itself,
when near It's close, almost unimpaired in all
the elements of power. 1t has at the present
moment great armies in the field, facing an en-
emy apparently approaching period of utter
exhaustion, but still struggling with force the
greater and more desperate as it sees, and be-
cause it sees, the near approach Of final and
fatal consummation. Such is my deliberate
judgment in the present couditon Of the great
contest for civil liberty in which you are now
engaged.


Up TO the present moment YOU have readily
and cheertuy afforded the means necessary to
support your government in this protracted
struggle. It's your war. You proclaimed it
and you have sustained it against traitors eve
| fywhere,-with patriotic devotion unsurpas-
sed in the worlds history. The securities Of
! tered are such as should command your ready
confidence. Much effort has besn made to
shake the public faith in our National credit
10th at home and abroad. As vet we have ask
! ed no foreign aid. Calm and self.reant, our
Jwn means have thus (ar proved adequate to
our wants. Ttey are yet ample TO meet those
| ol the present and future. 1t 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. NUM-
tons 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
I u,
ask whether he can so invest his sur ms caui-
tai as TO yield him a larger return. 10 return
andsno profit can be desirable ii followed by
national dissolution or national disgrace. Pres
ent prohl thus acquired is but the precursor Of
future and speedy destruction. No investment
can be 40 surely profitable as that which tends
TO insure the National existence. am encour-
! aged in the belief, that by the recent legisla-
ton ot Congress our finances may soon be pla-
ced upon 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 corresponding
month of this year has returned about fifteen
millions under the same law. Under the new
law, which went into operation on the first day
of the present month. the Treasury has fire.
quently received one million day. As time
and experience enable the officers employed in
collecting he.revenue to enforce the strength
of the provisions of the new law trust a mill
ion per day will he found the rule and not the
exception. Still much space is undoubtedly
left Tor improvement in the law and its admin
istraton, as greater amount of necessary in
formation is acquired The proper sources OF
revenue and most effective mode of obtaining it
is best developed in the execution of existing
laws, and have caused measures TO be initia-
ted which will, it is believed enable Congress
so to improve an enlarge the system, as when
TAX Ell in connection with the revenue from Gus
toms and other sources, TO afford an ample and
secure basis for the National credit. Only on
such a basis and in steady and vigorous re-
strant upon the currency can remedy be
found for existing evils. Such restraint can
only he exercised when the government, is fur
nished with the means to provide for its neces-
sites but without the a,d of the patriotic peo-
pie the army of the government is powerless
for this or any other desirable end. The de-
nomination OF the notes proposed to be issued
ranging from $50 to $4,000, places these secur-
tiles 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 10 be near at hand,
which will largely enhance their value TO the
holder, and peace once restored, all burdens
can be lightly borne.


lie who sefshiy withholds his aid in the
hope of turning his available means to greater
immediate profit is specializing upon his coun
try's misforunes, and may find that what
seems TO be present gain leads to future loss.
| appeal therefore, with confidence to loyal
and patriotic people. aud invoke The efforts OF
all who love their country and desire for it a
glorious future to aid their government in sus-
tanning its credit and placing that credit upon
a sound foundation.


WI FESSENDEN.
Secy of the Treasury.