Year: 1864




is authorized to issue an amount not ex-


ceeding two hundred millions of dollars


In Treasury notes, bearing interest at a


rate not exceeding seven and three teuths


per centum, redeemable after three years


from date, and to exchange the same for
lawful money. The Secretary is further


authorized to convert the same into


bonds, bearing interest at a rate not eX-


ceeding six per centum, payable III coin.


In pursuance Of the authority thus con


ferred, now offer to the people of the


United States Treasury notes rs describ-
ed in my advertisement dated July %,


1854.


The circumstances under which this


though differing widely from the existing


state of affairs three years ago, are such


as TO afford equal encouragement and


security. Time, while proving that the


struggle for national unity was to exceed


in duration and severity our worst an


ticipations, has tested the national


strength, and developed the national re


sources, to an extent alike unexpected
ment at home and abroad. Three years
of war have burdened you with debt
which, but three years since, would have
seemed beyond your ability to meet.


\ ct the accumulated wealth and produc-
tive energies of the nation have proved
to be so vast that it has been borne with
comparative ease, and a peaceful future
would hardly feel its weight. As price
paid for national existence, and the pres
eryation of free Institutions, it does not
deserve moments consideration.


Thus far the war has been supported
and carried on, as it only could have been,
by people resolved, at whatever cost of
blood and treasure, to transmit, unim-
paired 10 posterity, the system of free
Government bequeathed to them by the
great men who framed it. This dcliber-
ate and patriotic resolve. has developed a
power surprising even to themselves.
1t has shown that in less than a century
a nation has arisen, unsurpassed in yigor,
and eXhaustless in resources, able to con
duct, through Il series Of years, war on
its most gigantic scale, and finding itself,
when near its close, almost uniInpaired


in all the material elements of power
1t has ut the present moment, great ar
mics in the field, facing an enemy appa-
rently approaching a period of utter eX-
haustation, but still struggles with 4 force
the greater and more desperate as it sees,
the near appaoach of final and fatal
contamination. Such, in my deliberate
is the present condition Of
the great contest for civil liberty in which
you are now engaged.


Up 10 the present moment you have
readily and checrfullv afforded the means
necessary to support your government
in this protractel struggle. 1t is your
war. You proclaimed it, and YOU have
sustained it against traitors everywhere,
with a patriotic devotion unsurpassed in
the worlds history.


The securities offered are such as
should command your ready confidence.
Much effort has hcen made to shake pub
lie faith in our national credit, both at
home and abroad. As yet we have asked
no foreign aid. Calm and selfreliant,
our own means have thus far proved ade-
quate to our wants. They are vet ample
to meet those Of the present and the
future. 1t still remains for patriotic
people to furnish the needful supply.
The brave men who arc fighting our bat
ties by land and by sea must he fed and
clothed, munitions of war of all kinds
must he furnished, or the war must end
in defeat and disgrace. This is not the
time tor any lover of his country to in
luire to the state of the money mar
set, or ask whether he can so invest his
surplus capital as to yield him a larger
return. No return, and no profit, can be
desirable, if followed by national dsso-
luton, or national disgrace Present
profit, thus acquired is bnt the prosar-
sor of future and speedy destruction.
No investment can be so profitable as
that which tends to insure the national
existence


1 am encouraged in the belief that by
recent legislation of Congress our fnan-
ces may soon be placed upon sounder
aad more stable footing The present
ieranged condition of the currency is
.mputabie, in a great degree, to distur-
baGces arising from the withdrawal Of
necessary checks. often inevitable in time
Of war, when. expenditures must largely
exceed any possible supply Of coin.
The opportunities thus presented to ac
4uire sudden wealth have led TO vicious
speculation. consequent increase in
prices and violent iactuation. The
remedy is TO be found only in controll
ing the necessity which begets the evil.
Hitherto We have felt the need OF more
extensive and vigorous taxstion. Severe