Year: 1869

To our Customers and Correspondenfs


The surprising development OF our national re-
sources and the rapidity with which the Govern
ment is now enabled to reduce the national debt
by weekly purchases, render it apparent that the
time is approaching when the Five-Twenty bonds
may be funded at not over four four and haly
per cent. interest.


Meanwhile their high price, as compared with
other classes of securities paying an equal rate of
interest," is leading general inquiry tor more prof
liable forms OF investment in which money may be
safely invested.


During the war the necessities and peril of the
government, and the consequent cheapness of its
securities. rendered them so attractive that, from
this cause, combined with the patriotic faith of the
people in their safety, they absorbed almost the
entire floating capital OF the country and diverted
attention from other classes Of securities which had
before been deemed sufficiently conservative and
sound to meet the wants of the most cautious in
vestors.


The government is no longer a borrower. 1t no
longer needs the country's capital, but desires
fully and honorably to repay it.


The rapid accumulation of capital for investment,
and the reduction OF the national debt and improve
ment OF the national credit-renderlng it certain
that hereafter but comparatively low rate OF in
terest can be derived from investment in govern
ment bonds-is compelling the search for othe. safe
and well guarded channels into which capital not
employed in business may wisely flow.


The enterprises of Peace no less needful in their
time and place, for the common welfare, than were
the waste and cost of War, call for the capital
which the government no longer needs, and offer
for Its use remuneration which the government
need no longer pay. and in some cases, a security
as stable and enduring as the faith of the nation
itself.


The desire to capitalize the premium which may
now bs realized from Five-Twenty bonds, and
which material decline in Gold toward par, and
the ability of the Government to fund them at
lower rate OF interest," may amy time extinguIsh,
felt by many holders who desire some satisfactory
assurance as to which Of the many iower-priced
securities in the market would afford the necessary
safety to justify an exchange.


The applications for information and advice
which are addressed to us daily, show how uniyer-
sal t the desire for this assurance, as to what
forms of investment more profitable than Govern
ment securities at present market rates. are enti-
tied to the confidence OF investors.


The pressure Of this want has led US to feel the
importance Of directing own attention as bank
obtaining reliable information-to the work Of
supplying it in some measure and to offer the re-
suits OF our inquiries TO those who may be disposed
to confde in our good faith and Judgment.


We are unwilling to offer to our friends and the
public anything which according to our best judg-
ment is not as secure as the national obligations
themselves, with which have hitherto principally
identified ourselves.


Since closing the GREAT CENTRAL PACIFIC
RAILROAD LOAN, which meets all these re-
quirements, we have carefully examined many
Others, but have found no other which would fully
do SO, until the following placed in our hands;