Year: 1861

Resolred, That committee of eight members
of the House be- appointed to prepare and issue
an address to the people of the State, explaining
the character OF the bonds to be issued for the
war loan made to enable Michigan to take its
place by the side of all loyal States, and do its
full duty in sustaining the Government of the
country in the present emergency, and recon-
mending and setting forth the reasons why the
bonds should be taken by the citizens of this
State.


Resolred. That the Speaker of the House be
added to the eommittee.-Pdssed by the House
of Representatives., Nay 10, 1861.


To the People of the State of Michigan:


In accordance with the foregoing resolution,
we make the following statement and brief ap-
peal to you


At the late session of the Legislature, that
body authorized and provided for the issuing BY
the Governor and Treasurer of bonds of the
State, to the amount Of One Million of Dollars if
SO much should be necessary for the purpose for
which they are deslgr ed. Their OhJect ls to pro
vide for funds necessary to raise, equip and pre-
pare that portion of the forces required by the
general government to suppress the rebellion
against its authority, which it has become the
duty of Michigan to furnish. They are to be
bonds having twenty five years to run before ma
turity. They will draw seven per cent interest,
which will be payable semi annually. They will
be issued in sums of not less than $50 and not
more than $1,000 each. On all bonds for less
that $780, the nterest will be payable in Detroit,
and on all of $500 and upwards it will be paya.
BILE in New York. To each bond, there will be
attached coupons, which are certificates signed
| by the State Treasurer for each insiallment oil
interest stating the time when it will become dre
and where payable, and that it will be payable tc
the bearer thereof. These coupons, as they be
come due, may be cut off from the bond, anG
will be receivable for all taxes, and will every
where in the State be worth so many dollars n
they represent. The bonds or the money inv=s
ted in them will be exempted from all taxation
under the laws Of the S ate. They will alway!
be easily exchangeable for money at their value
and before the peace Of the country was disturb
ed, would have sold for from six to eight PEI
cent premium, and will again when order shal
be restored There is small sinking fund pro
vided by which some small portion Of the bond
are redeemable by the State each year. at presen
amounting to $4,000 per annum. These thing
are thus particularly stated that all may perfectl
understand the nature and value Of the bonds
There needs no argument to prove them good t
citizens of this State who know its condition
population, wealth and resources, and the CON
paratively small amount of its public debt.


This action has been only the embodiment &
the will of the people, and in obedience to il
command. The amount OF money required va
much too large to be raised at once by a tax


We have 10 monied institutions with large sccr


mulated capital, to advance il. The credit I
, the State, therefore, in this form, was the onl


alternative. The mere enactment Of the Law
however, will not raise the required funds to el


able the officers Of the State to pay already acct


mulated and accumulating liabilities inevtab
J incurred in the discharge Of the great duty res
ing upon them. In the great commercial citi,


the demand for money, both by other powerf


States and the general government is alrea(


very great, and is hereafter to be immense.
suddenly, and from so many quarters At ono


and soextensve are acquisitions made upon ther
that it has become more than doubtful if ev,


the best State credit will command money exec
at loss. and it may be doubtful if it can
obtained at all abroad, upon any tolerable tern
70 The reliance Of the State, therefore, must


mainly upon the patriotism Of her own citizer
: and upon their jealous efforts, by concerted Al


united action, to bring all its available resourc'
:, to enable her to maintain her just rank in Il
% noble galaxy of States marching to the supp(
in of the government which involves the comm
as fortunes Of them ali.


:" In these circumstances it cannot be necesss