Year: 1869

To our Customers and C0rresp ondents:

 :" The surprising development of our nation al resources and the rapidity with which the government is, now enabled t, reduce the na- tional debt, hy weekly purchases, render it apparent that tee time is approaching when the Five-Twenty bonds may be funded at not over tour or four and a half per cent interest.

 Meanwhile their high price, as compared with other classes of securities paying an equal rate of interest, is leading to general inquiry for more profitable forms of. invest ment in which money may be safely invested F Du ring the war the necessities and peril of the gover nmeut, and the consequent cheap ness of it's securities, rendered them go at tractive that, from this cause, combined with thetp .triotic faith of the people in their safe ty, 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 eau. tious investors.

 s5 The government is no longer borrower. It no longer needs the country's capital but des; res gratefully and honorably to repay it. r The lapid accumulation of capital for in- vestm ent, and the reduction of the national debt and improvement of the national credit rendering it certain that thereafter but a Comparatively low rate of interest can be de- lived from investment in government bonds is compelling g the search for other safe and we'll guarded channels into which capital not employed ip 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. now call for the capital which the government no longer needs, and offer for its use a remunera- ton 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 be realized upon Fiye-Twenty bonds and which material decline in Gold toward par, and the ability of he Govern ment to fund them at lower rate of inter est, may at any time ektinguish. .is felt by many holders Wuo ucoIc coiuc SdttStdCtOTy dSbuldHCc d0 u which of the many low-rriced securities in the market would afford the necessary safety to justify an exchange.

 The applications for information and ad- vice which are addressed to us daily, show now universal fig the desire for this assurance, as to what forms of in vestment more profita- bJe than govern ment securities at present market sates, ale entitled to the confidence of investors. .

 The pressure of this want has led us to feel the importance of directing our large expe- rience, and our facilities for obtaining relia- ble infor nation to the work of supplying it in some m easure, and to offer the results of our inquiries to those who may be disposed to confide in our good faith and judgment.

 We unwilling to offer to frie nds an d tn public anything which according to our best judgment is not as secure as the nation al obligations themselves, with which We have hitherto principally identified ourselve es. [ Since closing the GREAT CENTRAL PA CIFIC RAILROAD LOAN, which meets all these requirements. W, have carefully exam insd many others, but have found no other which would fully do so until the following was placed in our hands; ' '..