| Show to the people of the united states TREAs TREASURY department july 25 1864 f B by an act of congress approved a june 30 1867 1864 the secretary of the T treasury treasury is authorized to issue tm an amount not exceeding two hundred millions of dollars in treasury notes bearing interest at a rate not exceeding seven and three tenths per redeemable after three years ears from date and to exchange the same for lawful money the secretary is further authorized zed to convert the same into bonds bearing interest at a rate not exceeding sieper payable in coin in pursuance of the authority thus conferred I 1 now offer to the people of the united states treasury votes otes as described in my advertisement dated july 25 1864 the circumstances under which this loan is is asked for and your aid invoked though thong h differing widely from the existing state of affairs three years ago are such as ae afford equal encouragement coura gement and see security brity time while proving that the struggle for national unity was to exceed in duration find and severity our worst anticipations has tested the national streng strength tb and developed the national resources to an extent alike unexpected and remarkable exciting equal astonishment at home and abroad three years of war have burdened you with a debt which but three years since since would have seemed beyond your ability to meet yet the accumulated wealth and productive energies of tile the nation have proved to be so vast that it has been borne with comparative case and a peaceful future would hardly feel its w weight eight As a price paid for national existence a and nd the preservation of free institutions it does not deserve a moments consideration thus far the war has been supported and carried on as it only c uld have been by a people resolved at whatever ever cost of blood r and nd treasure to transmit unimpaired i red to posterity crity t the le system of free government bequeathed to t them iem by the great amen men who framed it this deliberate cli berate and patriotic resolve liar has developed a power surprising surprising r even to themselves it lias has shown that in less than a century a nation has arisen unsurpassed in in vigor and exhaustless in resources able tt to conduct through a series of years war on its most gi gigantic antic scale and finding itself when near its 0 close ose almost unimpaired in all the material elements of power it has at the present moment great armies armies in in the field fabing an enemy apparently ap a period of utter exhaustion but still struggling with a force the greater and more desperate sus it sees and because it ft sees the near approach of a final arid and fatal consummation such buch L in my deliberate judgment is tle the present condition of the great contest for civil liberty in which you are now engaged up to the present moment you have readily and cheerfully afforded the means necessary to support your government in this protracted struggle it is your war you it and you have sus Wined it traitors everywhere with a patriotic tie devol devo flori timi unsurpassed in the worlds history the securities offered are sueh such as should command your ready confidence effort ha baa been made to shake public faith feitli in bourna our national credit credic both at home and abroad As yet we have asked no foreign aid calland calm and Belf reliant our own means have thus far proved adequate to our wants wante they are yet ample to meet those of the present and the future furm 4 it still remains for a patriotic people eople to furnish the needful sup supply irv tile the cave brave men inen who are n fi fighting litins our baltus battles by land and men must be fel fed an and clothed munitions 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 country to inquire as to the state of the money mar market let or ask whether lie 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 dissolution or national ional disgrace present profit thus acquired is but the precursor of future and speedy destruction ZI no investment can be so surely profitable as that which tends to insure the national existence 1 am encouraged in the belief ut quit by athe abe recent sladon of our kr may soon be placed upon a sounder and more stable footing the present deranged condition of the currency is imputable in a great degiere to disturbances arising from the withdrawal of necessary checks checha often inevitable in time of war when expenditures must exceed any possible supply of coin the opportunities thus presented to acquire sudden wealth have bave led to vicious speculation a consequent increase of prices and violent fluctuation the remedy emedy r is to be found only in controlling conti the necessity ity which begets the evil hitherto we have relt felt the need of more extensive and vigorous arous taxation bere re has hae been made upon what seemed to many an undue timidity and tardiness of action on oil the part of congress in this regard I 1 deem decin it but just to say that very great misapprehension has existed I 1 and perhaps still exists upon this point legislators like all others have much to learn in a new condition of affairs an entirely now new system was to be devised and that system must necessarily be the growth of time land and experience it is not strange that first efforts should have proved imperfect and inadequate to lay heavy burdens on a great greaf and patriotic people in such a manner as to be equal and as aa to occasion the fhe least amal amount of suffering or annoyance requires time and calland caution and vast labor and sandwith with all these experience peri ence is is needful to test the value of the system and correct its errors such has been the worl work which congress was called upon to perform I 1 am happy to sa say y th that at daily results are proving the internal revenue act toi exceed in bf effi efficiency the most sanguine 1 ae e expectations of it its authors s in the at month b of june 1863 it yielded about four and one half millions of dollars while the corresponding month of this yer year returned about about fifteen afif teen millions under the same law under the new law which went into operation on the first day of tile the present month the treasury not receives one million in ina a day I 1 As time and experience cabble the officers employed in collecting the revenue to enforce the stringent provisions of the new law I 1 trust that a million per day will be found the rule and not ahe exception still much space is undoubtedly left for improvement pro in the law and I 1 in R its ita a d minis tr a tion as a greater amount of booma necessary ry lafor mation is acquired the proper sources sour ces of revenue and the most effective modes of obtaining it are best developed in the execution of existing laws and I 1 have caused measures to be 1 initiated which will avill it is believed enable congress so to 0 improve and enlarge the flie system aa a when taked ta kenin in connection with the revenue from cu custom and other sources to lo afford an ample and aad secure basis for the national credit only on such a basis and in a ste steady ady and vigorous resi restraint raint upon currency can a remedy be found for exist existing ing evils such restraint restrain t can only be exercised when the government is furnished with means to provide for its necessities but without the aid of a patriotic people any government is powerless POW erless for this or any other desirable end the denomination of the notes proposed to be issued ranging from fifty to five thousand doll dollars arx place these seo urides within the reach or of all who are arc disposed to aid their country for their redemption the faith and honor and property ot of that country are solemnly pledged A suc successful comial issue to this contest now believed to be licar at hand will largely enhance their value to the holder and peace once restored all burdens can be lightly borne lie he wh who 0 selfishly withholds bi his is aid in the liepe nope of turning his available means to ill greater immediate profit is f s speculating upon his count rys mill mia fortunes and may find amt ww wame seems to be present gain leads only to future lose T I 1 a appeal pi therefore with confidence to a loyal a and na patriotic people and invoke the efforts of all who love their country and desire for it a glorious future to aid their government in its credit and placing that credit upon a stable foundation W JP 2 secy of tres tecsy y |
