PATRIOTISM IN BOND BIDS.
The national defense under the $50,000,000 fund was expended in large part by the army and navy, and the objects for which it was used are fully shown in the reports of the several Secretaries. It was a most timely appropriation, enabling the government to strengthen its defense and making preparations greatly needed in case of war.
This fund being inadequate to the requirements of equipment and for the conduct of the war, the patriotism of the Congress provided the means in the war revenue act of June 13th, by authorizing a 3 per cent popular loan, not to exceed $400,000,000, and by levying additional imposts and taxes. Of the authorized loan, $200,000,000 were offered and promptly taken, the subscriptions so far exceeding the call as to cover it many times over, while, preference being given to the smaller bids, no single allotment exceeded $5,000.
This was a most encouraging and significant result, showing the vast resources of the nation and the determination of the people to uphold their country’s honor.