Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-12-02

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made necessary, demand your best refec-
tions as to the best modes of providing the
necessary revenue. The suspension of
specie payment by the banks made large
issues Of United States notes unavoidable.
In no othe way could the payment of the
troops and the satisfaction of other just
demands be SO economically or as well
provided for.
1t is extremely doubtful whether cir
culstion of United States notes, payable in
coin and sufficiently large for the wants Of
the people, can be permanently useful and
safely maintained. Is there any other
mode in which the necessary provision for
the public wants can be made, and the
great advantages Of safe and uniform
currency secured2 I know of none which
promises so certain results, and at the
same time so unobjectionable, as the or
ganization Of banking associations under
a general act Of Congress, well guarded in
its provisions.
To such associations the Government
might furnish circulating notes on the Sc
curity Of United States bonds, deposited in
the treasury. These notes, prepared under
the supervision Of proper officers, being
uniform in appearance and security, and
convertible always into coin, would at
once protect labor against the evils of q
vicious currency, and facilitate commerce
by cheap and safe exchange. A moderate
reservation from the interest on the bonds
would compensate the United States for the
preparation and distribution of the notes,
and a general supervision Of the system,
and would tighten the burden of that por-
ton of the public debt employed as secu-
rity.
The public credit, moreover, would be
greatly improved, and the negotiation of
new loans greatly facilitated by the stoady
market demand for Government bonds
which the adoption of the proposed system
would create. It is an additional recon-
mendation of the measure of considerable
weight in my Judgment, that it would re-
concile, as far as possible, all existing in
terests by the opportunity offered to ex-
listing institutions to reorganize, under the
act substituting only the uniform nation
al circulation for the local and various cir
lstions now issued.
The President then gives a summary
from the Secretary of the Treasury's re-
port. Refers to the reports Of the Secre-
taries of the Navy and War; says though
long, they are only brief abstracts. He
says there is decided improvement in the
financial condition Of the Postofiee Depart
ment compared with previous years. The
Secretary Of the Interior reports that the
public lands have ceased to be source of
revenue. Speaking of Indian affairs and
the recent troubles, he says: " submit
for your special consideration whether our
Indian system shall not be remodeled. He
suggests the earliest completion Of the Pa
cifc Railroad also favorable action by
Congress on prospects for enlarging the
great canals Of New York and Illinois and
Michigan.
The President refers to his compensated
emancipation proclamation of September
22d, and says that portion of the earth occu-
pied by the people Of the United States is
well adapted to be the home Of one national
family, but not for two or more. In the
inaugural address briefly pointed out the
total inadequacy of disunion as a remedy
for differences between the people Of the
two sections. I did so in language which
1 cannot improve.
Physically speaking We cannot separate;
we cannot remove our respective sections
from esch other; we cannot build an i'm
passable wall between them. He then re-
marks at length on the difficulty of making
any national boundary line. The Presi-
dent then suggests amendments to the con-
stitution by Congress concurring, to be pro-
posed to the legislatures or conventions Of
the several States, which, if ratified by
three-fourths of said legislatures, to be
valid as parts Of said constitution.
The first article proposes all States sbol-
ishing slavery before January Ist, 1900,
shall receive compensation from the United
States. The second, all slaves freed by
chances Of war, any time before the end
Of the rebellion, shall be forever free, but
all owners who had not been disloyal, shall
becompensated. Third, Congress may ap-
propriate money, and otherwise provide
for colonizing free colored persons with
their consent at any place without the
United States. t..
The President discusses these articles
at some length and asks, if, then, for q
common object, slave property is to be sac
rifced, is it not just that it be done at q
common charge, and if with less money, or
money easily paid, we can preserve the
benefits of the Union by this means than
we can by the war alone, is it not eeonom-
ical to do it2 The proposed emancipa-
ton would shorten this war, perpetuate
peace, insure increase in population and
proportionately the wealth Of the country.
The President then says, The plan, con-
sisting Of these articles, is recommended,
not but that q restoration Of the national
authority would be accepted without its
adoption, nor will the war or proceedings
under the proclamation Of September 22d
be stayed because Of the recommendation
of the plan. Its timely adoption, doubt
not, would bring restoration, and thereby
stay both. And Notwithstanding this plan,
the recommendation that Congress provide
by law for eompensating any State which
may adopt the emancipation before this
plan shsllhaye been acted upon, is hereby
earnestly renewed.
This plan is recommended as q measure
not in conclusion of, but additional to all
others for restoring and preserving the
National authority throughout the Union
The subject is presented exclusively in its
economical aspect. The plan is propelled
as permanent constitutional law.
In conclusion the President says the
dogmas of the quiet past are inadequate tC
the stormy present. The occasion is piled
high with difficulty, and we must rise witt
the occasion. The frey trial through which
we pass will light US down in honor or dis
honor to the latest generations.
We say that we are for the Union. The
world will not forget that while we say
this, we do know how to save the Union.-
In giving freedom to the slaves, we ensure
freedom to the free and honorable alike il
what we give and what we preserve. w
shall nobly save, or meanly lose the las
best hope Of the earth. Other means may
succeed; this could not fail. The way il
plain, peaceful, generous and just. A
way which, if followed, the world will for
ever applaud and good must forever bless