Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1863-01-20

The following message on this subject, nom
the President OF the United States, was pre-
scented to both Houses Of Congress yesterday;
To he Senats aud HouSs Of Representatives,
I have signed the joint resolution TO provide
for the immediate payment Of the army and
navy of tho United stntos, Passed by the House
of Representatives on the 18th, and by the
Senate on the 18th instant.
The joint resolution is a simple authority,
amounting, however, under existing circum-
stances, 10 a direction 10 the Secretary OF the
Treasury to make an additional issue Of $780,
900, 600 in United States notes, II so much
money Is needed for the payment Of tho army
and navy.
My approval is given in order that every pos
slble facility may DO afforded for tho prompt
discharge Of all arrears Of pay due TO our sol
diers and our sallors.
While giving this approval; however, / think
| II my buty TO express my sincere regret that II
| has been found necessary u authorize so large
mn additional issue of United States notes, when
this circulation, and that Of the suspended
banks together have become already so rCdun-
dant as to increase prices beyond real values,
thereby Rugmentlng the cost Of living to the In
| Jury OF labor, and the cost Of supplies TO the
injury Of the whole country.
| II seems very plain that continued Issues Of
United States notes, without any check TO the
issues Of suspended banks, and without ade-
quate provision for tho raising OF money by
loans, and for funding the issues, so as 10
keep them within due limits, must soon pro-
duco disastrous consequences but this matter
appears 70 me so important that l feel bound
to avail myself Of this occasion TO ask the spo-
, cial attention of Congress TO 1t.
= That Congress has power 10 regulate tho cur.
rency Of the country can hardly admit Of doubt,
and that a ludicious measure to prevent tho de-
terioration Of this currency by reasonable
, taxation Of bank circulation, or otherwise, is
needed seems equnllly clear. independently
of this general consideration, II would be unjus
! 10 the people at large TO exempt banks enjoying
, the special privilege Of circulation from this
Just proportion Of the public burdens,
In order to raise money by way of loans most
easily and cheaply, 1t Is clearly necessary u
give every possible support 10 the public credit
4 To that end, uniform currency, In which
taxes, subscriptions TO loans, and all other or
binary puhliC dues, as we'll as all private dues
may be paid, Is almost indispensable. Such
c currency can be furnished by banking assOcia
tons, authorized under a special act of Con
gross, as suggested in my message at the be
" ginning of the present session. The securing
Of this circulation by the pledge OF United State
Q bonds, as therein suggested, would still furthe
facilitate loans, by increasing the present anC
causing future demand for such bonds.
d, In view Of the actual financial embarrass
: ments of the Government, and Of the greater
cmDATfahHmenth sure 10 CDnO, u inc necessary
means Of relief be not afforded, l feel that
should not perform my duty by a simple an
nouncement Of the joint resolution which pro
poses relief only by increasing circulation, with
out expressing my earnest desire that measures
such in substance us those have Just roiorre,
Y TO, may receive the carly sanction of Congress
d By such measures, In my opinion, will pay
ment be most certainly secured, not only TO tn
army and navy, but to all honest creditors o
l. the Government, and satisfactory provision
II made for future demands on the Treasury.
/ ABRAHAM LINCOLN.
January II, 1858.
q The Secretary Of the Treasury, upon learn
4, ing, yesterday, that the resolution for the issu
of one hundred million of dollars had receive
the PreSldent's signature and become Law
II Immediately placed to the credit Of the pa!
= masters Of the army, the sums Get against the
, names respectively, as follows, Tho same to
, promptly distributed TO the officers and men
= every mart Of the United States;