Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-01-21
Special Message from the President
The Finances

TO the Senate and House Of Representatives.
WAsHINGToN, Jan. 49, have signed IN,
joint resolution to provide for the immedi.
ate payment of the Army and Navy of the
United States passed by the House on The
l4th and by the Senate on the 18th, The
tjoint resolution is u simple authority,
amounting, however, under the existing
1 circumstances, to- direction to the Sec
rotary OF the Treasury 10 make an ad-
ditiona! issue of one huudred million dol
lars United States notes-h SO much
money in needed for the payment of the
Army and Navy. My approval is given
IN order that every proper facility may
be afforded for the prompt difchHrge OF
all arrears of pay due our soldiers aud sail
ors. While giving this approval, however,
think it my duty TO express my sincere
| regret that it has been found necessary to
authorize SO large an additional issue of
United States notes, when this circulation,
and that of the suspended banks together,
have become already so abundant as to in.
crease prices beyond real value, thereby
augmenIing the cost of living to the injury
oil labor, aud the cost of supplies to the
injury OF the whole country.
II seems very plain that the continued
issue of United States notes, without any
check to the issues of the suspended
banks, and without adequate provision for
the raising of money by loans, and for
funding the issues, so as TO keep them
within due limits, must soon produce dis.
hstrous consequences, aud this matter ap-
pears to me SO important that | feel bound
to avail myself of the occasion to ask the
special attention of Congress 10 it. That
Congress has the power TO regulate the
currency of the country, can hardly admit
OF doubt, aud that II judIciOus measure 10
prevent the deterioration of this currency
by u reasonable taxation of bank circua-
tlon,sor otherwise, is needed, seems equal
~ clear. 1t would be unjust to the peo-
pie at large to exempt banks enjoying the
special privilege OF circulation from their
Just proportion OF the public burdens
In order to raise money by way of loans
most easily and cheaply, is clearly neces-
sary to give every possible support to the
public credit, to that end, and uniform cur.
rencyI in which taxes. subscriptions to
loans, and all other public debts, may be
paid, is almost, if not quite indispensable.
such currency can be furnished by bank
ing associations, authorized under gener-
al act OF Congress, rs suggested IN my
message at the beginning Ofsthe presepT
session. The security of this circulation
by the pledge OF United States bonds, ms
herein suggested, would still further facil-
itate loans by increasing the present, and
causing future demand for such bonds.
In view Of the actual financial embur-
easements of the Government, and of the
greater embarrassment sure to come if the
necessary means OF relief are not afforded,
| feel thar should not perform my duty
by simple announcement OF my approval
OF the joint resolution, which proposes re-
lief only by increasing the circulation,
without expressing my earnest desire that
measures, such in substance as those |
have just referred to, may receive the early
sanction of Congress. By such measures,
in my opinion, will payment be most GER
tainly secured not only to the army and
navy, but TO ali honest creditors of the
Government, and satisfactory provision
made tor future demands on the Treasury.
A. LINCOLN.