The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1863-01-23
THE MESSAGE OF THE PRESIDENT
In regard to the further Issue OF Gov.
crnment Notes.

ernmont Notes.
To the Senate and House Of Representatives
Il have signed the joint resolution to provide
for the immediate payment of the army and
navy OF the United States, passed by the
House OF Representatives on the 18th, and BY
the Senate on the 10Th. The joint resolution
10 simple authority, amounting. however,
under existing circumstances, 10 q direction
to the Secretary Of the Treasury to make an
additional issue OF one hundred million dollars
Of U. 3. Notes, or so much money as IL need.
ed for the payment Of the army and navy. Ny
approval 10 given in order that every possible
facility may be afforded for the prompt dis
charge Of oil arrears Of pay due to our soldiers
and sailors. While giving this approval.
however. l think 1t my duty to express my
sincere regret that It has been found necessary
to authorize so large an additional issue Of the
U. s. Notes, when this circulation and that oil
the suspended banks together have already be.
come 40 redundant as to increase prices beyond
real value, thereby augmenting the cost OF
living to the injury Of the labor. and the cost
of supplies to the injury ofthe whole country.
1t seems very plain that continued issues Of
United States Notes without any check to the
issue Of suspended banks. and without ade-
quate provision for the raising of money by
loans and for funding the issues, so as to keep
them within due limits, must soon produce
disastrous consequences, and this matter APP
pears to me so important that feel bound TO
avail myself of this OCCASION to ask the specisl
attention Of Congress TO 1t. That Congress
has power 10 regulate the currency OF the
country can hardly admit Of doubt. and that
ajudicious measure to prevent the deteriora'
ton of this currency by reasonable taxation
of bank circulation or otherwise, is equally
clear. Independent Of this general considera-
ton, it would be unjust TO the people 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, 1t is
clearly necessary to have every possible sup
port to public credit. 10 that end uniform
currency, in which taxes, subscriptions to loans
and all other ordinary public dues may be
paid, is almost IL not quite Indispensable
Such currency can be furnished by banking
associations, authorized under general act oil
Congress, rs suggested in my Massage at the
beginning of the present session. The security
of this circulation by the pledge of the United
States Bond, as therein suggested, would still
further facilitate loans by increasing the pres.
ent and causing future demand for such
bonds. In view of the actual 6nancina! ems
barrassment Of the Government, and OF the
great embarrassment sure to come II the nee
essary means of relief be not afforded, feel
that should not do my duty by simple an
nouncsment of my approval of the joint reso.
luton which proposes relief only by increasing
the circulation, with out expressing my err.
nest desire that measures, such in shbstane as
those have just referred TO, may receive the
early sanction Of Congress. BY such meas
ures, in my opinion, will payment be mos!
certainly secured. not only to the army and
navy, but to all honest creditors of the Govern!
inent, and satisfactory provision made for fu.
ture demands on the Treasury.
(Signed) ABRAHAM LINCOLN