Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-01-20
Evening and Midnight Reports,
Special Message from President Lin
coin.
WAsHINaToN, Jan. 10.

WARRINGTON, Jan. ~.
To the Senate and House Of Representatives:
l have signed the joint resolution to provid,
for the Immediate payment of the army ani
navy Of the United States, passed by the Houst
on the l4th and by the Senate on the 18TH
The Joint resolution is O simple authority
amounting, however, under the existing cir
cumstances, to direction to the Secretary o.
the Treasury to make an additional issue Of
$lOO, ,OOO, 600 United States notes, II 80 much
money Is 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 discharge Of all arrears Of pay due OH
soldiers and sailors.
While giving this approval, however, l think
it my duty to express my sincere regret that
IL has been found necessary to authorize GO
large an additional issue of United States
notes, when this circulation and that of the
suspended banks together, have become al
ready 80 redundant as to increase the prices be.
yond real value, thereby augmenting the cost
Of living to the injury Of labor, and the cost Of
supplies to the injury Of the whole country -
Il seems very plain that the continued issue o
United States notes, without any check to thl
issue Of suspended banks and without adequate
provision for the raising Of money by loans and
for funding the issues 30 as to keep them with
In due limlte, must soon produce disa stroul
consequences; and this matter appears to me
30 important that / feel bound to avail mysell
of the occasion to ask the especial attention
Of Congress to IL.
That Congress has the power to regulate the
currency OF the country can hardly admit oil
doubt, and that judlclous measure to prevent
deterioration of this currency by reasonable
taxation Of bank circulation, or otherwise, IL
needed seems equally clear. Independent;
Of this general consideration, II would be unjus
to the people at large to exempt banks enjoying
tho special privilege Of circulation, from tbeil
just proportion of the public burdens. In order
to raise money by way of loans most easily ant
cheaply, IL is clearly necessary to give
every possible support to the public credit
To that end, uniform currency in which taxes
subscriptions to loans, and all other ordinary
public debts, may be paid 10 almost, If not quite
Indispensable. Such currency can be furnish
ed by banking associations authorized under Q
general act of Congress, as suggested In th,
beginning Of the present session. The seeur
ing of this circulation by the pledge of United
States bonds, as herein suggested, would still
further facilitate loans by increasing the pres
ent and causing . future demand for suct
bonds
In view of the actual financial embar.
rassmeDts of the Government, and of She
greater embarrassment sure to come if the
necessary means of relief are not afforded
feel.that should not perform my duty by Q
simple announcement ofmy approval Of the joint
resolution which proposes relief only by incraas
Ing the circulation, without expressing m,
earnest desire that measures such 10 substano,
as these l have just referred to, may receiv,
the early sanction Of Congress. By sucl
measures, In my opinion, will payment be mos
certainly secured, not only to the army AMI
navy, but to all honest creditors of the Gov
ernment, and satisfactory provision made fo
future demands on the treasury.
A. LINCOLN.