Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1863-12-14

adopted. The holders of currency now
outstanding can only be protected in the
recovery of just claims by substituting
Tor notes some other security. If the
currency is not greatly and promptly re.
duced, the present scale of inflated pri-
ces will not only continue to exist. but
by the very fact that the large amount
thus made necessary i'll the conduct of
the war, those prices will reach rates
more ~extravagant and the whole sys-
tenn fall under its own weight, thus rem
dering a reduction Of the debt impossible
and destroying its whole value in the
hands of the holder. If, on the contra
~, a funded debt, with interest secured
by adequate taxation, is substituted for
the outstanding currency, its entire
amount will be available to the holder,
and the Government will be in a condi-
ton enabling it, beyond the reach of any
probable contingency, to prosecute the
war to a successful issue. 1t is therefore
demanded, as we'll by the interest of the
creditor as of the country at large, that
treasury notes be converted into bonds,
bearing adequate interest, with a pro-
vision for taxation sufficient to ensure
punctual payment and final REDEMPTION
OF the whole debt.
hi President recommends to the con
slderation OF Congress the report of the
Secretary Of the Treasury, and hopes it
VIII engress the consideration of that
body until disposed of in a proper man
ner and the important results which the
country anticipated from it's actions be
attained.
The President believes the army to be
IN a better condition han at any previ-
Gus period OF the war. He recommends
the restoration e. the army of ali who are
improperly absent, putting an end to
substitution, modifying the exemption
law, restricting details and placing in the
ranks all ablehOd.sd men now EMPLOYED
as wagonerS, nurses, cooks, and other
employees doing service fer which ne
groes may be found competent. He con.
ours ia the opinion expressed by the
Secretary of War that there is no ground
tor objection that a new provision, to in
cIude those who have furnished substi-
tutcs under former calls, would be a
breach OF contract. The action of the
several Executive Departments is review
ed, and the gratifying announcement.
is made that the receipts of the Post
Office Department are six hundred and
Seventy-tive thousand dollars in excess
Of expenditures.
The communication with the trans
Mississippi is INSTRUCTED so as to. render
1t difficult to comply with the Exec
utlVe needs. Legislation is required,
providing for the exercise of temporary
authority, especially in the Postal and
Treasury Departments, for which sub
Secretaries are RECOMMENDED, while for
military affairs it would seem to be suf-
%ticient to authorize the President and
Secretary Of War to delegate to com
1estsao sss'"aad5em as the ext ffaos5Gsaasoet
the service shaB require. Y
: The. President adverts to NE savage
ferocity of the enemy in conducting the
war, and holds up to public cxecration
the refusal Of the Lincoln Government
to execute the cartel for exchanges of
prisoners ; but the patriotism of the
people had proved equal in every sac
riice demanded by the country's need,
and God has blessed us with success in
disproportion to our means, and under
His divine favor our labor must at last
be crowned with success.