Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1863-01-27
The President on the Currency

To the Senate and House OF Representatives:
have signed the joint resolution to pro.
vide for the immediate payment of the or.
my and navy of the United States, passed
by the house or the 18th, and BY the sem
ate tn the 18th. The joint resolution is
a simple authority, amounting, however,
under the existing circumstances, to a d.
EectiOn to the secretary of the treasury to
make an additional issue of 500, 100000
in United States notes, if 50 much money
is needed fer 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
our soldiers and sailors. While giving
this approval, however, think it my duty
to express my sincere regret that it has
been found necessary to authorizs so large
an additional issue of United States notes,
wher this circulation and that of the sua-
pended banks together have become al
ready SO redundant as to increase prices
beyond real value, thereby augmsntiRg the
cost of living to the injury of labor, and the
cost of supplies to the whole country.
1t seems very plain shat The continued
issue of United States n ties, without any
check Of the issue of suspended banks, and
without adequate provision for the raising
Of money by loans, and for funding the is
sues 50 as to keep them within due limits,
must soon produce disastrous consequences;
and the matter appears to me 80 important:
that feel bound to avail myself of this
occasion to ask the 81 ecial attention of
congress to il.
That congress has the power to regulate
the currency of the country can hardly ad-
init of doubt. and that a judi ..ssnre
to prevent the de,eriorya
cy, by a reasonabls tai
culation or otherwise,
equally clear.
Independently Of this general coneidera.
ton, it would be unjust to the people at
large to exempt banks, enjoying the spe-
clsl privilege Of circulation, from their inst
proportion OF the public burden.
In order to raise money by way Of loans
most easily and cheaply, il 10 certainly
necessary to give every possible support to
the public credit. To that end an uniform
currency, in which taxes, subscriptions 70
loans, and ell other public debts NAV be
paid, is almost, if not quite, indispensable.
Such currency can be furnished BY bank
ing associations authorised under a general
oo eSSEOStCu " De-
ginning Of the present session. The secur-
ing Of this cirulation by the pledge of
United States bonds, as therein suggested
would still further facilitate loans, By in,
ereaRipg the present, and causing future
demand for such bonds.
In view Of the actual financial embar-
easements of the government, and the
greatest entertainments coon to come if
the necessary means Of relief are not af-
forded, feel that shcu'd NOT perform
my duty by Q simple announcement of my
approval Of the joint resolution which
proposes relief only by increasing the cir
culatior, without expressing my earnest
desire that measures, such 10 substance ms
those have just referred to, may receive
the early sanction OF congress. By such
measures, in my opinion, will payment be
most certainly secured, not only to the
army and navy, but to all honest creditors
OF the government, and satisfactory pro
vision made for future demands on the
treasury.