, 1863-12-16
FINANCE.
The portion Of the Message devoted to FL
nances is very lengthy, but may be summed
up in the following:

torccA. would EubFeFt the whole intention Of the
the most revolving injustice instead Of that jnet
correlation. between taxation and representation
which 1t was their purpose to aecuEe. With large
emy, what Justice would there be in imposing on
the remainder the whole amount Of the taxntion OF
the entire State IN proportion to It's rcprescn-
than to increase the burthen Of those who ~ are
the heaviest sufferers by the war; and to make our
own inability to- protect them from invasion, as
We are required to do by, the constitution. the
adherence to the letter, in violation of the spirit
OF that instrument: No such purpose co1Id have
been entertained, and no such result contemplated
weight to these considerations II VIC reflect, thar
although the constitution provided that 1t snoull
go INTO operation With q: representation Tempo
sa1y distTinnied among tue States, It expressly
years, that this temporary distribution OF repre-
sentative power u to endure until such enuner~
a,ion ehall be made Would any one argue that,
Gecn1sc the cenEua cannot be MJde within tho
fixed period, the government must, at tho expira-
tion or that period, perish for want Of represen-
fatiye body: In any respect In which the subject
announced. and which is understood to be in ac-
cordance with vote taken in one or both houses
at cur 1aet session. shall, therefore, until wear
eons,'uion @ deem aaty % approve ia
laying the taxation which y0u are bound to i'm
pose for the defence Of the country, in any other
pfAEIlCoUlG uQQG WLlCA an4u QlS[Il0utG Inc puf.
then uniformly and impaEtiall5 on the whole pro-
In your former legislation you ought to avoid
the increase in the 5olume Of notes IN circulation
by Offering Inducements to voluntary funding
The measures adopted for thst purpose havc been
but partially successful, and the evil has now
reached such a magnitude Us to permit no other
remedy thnn the compulsory reduction Of the cu.-
rcncS to the amount required by the business OF
the country. This reduction should be a.
eompanicd by pledge that, under no stress
Of circumstances, will that amount be- OK
ceeded- No possible mode Of asing the credit OF
the government can be 20 disastrous Us one which
dfetnrbs the basis of MI exchanges, renders fmpos-
Eible all circulaions of future values, augmeu.s,
In constantly increasing proportions the price or
ges, salaries and incomes as to render them inade
quate to bare subsistence. If to these be added
the still more fatal influence on the morals and
character Of the people, to. which i have
already ndrened, ! an persuaded you will concur
IN the conclusion that an tnlexible adherence to
dispcnenble clement Of cny system OF finance now
to be adopted.
The holders oi the currency now outstanding can
only be protected in the recovery Of their jnst
claims BY substituting for their notes some other
IL reduced the present ec1c OF Inflated prices Will
not only coutinne 10 exist hut by the yery fact Of
the afEr amounts thus inside requisite In tho con-
duct OF The war, those prlces will reach rates still
more e1tfaYngant, and tho whole systam will Fail
ton of the debt impossible, and destroying lis
whole ralue In the hands Of the holder. Il, on tho
contrary, q funded debt, with interest secured by
adequate tnxation, can be substituted for the ont
standing currency, its entire amount will be made
ayaishle to the holder and the goyernment vi! be
probable contingency. to prosecute the war to
successful Issue, II is, therefore, demanded "a