The Portland daily press., 1863-01-20
Message of President Lincoln on the In
creased Issue of Treasury Notes.

Message of President Lincoln on the In
creased Issue of Treasury Notes.
WASHINGTON, Jan. 10.
To the Senate and House Of Representatives.:
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 14th and by the
Senate on the 18th. The joint resolution is IA
simple authothy, amounting, however, under
existing circumstances, to a direction TO the
Secretary of the Treasury to make an addi-
tional issue of one hundred million dollars on
the United States as SO much money is needed
for the payment of the army and navy.
My approval Is given in order that every
possible facility may be afforded for the prompt
discharge of all arrears of pay due to our sol
ders aud sailors. While giving this approval,
however, think il my duty to express my
sincere regret that IL has been found necessary
TO authorize so large an additional issue of
United States notes, when this circulation and
that of the suspended banks together have al
ready become so redundant as TO increase
prices beyond their real value, thereby aug
menting the cost of living to the injury of
labor and the cost of supplies to the injury of
the whole country. 1t seems very plain that
the continued issues of United States notes.
without any check to the issue of suspended
banks and without adequate provision for the
raising of money by loans and for funding the
issue SO as to keep them within due limits,
must soon produce disastrous consequences;
and this matter appears to me SO important
that feel bound to avail myself of this occa-
sion to ask the special attention of Congress
to it. That Congress has power to regulate
the currency of the country hardly admits of
doubt, and that a judicious measure to prevent
the deterioration of this currency by reason
able taxation of bank circulation or otherwise
is equally clear Independent of this general
consideration, il would be uni ust to the people
at large to exempt the banks enjoying the spec
ial privilege of circulation from their just pro-
portion of the public burdens.
In order to raise money by way of loans
most easily and eheapy, it is clearly necessary
10 have every possible support TO the public
credit To that end uniform currency, in
which taxes, subscriptions to loans, and all
other ordinary public dues may be paid is al
most if not quite Indispensable. Such II cur
rency can be furnished by banking associa-
TONS authorized under general act of Con-
gress, As suggested in my message at the be-
ginning of the present session. The security
of this circulation by the pledge of the United
States bonds, as herein suggested, would still
further facilitate loans by increasing the pre-
sent and causing future demand for such
bonds. In view of the actual financial en-
barrassment of the government, and of the
great embarrassment sure to come if the neces-
sary means Of relief be not afforded, l feel
that should not do my duty by simple an
nouncement of my approval of the joint reso-
luton, which proposes relief only by increas-
ing the circulation, without expressing my
earnest desire that measures, such in substance
as those have justreferred to, may receive the
early sanction of Congress. BY such meas
ures, in my opinion, will payment be most
certainly secured, not only to the army and
navy, but to all honest creditors of the govern
ment, and satisfactory provision made for
future demands on the treasury.
(Signed) ABRAHAM LINCOLN.