Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1863-01-23
WASUfSfDN=l9th.

ca Lc[ktTS,
WASHINGTON, 10Th.
To the Senate AMI II juse OF representatives.
have signed the loint resolution to pro
vide for the immediate payment of the army
and navy of the United States, passed by the
House Of Representatives on the l4th, and
by the Senate on the 18th.
The Joint resolution in a single authority.
amounting, however, under existing cireum-
stances, to direction to the Secretary OF
the Treasury to make an Additional issue OF
one hundred millions Of dollars in United
States notes, if so much money is needed for
the payment of the army aad 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 soldiers aud sailors While giving
this approval, however, think it my duty
TO expose my sincere regret that it has been
found necessary to authorize 50 large an
additional issue of United States notes when
their circulation and that Of the suspen!ci
banks together, have already become 50
redundant as to increase price beyond real
value, thereby auGmentIng the cost OF liy
ing to the injury OF lahorers, and the cost
OF supplies to the in ury + the whole eoua-
try.
1t seems very plAin that continued Issues
of United states notes, withou: any chect
TO the issue ofsuspendcd banks. and without
adequate provisions for the raising of mon
ey by loans, and for funding the issue 50 as
t, keep them within due limits. must soon
produce disastrous consequences, and this
matter appears to me 50 important that
feel bound to avail myself Of this occasion
to as the special attsn ton Of Congress t.
it. That Congress has power to regnlate
the currency of the country can hardly ad
init of a doubt, and that II judeous meas
ure to prevent the deterioration Of this cur
rency by reasonable taxation of bank cir
culation or otherw Sc is equally clear indie
pendent OF this general Consideration.
1t would be manifestlv unjust to tic peo-
pie at large to exempt banks enjoying the
special privilege OF circulation, from their
just proportion of the public burdens.
In order to raise money by way Of loans
most easily and cheaply, it is clearly nsces-
sary to have every possible support to the
rency, in which taxes, subscriptions to loans.
paid, is almost if not quite indispensable.
Such a currency can be furnished by bank
ing associations under general act Of Con-
gress, as suggested in my MESA &c at the
beginning of the present session. The sc.
curing of this circulation by the pledge of
I. S. bonds. as herein suggested, would
still further facilitate loans by increasing the
present, and causing future demand for
for such bonds.
In view of the actual financial em5arrass-
ment OF the Government, and the graf en-
barrassment sure to come il the necessary
means OF relief be not Afforded, | leel that
should not do my duty by simple annouce-
ment OF my approval of the ialnt resolution
which proposes relief only by increasing the
circulation, without expressing my earnest
desire that measures, sdch in substance as
those | have just referred to, may receive
the early sanction OF C1nsrcss. by sach
measures. IN my opinion, will payment be
most certainly secured, net only to the
Army and the Navy, but to all honest credi-
tors of the Government. and satisfactory
provisions male Tor future ds!nlnas GA the
Treasury.
(Sisned) ABRAHAM LINCOLN.
WASHINGTON. 10Th.
The Z. s. punb,at Sycamore ren3rts tie
cantarc on the 5th. at t5aspiter Iaiet. Fla.
of the Enrllsh sloop Avengar Of Nassau.
with ,s.orted c1r,o of salt coffee oin.ani
drv Goods also of Enolish sloon. Julia. oil
Nassau on on the Stb with salt
The l. s schooner Ariel renorts the can
turs of sloon G,od Luek ON the 9Th inst
off Florida, Capes, loaded with turp ntine