The dollar weekly bulletin. [volume] (Maysville, Ky.) 1862-1864, 1863-01-29
- f .... WAsHINGToN, Jan. 10.
To the Senators and Members of the House of

-.s r..f ..' .., WASHINGTON, ian. ~.
To the Senators and Members of the House of
Representatives Jog e- ,#aT Isl
have signed the joint resolution to pro-.
vide for the imm ediate pawn ent of ths ar
my and navy of the United States, passed
by the House on the 18th, and by the Sen
ate on the 18th. The joint resolution is a
simple authority, amounting, however. I'M
der the existing circumstances, to a direc-
ton to the Secretary of the Treasury to
make an additional issue of $780, 100000
United States notes, if so much money is
needed for the payment of the army and
navy. My approval is given in order that
every proper facility may be afford ed 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 authorize so large an ad-
ditional issue of United States notes, when
this circulation and that of the suspend ed
bonds together have become already so re-
dundant as to increase prices beyond real
value, thereby augmenting the cost Of living
to the injury of labor, and the cost Of sup
plies to the injury of the whole country.
1t seems very plain that the continued is
sue of United States notes without any
check to the issues of suspended banks, and
o! money by loans, and for funding the is
sues so as to keep them within due limit,
must soon produce disastrous consequences;
and the matter appears to me so important
that feel bound to avail myself of this oc-
casion to ask the special attention of Congress
to it. That Congress has the power to regu-
late the currency of the country can hardly
didn't of doubt, and that judicicus meas
ure to prevent the deterioration of the cur
rency by reasonable taxation of bank cir
eulation, or otherwise, is needed, seems
equally clear. .rs ia'" l"4 ~ li ,-.-.
Independently ofthis general aonsidera-
ton it would be unjust to the people at large
to exempt banks enjoying the special priwi-
lege 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 necessary to give every
possible support to the public credit To
that end uniform currency, in which
taxes, subscriptions to loans, and all other
ordinary public debts may be paid, is almost,
if not quite, impossibWl Such currency
can be furnished by banking associations
authorized under general act of Congress,
and sugg ested in my N essage at the begin
ing of the present session. aN1 s''t u .,a'.'
-i The security of this circulation by the
pledge of United States bonds as herein
suggested, would STILL further facilitate loans
by increasing the present and causing a fur
Their demand for such bonds IN view of the
actual financial em barrassment sure to come
if the necessary measures of relief are not
afforded. feel that I should not perform
my duty by simple announcement of my
approval of the joint resolution, which pro-
poses relief only by increasing the circulation,
without expressing my earnest desire that
m easures such in substance as those Just re-
ferred 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 hon
est creditors of the Government, and salts
factory provision made for future demands
on the Treasury. sif Il. ,l..sr1,tzo,