Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-01-20

To the Senate and House of Representatives ::
l 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 l4th, and by the
senate on the 18th inst The joint resolution
is simple action, amounting, however, under
existing circumstances, to a direction to the
secretary of the treasury to make an addition
al issue of one hundred million dollars in
United States notes, if SO much money is
needed for payment of the army and navy.
My approval is given in order that everything
possible may be effected for the prompt dis
charge of all arrears of pay due to our soldiers
and our sailors.
While giving this approval, however, 1
think it my duty to express my sincere regret
that it has been found necessary to authorize
SO large additional issues of United States
notes, when this circulation and that of the
suspended banks together, nave become SO
redundant as to increase prices beyond real
values and thereby augmenting 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 continued issues of
United States notes, without any check to the
issues of the suspended banks, and without ad-
equate provision for unding the issues so as to
keep them within due limits, must soon pro-
duce disastrous consequences; and this mat
ter appears to me so important that l feel
bound to avail myself ofthis occasion to ask the
special attention of congress to it.
That congress has power to regulate the
currency of the country can hardly admit of
doubt; and that a judicouS measure to pre-
vent the deteriorc on of this oorrrunuy by
reasonable taxation of bank circulation, or
otherwise, is needed, seems equally clear.
Independently of this general considera-
ton, itwould be unjust to the people at large
to exempt banks which enjoy the special priv
ilege of circulation, from their just proper
ton Of the public burdens. In order to raise
money by the way of loans most easily and
cheapy, it is clearly necessary to give every
possible support to the public credit To
that end uniform circulation in which taxes,
subscription to loans, and all other ordinary
public dues, may be paid, is almost if not
quite indispensable.
Such currency can be furnished by bank
ing associations authorized under general
act OF congress, as suggested in my message
at the beginning of the present session. The
securing of this circulation by the pledge of
the United States bonds, would still further
facilitate loans by increasing the present and
causing future demand for such bonds. In
view of the actual financial embarrassment of
the government, and Of the greater embar-
fassment sure to come II the necessary means
OF relief be not afforded, feel that l should
not perform my duty by simple announce
ment of my approval of the joint resolution
which proposes relief only by increasing the
circulation, without expressing my desire that
measures such in substance as | have Just
referred to, may receive the early sanction of
congress.
BY such measures, in my opinion, will pay
ment be most certainly secured, not only to
the army ana navy, but to all honest creditors
OF the government, and satisfactory provision
made for future demands on the treasury.
ABRAHAM LINCOLN