The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1863-01-28

WhsHINeTeN, Ian. 10.
To the Ssnass end Hoase of Represeasatives (.
Lhave. signed the joint resolution to provide
for the immediate payment Of the army aud
navy of the United States, passed by the House
on tho 18th and By the Senate, on the 10TH
The joint resolution is y simple. authority,
amounting, however, under the existing eir-
eumstances, to a direction to the Secretary of
the Treasury to make an additional issue Of
s100; 900 United States notes, if So nuch
money is needed for the payment of the army
and navy. My approval is given in order
that every proper facility may be afforded for
<he prompt discharge Of all arrears of pay duo
our soldiers and sailors.@r9
While giving this approval, however, I
think it my duty to express-my sincere regret
that it 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 became al
ready go redundant as to increase the prices
beyond real value, thereby augmenting the
cost of living to the injury of labor, and the
cost of supplies to the injury of the whole
country, 1t scenes very PLAIN that the CON-
tinued issue 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 issues 80
Us 10 ktcp1 uem WlbAlH Q06 llLQlJS, Inus e60Ou
produce disastrous consequences and this
matter appears to me so important that I feel
bound to avail myself ofthe occasion to ask the
especial attention of Congress to it.
That Congress has the power to regulate the
currency of the country can hardly admit OF
doubt, and that a judieious measure to prevent
deterioration Of this currency by q reasonable
taxation of bank circulation, or otherwise, is
needed seems equally clear. Independently
of this general consideration, 1t would be IN
just to the people at large to exempt banks
enjoying the special privilege of circulation,
from their just proportion of the public bur-
dens. In order to raise money by way of
loans most easily and cheaply, it is clearly nec-
essaryt to give every possible support to the
public credit. To that end, uniform curren-
ey in which taxes, subscriptions to loans, and
all other ordinary public debts, may be paid
is almost, if not quite Indispensable. Such q
currency can be furnished by banking asso-
Citations authorized under a general act of Con-
gress, as suggested in the beginning of the
present session. The securing of this circu-
lation by the pledgeof United States bonds,
as herein suggested, would still further fac
Hate loans by increasing the present and caus-
ing a future demand for such bonds.
In view of the actual financial embarrass-
ments of the Goyernment, and of the greater
embarrassment sure to come if the necessary
means of relief are not afforded, I feel that ]
should not perform my duty by a simple an
nouncement of my approval of the joint reso-
lution which proposes relief only be ~increas-
ing the circulation, without expressing my
earnest desire that measures such In substance
as these 1 have just referred 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 honest creditors Of the Gov
eminent, and satisfactory provisions made fol
future demands on the treasury.
a. LINCOLN.