Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1863-01-24

/ 10 1nn sxnkrn Avn HoU1n o. RrrnzsHsTAfrvnA
have signed the Joint.Resolution TO
provide for the immediate paymeat Of the
ss:::.y and navy of the United Statcs. nasssd
by The House on the l4tb, and by the Sen.
ate on the 18th inst The Joint Resou.
tion Is q simple authority, amounting how.
ever, uRder the existing circumstances to q
direction to the Secretary of the Treasury
to make an additional issue Of 500, 000,-
900 in United States notes, il 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 Sforded
for the prompt discharge Of ell arrears Of
pay due our soldiers aud sailors.
While giving this approval, however,
think it my duty to express my sincere re
gret that II has beea found necessary to
authorize so large an additional issue Of
United States notes when this circulation
and that Of the suspended banks together
have become already so abundant as to
increase prices beyond real vaue, thereby
augmenting the cost Of living TO the injury
of labor, and the cost of supplies to the
whole country. 1t seems very plain tha
the continued issue of United States notes,
without any check to the issues of suspended
banks and without adequate provisions for
the raising of money by loans and for fund.
ing the is:ue so as to keep them within due
limits, must soon produce disasterous con-
sequence, and this matter appears TO me to
be so important that feel bound to avail
myself Of the occasion TO ask the special
attention of Congress TO it.
That Congress has the power to regulate
the currency of the country can hardly ad.
NIT of doubt, and that judcous measure
to prevent the deterioration of this currency
by a reasonable taxation Of bank circulation
or otherwise, is needed, seems equally cloar.
Independently Of this general consideration,
il would be unjust to the people at large 10
exempt bank 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,i fit is clearly necessary TO give every
possible support to the public credit to
that end, and uniform currency in which
taxes subscription to loans, and all 9th er
ordinary public debts may be paid, is almost
if not quite indispensable. Such currency
can be furnished by banking associations,
authorized under geRerel act Of Congress
as suggested in my message at the beginning
Of the present session. The securing of
this circulation by the pledge OF U s. bonds
as therein suggested, would still further facl
itate loans by increasing the present aud
causing future demand for such bonds
In view OF the actual financial embarrass
ment sure to the GcvrnmeDt aud Of the
great embarrassment sure to come il the
necessary meaus of relief are not afforded,
l feel that should not perform my duty
by simple announcement of my approval
Of the Joint Resolution which proposes re.
lief only by increasing the circulation, with
out expressing my honest desire that meas.
ures, such in substance as those l have
just referred ito, may received the early
sanction of Congress.
BY such measures, 10 my opinion, will
the payment be most certainly secured, not
only TO the army aud navy, but to all hon.
est creditors Of the government, and salts.
factory provision made for future demands
on the Treasury. A. LINCOLN.