Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1863-01-23
THE GEtsACE.

To the Senate and House Of Representatives. !:
| have signed the Joint 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 18th, and by
the Senate on the 18th inst. The Joint resol-
ution is a simple authority, amounting, how
ever, under the existing circumstances to a
direction TO the Secretary of the Treasury to
make an additional issue Of Sl00,O00,0GO in
United States notes, if 80 much money Is
needed, for the payment Of the army and ma
w. Ny approval is gwen in order that every
possible facility NAV be afforded for the prompt
discharge of all arrears of pay due 10 our SOL
diers and sailors. While giving til, approx
al, however, ! think il my duty to express my
sincere regret that it has been found necess-
airy to authorize so large an additional issue
of United States notes when the circulation,
and that Of the suspended banks together
have become already 81 redundant as 10 IN
crease prices beyond real values, thereby aug
menting the cost of living, to the injury of
labor, and the cost Of supplies, to the injury
of the whole country. Ii seems very PLAIN
that continued issues of United States notes
without any check to the issues of suspended
hanks. and without adequate provision for
the raising money Ivy loans, and for funding
the issues ~ az TO keep them within due limits,
must soon produce disastrous consequences,
and thie matter appears TO me 50 important
that feel bound 10 avail myself of tbi- occa-
sion TO ask the special attention Of Congress
to it That Congress has power to regulate
the currency Of the country can hardly ad-
nit of doubt, and that iudiciou- measure
T. proven; the deterioration of this currency by
a reasonable cation If bank circulation or
otherwise. i needed, seems equally clear.
independent If this general oonsidera-
ton, it would b. unjust - the people at
large 10 exempt banks enjoying the special
privilege of circulation from their Just pro
portion of TIE public burdens. In order to
raise money by way of loans most eisily and
cheaply. it is clearly necessary TO give every
possible support to The public credit. To
that end, a uniform currency, In which taxes.
subscriptions to loans. and all other ordinary
public dues may be paid, Is almost if not
quite Indispensable. Such { ~drrency can he
furnished by banking associations authorized
under a general act Of Congress, as suggest
cd in my message at the beginning OF the
present session. Inc securing Of this clrcu-
lation by the pledge If the United States
bonds, ss therein suggested, would still
further facilitate loans ny Increasing the pres
ent. and causing future demand for such
bonds. In view Of the actual financial TN
barrassments Of the Government, and of the
greater embarrassment, sure To come. ii the
necessary meaps Of relief be not afforded, !
feel that saould not perfjrm my duty by
simple announcement Of my approval Of the
Joint resolution which proposes relief only
by increasing the circulation. without ex-
pressing my earnest desire that neaslres,
such, in substance, as those | have just re-
ferred to, may receive the carly sanction of
Congress. By such measures, in my opin-
ion, will payment be most certainly secured,
not only to tire army and navy, but ID all
honest creditors Of the government, and sat
isfactory provision made for future demands
on the treasury.
tSigned) ABRAHAM LINCOLN.