The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1863-01-23
Special Message from the President.

To tho Seuate un6 House OF Representa-.
tives;--I have signed the JUlut Resolution TO
provldo for tho Immediate payment of tho
army and navy Of the United Statos, pnsrcd
bv the House on tho l4th, and by the Sem
ate on the 18th inst The Joint Resolution
ia n simple authority. amounting, howevor,
under TIM existing ciroum sthrcCs.to drcc-
ton to tho Secretary Of tho Treasury to
mako an additional issue OF 300 000,0 10
Unitod States notes, II 50 much money Is
needed. for tho payment Of the army aud
navy. My approval is giscn 10 ordor that
eyory proper facility may be afforded for tho
prompt dis charge Of all arrears Of pay duo
our soldiers and sailors,
While giving this approval, however, l
think il my duty to oxprcss my sincere re-
grot that 1t has baon found necessary TO ou-
thorizo go largo an additional issue OF Uni
tod Statos Doios whom this circulatirn aud
TINT of tho suspended banks together have
become already so abundant us to increase
prices beyond real vuiuc, thereby augment
ing the cost Of living to tho injury OF labor,
and tho cost of supplies TO the injury of tho
whole country. 1t seems very plain that
| tho continued iasuo Of United States notcs,
without any check TO The issues Of suspend,
cd banks. ard without adequate proviti, rs
for tho raising of money by loans, aud for
funding tho Issues so as 10 keep thcm wth-
! in duo limits. must soon produce disastrous
consequences. and this matter appears to
me IN be 30 important that | feel bound to
avail myself Of the occasion to ask tho
special attention of Congress to il.
That Congress has the powor to regulate
tho currency of the country can hardly adj
nit Of Goubt.and that jndicious measure
to prevent tho deterioration of this currency,
by reasonable taxation of bank circulation
or otherwise. is needed. seems equally clear.
Independently Of this general consideration,
It would be urjnst To tho people Mt large TO
exempt banks enjoying the special privilege
of circulation from their jus proportion Ut
tho public burdens, In order 10 raise money
by way Of loans most easily aud cheaply. it
is clearly necessary to givo overy possible
support to tho public credit to that end and
q uniform currency in which taxes. .subscrp-
tion to loans. and ali other ordinary public
debts may he paid, is almost, If not qrito,
Indispensable.
Such currency can bo furnished by bank
ing associations, authorized under gGneral
act of Congress, as suggested in my message
at tho beginning of tho present. session. Tho
securing Of this circulation by tho pledge Of
U. S bonds. as therein suggested. would
still further facilitate loans by Increasing tho
present aud causing future demand for
such bonds. In view of the actual financial
embarrassment sure to come il tho nocossa-
ry means of rcisf are not Afforded, fecl
that l should not perform my duty by a
simple announcement of my approval OF tho
Joint Resolution which proposes relief only
by inci casing the circulation, without express
sing my honest desire that measures, such
in subs,nncn as those have just referred to,
nav receive tho carly sanction of Congress.
BY such measures, in my op MON, will tho
payment be most certainly secured, NOT
only to tho army and navy bat TO all honest
creditors of tho Government and satisiacto.
ry provision mado for future demands on
tho Treasury. (Signed) A. LINCOLN.