Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-01-21
WEDNESDAY MORNING. JAN. sl, 1868
Late News BY Last Nights Mails.
Message BY the III esident.
WASHINGTON. Jan. 10.

message Dy the FiesiQent.
WAsHINGroN, Jan. 10.
To the Senate and House Of Rsprescnta!ives
have signed the joint resolution to
provide for the immediate payment Of
the army and navy Of lho United States,
passed by the House on the l4th, and
BY the Senate on the 18th. The joint
resolution is a simple authority ,amount-
ing, however, under the existing cir
cumstauces, to . direction, to the Sec
retary Of the Treasury, to make an ad.
ditional issue Of sloo,00O,OOO in US.
lotes, II SO much money il needed for
the payment Of the army aud navy.
My approval is given in order that
every proper facility may be afforded
Tor the prompt discharge Of al arrears
Of pay due our soldiers and sailorr.-
While giving this approval, however,
] think 1t my duty to express my sim
ssrs regret that It has been found ne
cessary..to authorize SO large an addl-
tionsl issue OF U Aited States notes, when
this circulation and th,t OF the suspend.
Cd banks together have become al.
ready SO redundant az to increase pri-
ces beyond real value, thereby aug
pentlp8 the cost Of lising TO the injury
OF labor, and the cost Of supplies to the
whole country.
1t seems very plain that the contn-
ned issue OF United States notes with.
ont any check to the issues Of suspend
ed banks, and without adequate provis-
ion for the raising of money by loans,
inc for tnnding tue issues so as to
keep them within due limits, mu.t soon
produce disastrous consequences and
ah~ vratisv s~ra.r. - ~.e is~ ~nc-s." ~
.------- -r----~ 49, - -.-.r .~.-.
that teel bound to avail myseIfof this
occasion to ask the special attention Of
Congress to it.
That Congress has the power to reg
ulate the currency Of the country can
hardly admit ofdoubt, and that q judi.
cious measure to prevent the detcriora-
ton ofthis currency, by q reasonable
taxation Of bank circulation or other
wise, is needed, seems equally clear.
independently OF this general consid
GRAFTON, it would be unjust to the people
at large to exempt banks, enjoying the
the special privilege Of circulation, from
their just proportion Of the public bur
den.
In order to raise money by way OF
loans most easily aud cheaply, it is clear
necessary to give every possible sup
port to the public credit. To that
end, a uniform currency, in which tax
es, subscriptions to loans, and all other
public debts may be paid, is almost, if
not quite, indispensable. Such q cur
rency can be furnished by banking a.
sociations authorized under q general
act Of Congress, as suggested at the be-
ginning Of the present session. The Sc
curing Of this circulation by the pledge
of the U. s. bonds, as therein sugges-
ted would still further facilitate loans,
by increasing the present, and causing
. future demand for such bonds.
In view of the actual financial embar.
rassments of the government, and the
greater embarrassments soon to come, il
the necessary means of relief are not af-
forded, feel that should not peIlorm
my duty by simple announcement OF
my approval of the joint resolution
which proposes relief only by increasing
the circulation, without expressing my
earnest desire that measures, such in sub
stance as those l have just referred to,
may receive the early sanction Of Con-
gress. BY such measures, in my opin-
ion, will payment be most certainly Sc
cured, not only to the army and navy,
but to all honest creditors of the govern.
ment, and satisfactory provision made for
future demands on the treasury.
A. LINCOLN.