The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-23
HON. WILLIAM PITT FESSENDEN As
SECRETARY OF THE TREASURY.

The Fart he has Taken I'm Framing the
InpOrtaut Financial Measures Passed
by CODgress-IIis Responsibility for
Them-The support He will Receive
A RrILeM of the Financial Situation.
Hon. John Sherman, Senator from Ohio, who
has served with Secretary Fesseuden three years
upon the Finance Committee of tho Senate, in
recent speech before some OF his constituents in
Cincinnati, made the following reference to that
eentl, man. No man knows Mr.. Fessenden's
capacity for managing tho finances Of the coun-
try better than Mr.. Sherman. He said: -
have been engaged with Mr.. Fessenden rs
a mtmhcr Ol the Commit GO OF Finance Tor moce
than three years, aud | can assure you that
he brings 90 the discharge of the very diff cult
dutic, Of his Office great abilities and full in-
formation Of every branch OF his official duties.
He has taken prominent part IN framing
every imLOriant financial measure, and, as
Chairman Of the Committee Of Finance, has,
| perhaps, more familiarity with the whole sys-
| tenn Of revenue laws, and more responsibility
| for the form in which they now appear, than
! any member OF Congress- lie will receive the
| cu dial support OF all tho leading fin inccrs OF
| the country and may avoid many DIN ultes
Of uppU.iiiun that Governor Chase was compelled
10 tnroun;er Besides, his pOsirinp is mu h easier
| than that Of his predecessor. The who c maChi-
| merry Of the Treasury Department vast and COM
! phC.tCd rs 1t rs, is IOw 10 good working order.
| The taxes win produce at least one ha OF the
! tNTCId diluiCs, and We must depend for the other
! halt vpuD tie voluntary l.GnS Of tuy people.
! Tn,r resources arc ample to furnish cycu this
| large suui without affecting IA tre least any Of
! the Ordinary business Of LhC community.
| Ne have reached the limit of paper money.
! Not OuIy thc liHnt lNed by the act Of Congress,
| bur HUT established hy the uuChaugcgbe laws Of
! fIsl cc ard trace. Thnse among You who will
! tT.ItACt lusiuCsa hyrcaI'CrupOn She idea that tue
/ CuIr,uCy of tho country ID 10 disappear like tue
| ussiCurts in tie French revolution, Will surely
1ff.f fyl md a. lTT
! IN THE war upon the present basis of eNpenli-
| ure, without horr0win. from any traitor, croaker,
/ o. coward and, although the debt Shat we may
| impose upon postelty will be Large very large
| vet we must remember shat every ten years
! doubles our ability 20 pay; that we have bound
| less fields of god waiting for the hand of LABOR
that we have an active aud energetic people, before
whom financial and physical difficulties dlsap..
pear, and a country teeming with every kind OF
wealth, and fields broad enough to give active
| employment and great prosperity ~ one half OF
the oyerfIOwiDg labor Of Europe.
would not underrate the burdens Of war, but
| gentlemen, you must have observed that every
| man who during this war, has had faith In the
| Government and has conducted his business
upon the idea that il will survive all the struggles
Of bis time, that It's bonds will DC g0od, ana ia
| money good, and its credit untarnehed, has been
| successful, and will continue 10 Do successful
| (Applause.) When We look 20 our military 0pe-
| ratiOns we have no cause Tor discOuragement
We have been told very often that a naion OF
eight millions Of people could not be snOdued
Many of US underrate the task OF compelling the
Rebels 10 ooey the laws, but the progress OF ou'
armies shows us that we can compel ooediehce
| to the laws, even where the Rebellion extends q
eight millions ofpeople. We may DO discouT'
aged occasionally by raids and defeats. The lint
OF our advance may waveI. Bat the genera
course OF military events has been constantly
favorable tO our ultimate success.
| We bad 20 suffer defeats 10 learn the worth
| lefsness OF some OF our Generals. We had u
suheH defeats 70 cure the conservation OF some o.
our people. but now, thank God no politlca
general and no croaklng conservative can affect the
| march of our armies. Experience has taught u,
some lessons and among them "a one, that mill
| tary movements can only be conducted success
| fully BY educated military men, or those who's