The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1864-08-17

i OF action, on tue part OF Congress. IN
this regard. | deem it but just to say
that very great misapprehension has ex-
listed, aud perhaps still exists, upon this
point Legislators, like all others, have
/, much TO learn in a new condition OF
. affairs. An entirely new system was TO
i be desired, and that system mast ncces-
+ sariiy be the growth of time anu expert
eIce. 1t is not strange that first efforts
should have proved imperfect and inade-
/ quate To lay heavy burdens on a great
and patriotic people in such & lnanuer az
to be equal, and as to occasion the least
amount of suffering or annoyance, re
quiles time and caution, and vast
labor; and, with all these experience IS
needful to test the value of the system,
and correct its errors. Such has been
the work which Congress was called upon
TO perform. am happy to say that daily
results are proving the Internal Rercvnue
Act to exceed in efficiency the most san
guine expectations of its authoss. In
the month of June 1864. it yielded
about four and one half millions Of dol
lars while the corresponding month of
this year returned about fifteen millions.
Under the new law, which went into opc-
ration on the first day of the present
month, the Treasury not unfrequently
receives one million in Il day. As time
and experience enable the officers en-
ploycd in collecting the revenue to en-
force the stringent provisions OF the new
law, trust that a million per day will
be found the rule and not the exception.
Still, much space is undoubtedly left for
Improvement in the law, and in its ad-
ministration, as n greater amount OF ne
cessary information is acquired. The
proper sources of revenue, and the
are best developed in the execution
of existing laws. And l have caused
measures to be initiated which will,
it is believed, enable Congress so
to improve and enlarge the system
as, when taken in connection with
the revenue from customs, and other
sources, to afford in ample and secure
basrs for the national credit. Only on
such q basis, and in a steady and yigo
rouS restraint upon currency, can rem
cdy to be found for existing evils. Such
restraint can only be exercised when the
government is furnished with means to
provide for its necessities. But without
the aid Of patriotic people, any gov
ernmcnt is powerless, for this or any /
other desirable end.
The denomination of the notes propos- /
ed to be issued, ranging from fifty to five T
thousand dollars. place these securities +
within the reach of all who are disposed .
to aid theit country. For their redemp- f
tion the faith and honor and property of (
that country are solcmly pledged. \ .
successful issue to this contest, now be- I
licved 10 be near at hand, will largely |
enhance their value to the holder; and 4
peace once restored, all burdens can be
lightly borne. He who selfshly With
holds his aid in the hope of turning his
available means to greater immediate
profit, is speculating upon h ) countfys
and may find that what
seems to be present gain leads only to
future loss. l appeal, therefore, with
confidence to loyal and patriotic pco-
pie, and invoke the efforts of all who love
their country, and desire for it a glorious
future, to aid their government in sus-
tanning its credit, and placing that credit
upon a stable foundation
w p. FESSENDEN,
Secretary q the Treasury