The Iowa transcript. (Toledo, Tama County, Iowa) 1858-1866, 1864-08-11

an undue timidity and hardness OF
action, on the part Of Congress, in this
regard. | deem it but just to say that
very great misrepresentation has existed
and perhaps still exists, upon this point.
Legislators like all others, have much
to learn in new condition Of affairs.
An entirely new system was to be de
viscd, and that system must necessarily
be The growth of time and experience.
1t is not strange that FIRST efforts should
have proved imperfect and inadequate.
To lay heavy burden on great and
patriot. people in such a manner as to
be equal, and as to occasion the least
amount of suffering or annoyance, re
qn:res time and caution, and vast labor;
and, with all these, experience is need
full 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
Revenue Act to exceed in efficiency the
most sanguine expectations of it's
authors. In the month Of June, 1868,
It yielded about four and one half mil.
lions Of dollars, while the corresponding
month Of this year returned about fifteen
millions, under the same law. Under
the new law, which went into operation
on The first day cf the present month,
the Treasury not unfrequently receives
one million in day. AS time and cx.
periencc enable the officers employed
in collecting The revenue to enforce the
stringent provisions Of the new law.
trust that 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 al
lninis'ratinn, az a greater amount Of
necessary information is acquired. The
proper sources ofrevenue, and the most
effective modes of obtaining it, are best
developed in the execution Of existing
laws. And | have caused measures TO
be inflicted which will, il is believed,
enable Congress SO to improve and en-
large the system az, when taken in
connection with the revenue from
customs and other sources, to afford an
ample and secure basis for the national
credit. Only on such basis, and IN a
steady and vigorous restraint upon cur
rency, can a remedy be found for ex-
isting evils. Such restraint can only be
exercised when the government is fur.
nishcd with means to provide for it's
necessities. But without the aid Of q
patriotic people, any government is
powerlcss, for this OF any other dc.
sirablc end.
The denominations Of the notes pro-
posed 10 be issued, ranging from City
to five Thousand dollars, place these
securities within the reach of al who
are disposed to aid their country. For
their redemption the faith and honor
aid property Of that country are
solemnly pledged. A successful issue
to this contest, now believed to be near
at hand, will largely cnchance their
value 10 the holder; and peace once
restored, all burdens can be lightly
borne. lie who seliishly witLholds his
aid in the hope Of turning his available
means to greater immediate profit, is
specializing upon his country's misfor.
tunes, and many find that what seems
to be present gain leads only to future
loss. appeal therefore, with conf.
dence TO loyal and patriotic people,
and invoke the efforts OF all who love
their country, and desire for it glor.
ious future, to aid their government in
sustaining its credit, and placing that
credit upon stable foundation.
W. p. FESSENDEN,
Secretary Of the Treasury.