The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-08-05

and exhaustless in resources, able to conduct
through series of years war on its most gi-
gantic scale, and finding itself when near its
close almost unimpaired in all its material ele-
ments of power. 1t has at the present moment
great armies in the field, facing an enemy ap-
parently approaching period of utter exhaus-
tion, but still struggling with force the great
er and more desperate as it sees, and because it
sees, the near approach Ofa final and fatal con
summation. Such, in my deliberate judgment,
is the present condition of the great contest for
civil liberty in which you are engaged. Up to the
present moment you have readily and cheer
fully afforded the means necessary to support
your government 10 this protracted struggle
1t is your war. You proclaimed it, and you
have sustained it against traitors everywhere
with patriotic devotion, unsurpassed in the
worlds history. The securities offered are
such as should command your ready conf.
dence. Much effort has been made to shake
public faith in our national credit, both at
home and abroad. As yet we have asked no
foreign aid. Calm and self-reliant, our own
names thus far have proved adequate to our
wants. They are yet ample to meet those of
the present and future. 1t still remains for a
patriotic people to furnish the needful supply
The brave men who are fighting our battles by
land and sea must be fed and clothed. Num-
tions of war of all kinds must be furnished. or
the war must end in defeat and disgrace. This
inquire into the state of the money Market or
ask whether he can SO invest his surplus capt.
tai as to yield him larger return. No return
and no profit can be desirable if followed by ma
tional dissolution or national disgrace. Pres.
ent profit thus acquired is but the precursor of
future and speedy destruction. No investment
can be so severely profitable as that which
tends to secure the national existence. am
encouraged in the belief that by the recent le-
gislation of Congress our finances may soon
be placed upon sounder and more stable foot
ing. The present deranged condition of the
currency is imputable in great degree, to the
disturbances arising from the withdrawal of
necessary checks often inevitable in time of
war, when the expenditures must largely ex-
ceed any possible supply of coin. The Oppor-
tunities thus presented to acquire sudden
wealth have led to..vicious speculation, conse-
quent increase of prices and violent ductua-
tiOns.
The remedy is to be found only in control
ling the necessity which begets the evil Hith-
erto we have felt the need of more extensive
and vigorous taxation. Severe comment has
been made upon what seemed to many an un.
due timidity and tardiness of action on the part
of Congress in this regard. l deem it but just
to say that very great misapprehensiOn has ex-
isted, and 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 be devised, and that system must
necessarily be the growth of time and expert
ence. 1t is not strange that the first efforts
should have proved imperfect and inadequate.
To lay heavy burdens on great and patriotic
people in such manner as to be equal, and so
as to occasion the least amount of suffering or
annoyance, requires time, and caution and vast
labor; with all these, experience is needed to
test the value of the system and correct its er-
rOrs. Such has been the work that Congress
has been called upon to perform. am happy
to say that daily results are proving the Inter-
nal Revenue act to exceed in efficiency the most
sanguine expectations of its authors. For the
month of June. 1868, it yielded about four and
half millions of dollars, while the cores
ponding month of this year returned about fif-
teen millions under the same law. Under the
new law, which went into operation on the first
of the present month, the Treasury frequently
receives one million in day. As time and ex-
perience enable the officers employed in col
lecting the revenue to enforce the strength of
the provisions of the new law, trust that
million per day will be found the rule, and not
the exception. Still, much space is undoubt-
edly left for improvement in the law and in its
administration
As greater amount Of necessary information
is acquired, the proper sources OF revenue,
and the most effective mode of obtaining it,
| are best developed in the execution of the eX-
| listing laws; and 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 an
ample and secure basis for the national credit.
Only on such o basis. and in a steady and Wig
orous restraint upon the currency can remedy
be found for existing evils. Such a restraint
can only be exercised when the Government is
furnished with means to provide for its neces-
stiles. But without the aid of patriotic peo-
pie the arm of the Government is powerless
for this or any other desirable end. The de-
nomination of the notes proposed to be issued,
ranging from fifty to five thousand dollars,
places these securities within the reach of all
who are disposed to aid their country. For
their redemption the faith and honor and prop
erty of the country are sOlemnly pledged. A
successful issue to this contest, now believed
to be near at hand, will largely enhance their
value to the holders; and, peace once more
restored all burdens can be lightly borne. He
who selfshly withholds his aid in the hope of
turning his available means to greater imme.
diate profit, is speculating upon his country's
| misfortunes, and may find what seems to be
present gains leads to future loss. appeal,
therefore, with confidence to loyal and pat
| riotic people, and invoke the effort of all who
love their country. and desire for it a glorious
future, to aid their Government in sustaining
its u.s. credit, and place that credit upon stable
w. p. FEssENDEN,
Secretary of the Treasury.