Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1864-08-27

pendi,ure must largely exceed any posi-
bic supply Of coin. The opportunities
thus presented to acquire sudden wealth
have led to vicious speculation, a conse.
auent increase in prices, and violent Auc.
tua,ion. The remedy is to be found only
in controlI'r,. he necessity which begets
the evil Hitherto We have felt the need
ofltore extensive aud vigorous taxation.
Severe comment has been made upon
what seemed to many an undue timidi,y
and tardiness of action, on the part of
Congress, in this regard. I DEAN i, but
just to say that very great misapprehen.
sion has existed, and perhaps still evis,s,
upon this point. Legislators, like al!
others, have much to learn in a new con-
diton of affairs. An entirely new system
was to be devised. aud that system must
necessarily be the growth Of time aud ex.
perience. 1t is not strange that first efforts
should have proved imperfect and made
quatc. To lay heavy burdens on great
and patriotic people In such manner as
to be equal, and as to occasion the Ieas,
amount Uf suffering or annoyance, re-.
quires time and caution, and vast labor =,
and. with all these, experience is needful
to tes. the value Of the system, and cor
rect its errors Such has been the work
which Congress was called upon to per
form. l am happy to say that daily results
are proving the Internal Revenue Act to
exceed in efficiency the most sanguine
expectations of its authors. In the month
Of June, 1868, i: yielded about four and
one-halt millions of dollars, while the
corresponding month of this year return
ed about fifteen millions, under the same
law. Under the new law, which went in.
to operation on the frst day Of The pres.
ent month, tho Treasury not unfrequentiy
receives one million in day. As time
aud experience enable the officers employ.
ed in collecting the revenue 10 enforce the
stringent provisions Of the new law, l
tros. that million per day will Be found
-. fals and not The. e.e~Hion. Still,
Hlthl l:sp.ce !. undoubtedly lef. for i'm.
pNsessss iu,be' law, and in its adnini..
ii1Aion, as a greater amount Of necessary
jof9rnas;on u. acquired. The proper
soosces of ievende. and the most effec-
,tise.madefof Obtaining it, are hess devl'
'aprt in tho .e1ecution of existing law
a. have caused measures to bsiniiiat'
ed which will, il is believed, enable Con.
.gtcs 30 to improve aad enlafge the sys-
ten As, when taken in connection with
the revesue from customs, and other
sources DO. afford an ample and secure
ba,is for The national credit. Only on such
= basic. and in a steady and vigorous ses-
raint Upon currency, can remedy ysbe
fogad 'for. existing evils. Such restraint
Gao only be exercised when the govesn.
msnt y. furnished with means to provide
forts neeessi,ies. But without the aid of
a pa,rio,ic people, any governmen. is.pow-
erlsis, Ter this Or any other desirable end.
16a.dsnopina.ios Of the notes pros
pesea.to be Issued. ranging from fifty 70
five. thousand dollars, place these seeuri'
tieS xi,fiu the reach Of M Who are dis
po:aa to aid their country, Fo. their re-
denfp!ion .the faith and honor and proper
ty Of thai country are so!emnly pied ged.
A. successful issue TO this contest, now
believed to bs nesr at hand, will largely
ennnce their value to the holder; aid
peace once restored, all burdens can he
lightly bigne. He VINO sel6-hly ly withholds
h.. aid in the hope Of turning bis avail
able means TO greater immediate profit. is
spCul4liDg. upon his counlry's misfor.
tunes, dnd may find that what seems to be
present. gain &eads only to future loss. i
appeal, tbetefore. With co,tilsncs to a
loyal and .patrlatic people, and Invoke the
eaoris.oe sll who love their countsy, and
desire for it glorious future, to aid their
government in sustaining its credit, aud
placio1 tbaf credi. upon . stable founda
tion. W.P. FESsENDEN. -
!. Secretary cf tie Treasury.