The Alleghanian. [volume] (Ebensburg, Pa.) 1859-1865, 1864-08-04


mains for patriotic people to furnish the
needful supply. The brave men who are
fighting our battles by land and sea must
be fed and clothed, munitions of war of
all kinds must be furnished, or the war
must end in defeat and disgrace. This is
not the time for any lover of his country
to inquire as to the state of the money
market, or whether he can so invest his
surplus capital as to yield him larger
return. No return and no profit can be
desirable if followed by national dissolu-
ton or national disgrace. Present profit
thus acquired is but the precursor Of future
and speedy destruction. No investment
can be SO surely profitable as that which
tends to insure the national existence.
am encouraged in the belief that By
the recent legislation of Congress our f.
nances may soon be placed upon a sound
and more stable footing. The present
deranged condition of the currency is i'm
putabie, in great degree, to disturbances
arising from the withdrawal of necessary
checks, often inevitable in time of war,
when expenditures must largely exceed
any possible supply Of coin. The oppor-
tunities thus presented to acquire sudden
wealth have led to vicious speculation,
consequent increase of prices, and violent
fuctuation. The remedy is to be found
only in controlling the necessity which
begets the evil. Hitherto we have felt
the heed of more extensive and vigorous
taxation. Severe comment has been made
upon what seemed to many an undue tim
idity and tardiness Of action, on the part
of Congress, in this regard I deem i.
but just to say that very great misappre-
hension has existed, and perhaps still ex-
lists, upon this point. Legislators, like
all others, have much to learn in new
condition of affairs. An entirely new sys.
tenn was to be devised, 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 burdens
on great and. PATRIOTIC peoplo in such
maptrer as ;6 be equal, and as to occasion
the least amount of suffering or annoyance,
requires time and caution, and vast labor;
and with all these, experience is needful
to test 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 re-
suits are proving the internal revenue act
to exceed In efficiency the most sanguine
expectations Of its authors. In the month
Of June, 1868, it yielded about four and
one. half millions of dollars, while the
corresponding month of this year returned
about fifteen millions, under the same law.
Under the new law, which went into effect
on the first day of the present month, the
million in day. AS time and expert
ence enable the officers employed in col
lecting the revenue to enforce the string
ent provisions of the new law, I 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 administration, as
greater amount of necessary information
is acquired. The proper sources Of rev.
enue, and the most effective modes of OBJ
tanning it, are best developed in the exc
cution Of existing laws. And / have
caused measures to be initiated which WILL
it is believed, enable Congress so to inn
prove and enlarge the system as, when
taken in connection witE the revenue from
customs and other sources, to afford an
ample and secure basis for the national
credit. Only on such basis, and in
steady and vigorous restraint upon curren-
cy, can a remedy be found for existing
evils. Such restraint can only be exer-
cised when the Government is furnished
with means to provide for its necessities.
But without the aid of patriotic people
any government is powerless, for this or
any other desirable end.
The denomination of the notes proposed
to be issued, ranging from fifty to five
thousand dollars, place these securities
within the reach of all who are disposed
to aid their country. For their rcdemp-
ton the faith, and honor, and property of
that country are solemnly pledged. A
successful issue to this contest, now be-
lieved to be near at hand, will largely
enhance their value to the holder; and
peace once restored, all burdens can be
lightly borne. BE who selishly withholds
his aid, in the hope of turning his avail
able means to greater immediate profit, is
speculating upon his country's misfortunes,
and may find that what seems to be pres
ent gain leads only to future loss. I appeal,
therefore, with confidence to loyal and
patriotic people, and invoke the efforts of
all who love their country, and desire for
it a glorious future, to aid their Govern
ment in sustaining its credit, and placing
that credit upon stable foundation.
w. P. FEssENDEN.