, 1864-12-10

Next in importance to the Presidents me
sage at each recurring session Of the nation,
legislature is the report Of the Secretary (
the Treasury. We have examined this doc1
.mcut, tho t1rst which Secretary Fesscnde
has presented to Congress, with some depnc
Of forebodfng, in view Of the criticism said t.
have been risftcd upon 1t by ccrtain eastern
Journals alleg1n. that 1t ..trecorpuieuds moth
ing.' We find that it does recommend .th,
following things:
lst. The raising Of 1nuney by loans instead
OF The furthcr1issue Of legal tender notes..
I'd. The issuing Of bonds, whereof the In,
terest shall be paid in lawful money instcad
OF coin, convertible into gold bearing bonds
at some future period
Sd. The adoption Of such discriminating
legislation as shall induce all State Banks to
adopt tue national system.
4ih: The raieing Of ut least fifty millions Of
dollars more by taxation than Is nov afford
cd by the Internal Revenue net; by taxes on
sales, on leaf tobacco, on mines, On incomes
now exempt, etc
5th. The appointment of commission TO
take the subject Of internal Revenue into
consideration, with view to
the discovery ofucw sources Of income and
The correction Of any inequalities or defects
now existing
There are several recommendations of a
minor character, hut the foregoing are sufa-
cient to warrant the remark that those who
complain that Mr. Fcsscndcn recommends
nothing have not fortified their Judgments By
reading his report. In these five propositions
which the Secretary urrpS uDon the of,rn
Ito of Congress. be has onr mos. cora;s
ION .urrcucc. Ve.bnvc At e,1 t,mss s' .droaa u,a
I'D ,e policv of rrst r;ct,nn tho a-;.t,.
~, ~ hat, - s 1Ae ea's''ns pa
hon. ff8 cyrn nj fha.coc+ of rr-n,+ .u.,.,I
e.. .:..,, ~ s'sae l4oulation
ioF 1oe u1ne oe'ne and II Is with much plea
,,n-t A.. ..,.. ~ o'4 Ut. III ene re-
y" Ia. on'y t1ialne addition has been
made 10 this circulation during the past SIX
-. 1iAt4''ohs " compound H.
tc'ees Ao1cs aaVlhS been issued to Ieplace an
c4ual amount Of five per cent counon noto.
talon -.,, ..,a a. Soit ootea
e"ne4' W an" oestfoyeo' The only contin. |
s.ls5' n'. Fessenoen assures Us, under
Ht1cn nc saall lecl Justified In issuing any
more no1es, will be the actual impossibility
o' oolaanins means for carrying on the war
~ on5 o.Ae1 way. Lie relies on the patriot
-A- -A% tAAAt4Sy ~
eaf1y ont lhc views so distinctly pronounced |
~ .,ns 'rs elect,on: Iron this point he says:
lion to he circnia.,"" ~ any e1, add
jcctionahlc linn 10 the present head Of The T9s,e
s,,Sh ufy hpepartmsn 9nd ao one would resort to
quate 10 tc wants Of bnainess ri1 "a: 9ae
" =. tance. Nor docs hc believe fhat patriotic peo-
Possessed 81 anc s1n ,n.Ga nanonn1 scx,senss and
a adopt measure 80 franrhf with SurIaTs ra1so
:. 9uences, as 10 issue Of paper money beyond tie
would b. one for ts1at pcon,e sso9 to dsa however
:. :. have pronounced for conlinuance Of the w
psbca E nnsess s sha have been accom-
:. iurther to determine WHEELER he - necesea1 sas1q
. 5ha M t1snlshcd y way Of loan aud tic
whether thcy Vii acr " to rn5nnn sue III limit o.
;. ezor!itaut prices with n los4 Of credit in the
aed nnan 1 H.. aSo, ttn. o. needless magnitude
ony submit to hclr DECISION. and act az ssr fs
neeessnss '1te o. the OCCASION 1nsy demand But
Ing fron ras esents ana reeent mat ,adiEinS
tle7c . can he little question what tie pubic voice
w. Tho ~ .oalu'. apun t4u 9uesu'on so s1tal"
!ae 'eaaso1 1or olscontlnning the Issue Of