Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1864-09-07

munitions OF war OF All kIuos must us
furnished, or the war mast end in defeat
and disgrace. This is not the time Tor |
any lover Of his country to inquire as tol
the state of the money market, or ask
whether he can so invest his surplus
as to yield him larger return. NO re-
turn. and no profit, can be desirable, If
followed by national dissolution, or ma
tional disgrace. Present profit, thus &C
ouired, 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
lam encouragedin in the belief that BY the
recent legislation of Congress our hnan-
ces may soon be placed upon . sounder
and more stable footing. The present
deranged condition Of the currency is i'm
putable, in 8 great degree, to disturban-
ces arising from the withdrawal OF neces-
sary checks, often inevitable in time OF
war, when expenditures must largely e1-
oeed any possible supply Of coin. The
opportunities thus presented to acquire
sudden wealth have led to vicious sPecu
lation, q consequent increase in prices,
and violent Auctuation. The remedy Ii
10 be found only in controlling the ne
cessity which begets the evil. hitherto
we have felt the need of more extensive
and vigorous taxation. Severe comment
has been made upon what seemed to
many an undue timidity and tsrdiness
Of action, ON the part Of Congress, In
this regard. 1 deem it but just to say
that very great misapprehension has e1-
isted, and perhaps still exists, upon this
point. Legislators, like all others, have
| much to learn in a new condition OF a.
fairs. An entirely new system was to be
devised, and system must necessarily be
the growth Of time and experience. 1t II
not strange that such efforts should have
proved imperfect and inadequate. IL
Law heavy burdens on great and patriot
10 people in such . manner as to be equA
and as 10 occasion the least amount
suffering or annoyance, requires TIM
and caution, and vast labor; and, with a
these, experience is neediul to test th'
system, and correat its errors. Such hA
been the work which Congress was calie'
upon to perform. am happy TO sa.
that daily results areproving the Intern
al Revenus Act to exceed in eth cienc.
the most Ianguins expectations OF its su
thors. In the menth Of June, 1903, |
Welded about four and one-haR million
of dollars, while the corresponding
month OF this year returned about n
teen millions, under the same law. Un
der the new law, which went into opera
tion on the nrst day Of the present montl
| the Treasury not unfrequently receive
one million in q day. As time and exps
risncs enable the officers employed II
collecting the revenue to enforce tn
stringent provisions Of the new law,
trust that million per day viii be foun'
the rule and not the exception. Still
much space is undoubtedly left for i'm
proyemens in the law, and in its admin
istration, as q greater amount ofnscessa
~ information is acquired. The Prope
sources of revenue, and the most effect
| i've modes Of obtaining it, are best devel
opsd in the execution Of existing laws
And have caused measures to be initla
ted which will, it il believed, enable Con
srsss 50 to improve and enlarge the sys
tenn as, when taken in connection VIII
the revenue from customs, and othe
sources, to afford an ample and secar
ba.is for the national credit. Only oI
such bssis, and in q steady and vigor
GUS restraint upon currency, can RENE
dy be found for existing evils. Such re
straint can only be exercised when tn
government is furnished with means
proyids for its necessities. But withou
the aid of patriotic people, any govern
nent is powerless, for this or any othe
desirable end.
The denominations of the notes pre-
posed to be issued, ranging from nifty
Eve thousand dollars, place these securl
ties within the reach Of all who are dii
uosed TO aid their country. For thsi
redemption faith and honor and propert
of that country are solemnly pledged
A successful issue to this contest, nov
believed TO be near at. hand, will largel,
enhance their value to the holder an
peace once restored, all burdens can b
lightly borne. He who selhshly with
holds his aid in the hope Of turning b
available means to greater immediat
, profit, is specializing upon his country
misfortunes, and may find that wha
, seems TO be present gain leads only Il
fu ture loss. ] appeal, therefore, wit
confidence to loyal and patriotic pee
ple, and invoke the Efforts Of all VIII
love their country, and desire for it
, glorious future, to aid their government
in sustaining its credit, and placing tha
credit upon stable foundation.
w.P. FEssENDEN,
= Secretary of the Treasury.