Year: 1863




annapolis.


oUR NATIONAL CURRENCY


The Secretary was received with in.
mense cheering. Portions Of his speech
traversed the sans ground as In either
his Columbus or Cincinnati speeches
We omit those portions. He began by
saying that on Friday last he had been
comforting with our excellent President
on some important matters, and al the
close of the conversation had said that
he had = great notien TO 90 out to Ohio
and vote the Union ticket. The wheels
Of his department were running pretty
smoothly. he had twenty five millions
ahead TO pay the soldiers on che fret Of
November, and il the President had
nothing particularly for him 70 do, be
thought be would 60. The President
told him be wished be would, and so he
had come, and had the pleasure Of giving
his vote 70 swell the immense msjority
for the Union ticket in Ohio. After
speaking of the magnitude of the victo
ry, and Of the present favorable pros
pect OF our arms, he remarked: "Your
excellent Governor has been pleased 10
refer to my own services. | wish could
believe they deserved little Of the euIo-
giums he has been kind enough 10 pass
upon them. IL seems TO me that in my
financial course, have but been the ex-
ponent Of what must have been the plain
popular Judgment all the way through.
When | began the duties of my Office,
that great leader, perhaps l should say
that great follower Of public opinion,
the London Times, said that Mr.. Chase
would soon be coming over there to bor-
row money to carry on this wicked war,
and that when he came he would
not get il said in reply that
wouldn't go there 70 borrow money, but
that they should come here TO ask me 20
take their money of them, and that il
they waited till Mr.. Chase went there to
borrow money, they would wait,till their
green isle sank in the ocean. ] began
then by borrowing all the gold could
get In the country. raised one hun
dred and seventy-lge millions and be-
gan paying il out, and it was coon OBJ
served that 1t didn't come back near so
fast as il was paid out. Presently cap
italists refused 10 furnish any moro,
unless ct extrAvagAnt rates, which |
wouldn't pay. More money must be
raised. Eastern banks proposed to take
the notes of the Government for the a.
mount We wanted, With six per cent in
terest and then go to work TO manufac-
ture the money to furnish us. So all
things would have gone swimmingly for
a time, but presently something would
have happened. What would you have
had me do with such propOsitiOn2 just
what did, think. II seemed to me
that IL could get the collective notes of
all our citizens they would be just as
good as the notes of every bank. What
should do then bat get those notes
the notes of the whole people ? What in
short, but make green backs AT first
many thought il bold and hazardous
experiment


Many bankers predicted its DISASTROUS
failure, and . disposition was manifested
to break us down by disorediting this
currency. Some refused to take il alto
gether. What was there next 10 do
What would you have done, il you had
been in my place? Precisely what did.
think you would have told them, as |
did when they refused it, that thoy
would have to take either that or nothing.
In other words, you would have made
your currency legal tender. That was
the next step. After that we came TO
an issue Of bonds, paying the interest
on them in gold We found we could
get the gold to do IT. and that we thus
had our finances on basis that entirely
satisfied the public demand for security
Of investments. Now, what is there in
this system that does not seem precisely
what any one of you would have felt like
doing? You have currency that sup
plies all your wants, which is simply
the faith and credit of the whole people
put into money. One step more was
needed. 10 was necessary 70 have no
capital of the country engaged in this
circulation 20 give il stability and per-
mAnence. To secure this we Devised the
National banking system. Tho whole
financial policy OF the Administration
thus became IS plain as the alphabet II
required simply an honest purpose to
know what was best and right 10 be done,
and having found this right, it only re-
mained 10 ask God for courage 10 walk
in il. Common sense and courage are
the alpha and the omega Of tho theory
aud practice Of finance thus far, and nov
have given you about IS much OF q re-
mort on your finances as ! shall give Con
Rrese. Permit me . word OF two on what
Sc ms likely to be the Issues Of this war


nThrough all its rise and prOgress
ace tho distinct indications Of Divine
Providence. There had grown up with
us an AristOcraoy hostile 20 free labor
and free institutions. You see thAt II
was an aristocracy that equally pressed
on slaves and white men who were un
able 70 own slaves. II seized this Gov
ernment and made il work their will.
IL encouraged the revival of that atrOcity,
the African slave trade. 1t secuted the
very idea of free iustitutions. So sue
oeasful. 40 compact, 90 determined IL
resolved 20 break up this republic rather
than submit 10 q verdict Of the popular
majority that Affected its oVershadOwing
control Mr. Lincoln was elected Presi-
dent; they shll had power--still hsd
prestige---abovs al, still had the as
suranee that the old disposition existed to
compromise ra'hsn resist their imperious
demands but they were not content
that power should pass 70 the represen-
tatives Of the psople. They boasted
that New York would Join them, that
the navigation Of the Mississippi could
force Indiana and the whole koIthWo' 4
20 come. They had no doubt they would
build up a mighty slave empire 10 this
country, but when they undertook Il
tha arst sun Al Fort Sumter brouq a