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The President On The Finances

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Washington, Jan. 19. Tha followinï special message vru"seb to Cüiigrcss to duy : To the Seríate and líouse of Rpprraentativesi I iiave signed tho joiut resolution to próvido for the immedute payment of the anny ind navy of thc United Stato3, passed by the House on the 1-ith, and by the Senate on the 15th. The joiut resolution is a simple authority, amouutiug, howevor, under the existing oireumstances, to a direction to the Secretary of tha Treasury to malee an ndditioual issuc of $100,0ü0",000 in treasttty notes, if so niuch ínouey ia needed for the payment of the array and navy. My approvul is giveu in order that every proper facility raay be afforded for the present discharge of all arrears of pay due our eoldiers and sailors, aDd, while giving this approval, I' think it my dutv to express iny sincere regret that it has been found necessary to authorize so Urge an additional issuo of Unite.d Statos notes when this circulation, and that of the suspended banks together, have become already so redundant as to increnso prices bcyood recall, the valuo thcroby augmeniing tho cost of living and to the injury of labor, and the cost of supplies, to the injury of the whole country. It seems very plain that the continucd issue of United States notes, without any check to the suspended 'banks, aud without anv adequate provisión for the raising of money by loans, and for funding the issues so as to ksep them within due Iimit3, nust soon produce disastrous consequences, and this matter appears to me so important that I feel bound to avail myself of the occasion to ask the special atteution of Congress to it. That Congresa has the power to regúlate the currency of the country can hardly admit of doubt, and that a judicious measure to prevent the deterioration of this currency, by a rcasonablo taxation of bank circul"tion or otherwise. is necded, seems cqually eloar. Independentlj' of this general considcration, it would be unjust to the poople at large to exempt banks, enjoying the special privilege of circulation, from their just proportion of their due burdens. Tn order to raise money by way of loans, most easily and cheaply, it is clearly necessary to give every possible support to tho public credit to that end, and uniform eurrency, in which taxes, subscriptions to loans, and other ordinaiy public debts may be paid, is almost, if uot quite, indispensable. Such a currency can be furnished by banking associations authorizcd under a general act of Congress, as suggested in my message at the beginning of the present session. the securing of this circulation by the pledgo of United States bonds, as herein suggested, would still furnish aud facilítate loans by increasino; the present and causing a future demaud for such bonds. In view of the actual financial embarrassment of the government, and of the greater embarrassment sure to come, if the necessary means of relief are not afforded, I feel that I should not perform .ry duty by a simple annouDcement of my approval of the joint resolution which proposes relief only by increasing the circulation, without exprèssing my earnest desire that measures, such in substance as those I have just referred to, may receive the early sanction of Congress. Ey such measures, in my opinión, will payment be most certainly secured, not only to the artny and navy, but to all honest creditors of the government, and satisfaclory provisión made for fufare deraands on the treasury.


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Michigan Argus