| Show TO THE PEOPLE OF THE UNITED STATES TREASURY department auy 25 1864 by on act of congress approve dJune 30 1861 1864 the S cretaro of the treasury is author iz d to issue an amount not exceeding two hundred kiliona mi lions liona of donara dollars in tre treasury sury bury not notes e 0 bearing interest at a rate not exceeding seven and anti ahr three e tenth per redeem redeemable abT le after tutee years from date and to exchange the same or law a tu rui money the secretary is further authorized to convert the same into bon bond d b bearing eating interest at a rate not exceeding six per payable in coir coin in pursuance of or the authority thus conferred I 1 now i affer to the people of ane united states treasury ury uri urinates notes as fie tie described in my advertisement dated july 25 1864 the circum circumstances stances under which thia loan is to asked foland for and your aid ald invoked though differing widely from the expiating state of affairs three years ago a e fuch tuch as afford quat equal encouragement coura gement and security time while proving that the strum strul struggle gle gie for national unity mas was A as to exceed in da caration dar ration atlon and severity our worst anticipations has tested the national strength and developed the national resource resources i to an exi tent alike unexpected and remarkable exciting equal astonishment at home and abroad three years of war have burdened you with a debt which but three years since would have seemed teemed beyond your ability to meet yet the accumulated wealth and productive energies of the natien have proved to be bi cb vast anat that it has been borne with w ith comparative ease and a peaceful future w uld hardly feel feal fe el its weight As a price paid for national existence and the preservation of free institutions institution i it does not deserve a mom entys entla consideration j thus far the war has been supported and carried on as it only could have been by a people resolved at whatever cost of blood and trea treasure bure sure to transmit unimpaired to posterity the system 0 or free government bequeathed to them by the great men who framed it this delibera e and abd patriotic resolve has developed a power surprising even to themselves it b hab has a a show shown n that in less than a century a na tion has arisen unsurpassed in vigor and ex haust 1 less in resources ablao able abie to conduct tiroui h a s series eries of years war 0 on n its most gi gigantic 0 antic 1 scale and finding itself when near itil its close almot almost u dimp redIn al edin a all ati 11 the mater material lil ili ee elements of 0 power it haic hair at the present moment great armies in the field facing an enemy apparently approaching a period of utter exhaustion but still struggling straggling with a force the greater and more desperate as it seea and because it sees the near approach of a finai final and fatal consummation such in my delibe deibe rate judgment is the present condition of the great contest for civil liberty in which you are now engaged up t to the present moment you hare have readily and cheerful ly afford afforde d the means necessary essay to support your government in thia protracted struggle it is your war you proclaimed it and you have sustained it against traitors everywhere with a patri patti patriotic otic devotion unsurpassed in the worl is history the securities offered are such as should comman I 1 your ready confidence much effort has been anade to shake public faith in our national credit bo h at home and abroad As yet we hava bay asked no foreign aid caisa cain and self reliant our own means have thus far proved adequate to our wants they are yet ample to meet those of the present and the future it still remains for a patriotic people to furnish the needful supply the brave men who are fight figh tug nag usg our bat ies lea by land and sea mut mu t be fed and anti clothed munitions of war of all kinds must be furnished or the war must end in defeat and disgrace this is not the tho ame for any lover of bis his country to inquire as to the toe state of 0 the money maket rok roa ket or askee ask asu whether be he can so inv dinv invest st b h s surplus capital as to yield bl bi n a larger return no reburn and DO no profit can be desirable if followed by national disso d lutlo or national disgrace present profit thus acquired is but the precursor of future and speedy destruction no invest ment can be so surely Froli profitable table tabie as that which tends lo 10 insure the national existence I 1 am encouraged in the belief that by the recent legislation of congress our finances may soon eoon be placed upon a sounder and more stable fontin the ane present deranged condition of the currency is imputable in a great degree to disturbances arising from the withdrawal of necessary checks cheeks often inevitable in time of war when expenditures must largely exceed any possible supply of coin too tuo opportunities thus presented to acquire sudden budden wealth have lod led to vicious speculation a consequent increase of prices and violent fluctuation the remedy is to be found oni only yi in n controlling the t necessity A bich begets the evil hitherto we behave have bave felt the need of more extensive and vigorous taxation severe comment has been made upon what ahat seemed to many an undue timidity timi timit lity ity and tardiness of action on the tart eart part of Con greg in this regard I 1 deem it unjust burjust to say that very great misapprehension I 1 has existed and perhaps still exists upon t this point Legislator legislators ifF like all others h have mu much c h t to 0 learn in the new condition ofaf of affairs fai fal vo A an n entirely new system was ivas to be devised and that system must ne essa rily be the growth of time and experience it is not strange that first effo ts should have proved imperfect and ard inadequate to lay heavy burdens den s on a great and patriotic people in such a manner aa as to be equal and as to occasion the least amount of suffering or anno annoyance yanc e requires time and caution and vast labor and with all these experience is needful to ten test the value of the system and correct its errors such has been the work which was called upon to perform I 1 am happy to say that daliy daily results are provin praying the internal revenue act to exceed in efficiency the most sanguine a rip rig aine expectations of its autti au ors in the donth month of june 1863 it yielded about four and one half millions mil mii lioBa oe of dollars while the corresponding anth of this year returned abou fi teen millions under the ibe same a air tv under irner the new jaw law which went into operation on the first day of the present month the treasury not receives one malion mAUo mano nin in a tay fay ays As time and experience enable the officers employed in collecting the revenue 0 o eia ela delaforce force the he string erit elit provisions of the new law I 1 trust that a million per day will be found the rule and not the exception still much space is undoubted y left for improvement in the law and in its administration as a greater amount of necessary information is acquired the proper sources of revenue revenuer and the most effective modes of obtaining it a are 1 re best developed in the execution of existing laws ani and I 1 have caused measures to be initia initialed initiated ted which will it is believed enable congress so to improve and enlarge elarge the system as when taken in comic tion with the revenue from customs and ard other sources to afford an ample and secure basis for the national credit only on such a baal basir and in a steady and vigorous restraint upon currency curr eicy can a remedy be found for existing evils stich such restraint can only be exercised when the government is frid sted with means to provide for its necessities but without the aid of a patriotic people any government is powerless for this or any other desirable end the denominations of the notes proposed to be issued ranging from fifty to five thousand dollars doil ars arp place the thebe these se securities within the reach cf of all who are disposed to aid their country for their redemption the faith and honor and ana property of that country are solemnly pledged A successful issue to this cont cort contest fat cat now believed to be near achand at hand will largely enhance their value to the hoder holdel and peace deace once restored all ali burdens can be lightly born ile he who selfishly withholds his aid in the hope bope of turning his aval able means to greater immediate m profit is speculating upon bis his country toyia misfortunes and may find th seems ro be present gain leads only to future loss I 1 areal ageal appeal therefore with confidence to a loyal nd patriotic people and invoke the efforts 0 1 a I 1 who love their country co antry asid a d desire for it a glorious future to aid ald kheir their government in sustaining its credit and pi placing acing that credi upon a foundation W P FESSENDEN secretary of the tha treasury |
