A. LINCOLN. [ [!-- H2 anchor --] ]
PRINTING MONEY
MESSAGE TO CONGRESS.
January 17, 1863.
TO THE SENATE AND HOUSE OF REPRESENTATIVES:
I have signed the joint resolution to provide for the immediate payment of the army and navy of the United States, passed by the House of Representatives on the 14th and by the Senate on the 15th instant.
The joint resolution is a simple authority, amounting, however, under existing circumstances, to a direction, to the Secretary of the Treasury to make an additional issue of $100,000,000 in United States notes, if so much money is needed, for the payment of the army and navy.
My approval is given in order that every possible facility may be afforded for the prompt discharge of all arrears of pay due to our soldiers and our sailors.
While giving this approval, however, I think it my duty to express my sincere regret that it has been found necessary to authorize so large an additional issue of United States notes, when this circulation and that of the suspended banks together have become already so redundant as to increase prices beyond real values, thereby augmenting the cost of living to the injury of labor, and the cost of supplies to the injury of the whole country.
It seems very plain that continued issues of United States notes without any check to the issues of suspended banks, and without adequate provision for the raising of money by loans and for funding the issues so as to keep them within due limits, must soon produce disastrous consequences; and this matter appears to me so important that I feel bound to avail myself of this occasion to ask the special attention of Congress to it.