That Congress has power to regulate the currency of the country can hardly admit of doubt, and that a judicious measure to prevent the deterioration of this currency, by a seasonable taxation of bank circulation or otherwise, is needed seems equally clear. Independently of this general consideration, it would be unjust to the people at large to exempt banks enjoying the special privilege of circulation from their just proportion of the public burdens.
In order to raise money by way of loans most easily and cheaply, it is clearly necessary to give every possible support to the public credit. To that end a uniform currency, in which taxes, subscriptions to loans, and all other ordinary public dues as well as all private dues may be paid, is almost if not quite indispensable. Such a currency can be furnished by banking associations organized 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 pledge of United States bonds, as therein suggested, would still further facilitate loans, by increasing the present and causing a future demand for such bonds.
In view of the actual financial embarrassments of the government, and of the greater embarrassment sure to come if the necessary means of relief be not afforded, I feel that I should not perform my duty by a simple announcement of my approval of the joint resolution, which proposes relief only by increased circulation, without expressing my earnest desire that measures such in substance as those I have just referred to may receive the early sanction of Congress. By such measures, in my opinion, will payment be most certainly secured, not only to the army and navy, but to all honest creditors of the government, and satisfactory provision made for future demands on the treasury.
A. LINCOLN. [ [!-- H2 anchor --] ]
TO THE WORKING-MEN OF MANCHESTER, ENGLAND.
EXECUTIVE MANSION, WASHINGTON, January, 1863.
TO THE WORKING-MEN OF MANCHESTER:
I have the honor to acknowledge the receipt of the address and resolutions which you sent me on the eve of the new year. When I came, on the 4th of March, 1861, through a free and constitutional election to fireside in the Government of the United States, the country was found at the verge of civil war. Whatever might have been the cause, or whosesoever the fault, one duty, paramount to all others, was before me, namely, to maintain and preserve at once the Constitution and the integrity of the Federal Republic. A conscientious purpose to perform this duty is the key to all the measures of administration which have been and to all which will hereafter be pursued. Under our frame of government and my official oath, I could not depart from this purpose if I would. It is not always in the power of governments to enlarge or restrict the scope of moral results which follow the policies that they may deem it necessary for the public safety from time to time to adopt.
I have understood well that the duty of self-preservation rests solely with the American people; but I have at the same time been aware that favor or disfavor of foreign nations might have a material influence in enlarging or prolonging the struggle with disloyal men in which the country is engaged. A fair examination of history has served to authorize a belief that the past actions and influences of the United States were generally regarded as having been beneficial toward mankind. I have, therefore, reckoned upon the forbearance of nations. Circumstances—to some of which you kindly allude—induce me especially to expect that if justice and good faith should be practised by the United States, they would encounter no hostile influence on the part of Great Britain. It is now a pleasant duty to acknowledge the demonstration you have given of your desire that a spirit of amity and peace toward this country may prevail in the councils of your Queen, who is respected and esteemed in your own country only more than she is by the kindred nation which has its home on this side of the Atlantic.
I know and deeply deplore the sufferings which the workingmen at Manchester, and in all Europe, are called to endure in this crisis. It has been often and studiously represented that the attempt to overthrow this government, which was built upon the foundation of human rights, and to substitute for it one which should rest exclusively on the basis of human slavery, was likely to obtain the favor of Europe. Through the action of our disloyal citizens, the working-men of Europe have been subjected to severe trials, for the purpose of forcing their sanction to that attempt. Under the circumstance, I cannot but regard your decisive utterances upon the question as an instance of sublime Christian heroism which has not been surpassed in any age or in any country. It is indeed an energetic and inspiring assurance of the inherent power of truth and of the ultimate and universal triumph of justice, humanity, and freedom. I do not doubt that the sentiments, you have expressed will be sustained by your great nation; and, on the other hand, I have no hesitation in assuring you that they will excite admiration, esteem, and the most reciprocal feelings of friendship among the American people.