he 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.

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.

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 consti