to crush the rebellion, and a consequent dissolution of the Union, would
make repudiation inevitable. We are forced, then, by a due regard to our
material interests, as well as by the higher obligations of honor and
duty, to subdue the revolt and restore the supremacy of the Government
in every State. This we can and must do. It is due to our country and to
the world. It is due to the wounded and mutilated survivors of the
bloody conflict, and to our martyred dead, murdered by the foulest
treason, and in the accursed cause of slavery. No! all this blood and
treasure must not have been poured out in vain. It is a question mainly
of money and persistence. Our armies can and will conquer the rebellion,
if we can and will supply the sinews of war. Our success is much more a
financial than a military question. As regards the result, the Secretary
of the Treasury holds now the most important post in this contest: he is
the generalissimo; and as he is right on this question, and the fate of
the Union is involved, I deem it my duty to give him my earnest and
zealous support.

Ruinous as must be the effect of a redundant and depreciated currency
upon all industrial pursuits, the injustice to our gallant army and
navy, regulars and volunteers, would be attended with extreme peril.
Upon their courage and endurance we must rely for success. We have
pledged to our brave troops, who are wounded or dying by thousands that
the Union may live, such pay as to enable them while fighting our
battles to make allotments of portions of their money for the support of
their families during their absence. We have promised pensions also.
These are all solemn pledges on the part of our Government, and our
faith is violated if this pay or these pensions are reduced. But there
is no difference between a law directly reducing this pay and these
pensions, and the adoption by Congress of the policy of a redundant and
depreciated currency which will produce the same result. Every vote then
in Congress for such a policy, is a vote to reduce the pay and pensions
for our troops, and to annihilate the allotments made by them for the
support of their families. What effect such a policy must have on our
troops and the maintenance of the Union is but too palpable. It is
disbandment and dissolution. Every such vote is given also to reduce the
value of the wages of labor, and for increased taxation, to the extent,
as we have seen, of $408,800,000 per annum. It