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thing short of its total destruction; but Mr. Lincoln hesitated at taking so decided a step and abandoning the ground heretofore held on this subject.

the day urged the subject vehemently and forcibly upon the president, and Mr. Lincoln, through the press, under date of August 22d, gave utterance to On the 22d of July, a few days after his views, in his peculiar style and the adjournment of Congress, an order manner of argument. He declared that i was issued in regard to the general use his one great aim was to save the of rebel property in the several mili- Union, and that the question of slav tary departments, directing that mili-ery was wholly subordinate to this end tary commanders should seize any and aim. "My paramount object is to property necessary or convenient for save the Union, and not either to save supplies, in any of the insurgent states; or destroy slavery. If I could save the that negroes should be employed and Union without freeing any slave I properly compensated as laborers; and would do it, and if I could save it by that accounts should be kept and fur- freeing all the slaves I would do it, and nished to the government in regard to if I could save it by freeing some and these various matters. leaving others alone I would also do that. What I do about slavery and the colored race I do because I believe it helps to save this Union, and what I forbear I forbear because I do not believe it would help to save the Union."

Mr. Lincoln's favorite policy in regard to emancipation, was that of compensation for the estimated value of the slaves of loyal owners, and colonizing them in some part of Southern or Central America.* But neither of these plans met with general favor. The From the purport of this letter it government was pressed, by its more may be gathered, that the president ardent supporters, to adopt and pro- was fast tending to that change of pol claim some larger and more definite icy which was soon after publicly an policy as to the vexed question of slav-nounced. His position was such, and ery. It began to be felt, by both Mr. Lincoln and the people, that something positive must be done, and done speedily and effectively. The rebels were making use of the slaves as tillers of the ground and laborers in military operations, so as greatly to increase their capability of resistance, and enable all the white population to serve in the rebel army.

Several of the influential journals of

* For notice of the steps which were taken at the

previous session in regard to compensated emancipa tion, colonization of the negroes, etc., see p. 148.

the urgency of the party which sup ported the president was such, that he could no longer forbear taking a bold and decided stand. Accordingly, on the 22d of September, Mr. Lincoln issued his Emancipation Proclamation. It is a document of sufficient import ance to be given in full, and may be found in the appendix to the present chapter.

On the one hand the proclamation was received with applause, and on the other denounced vigorously. But, after all that was or could be said against

Cu. XXV.]

THIRTY-SEVENTH CONGRESS.

this change or development of the policy of the government, the great body of the people were disposed to acquiesce in the measure as a war measure, and as a military act justified by a military necessity.*

The Thirty-seventh Congress began its third session on the 1st day of December, 1862. The friends and supporters of the administration were largely in the majority, both in the Senate and in the House, and the national legislature entered upon its work with becoming zeal and diligence. The president's message was a document of great length, in which Mr. Lincoln gave a review of the general condition of affairs at home and abroad, and especially argued upon the question of compensated emancipation. Since your last annual assembling," he said, "another year of health and bountiful harvests has passed, and while it has not pleased the Almighty to bless us with the return of peace, we can but press on, guided by the best light He gives us, trusting that, in His own good time and wise way, all will be well." The relations with foreign nations were stated to be on an amicable

* In the rebel Congress, immediately on receipt of the Emancipation Proclamation, measures of retaliation were strongly urged. Much violent invective

was indulged in; there was fierce talk of raising the “black flag," resorting to a war of extermination, etc. The matter was finally handed over to Jeff. Davis, who,

on the 23d of December, issued a retaliatory proclama

tion, principally directed against Gen. B. F. Butler, and concluding with the following order: "That all

negro slaves captured in arms be at once delivered over to the executive authority of the respective states to which they belong, to be dealt with according to the

laws of said states. That the like orders be executed

In all cases with respect to all commissioned officers of the United States, when found serving in company

with said slaves in insurrection against the authorities of the different states of this Confederacy."

263

footing, in general; the condition of
the finances was commended to their
"most diligent consideration;" 1962.

attention was called to the re-
ports of the secretaries of war and
the navy, and various interesting state-
ments were made respecting the post
office department, the public lands, the
Indian tribes, etc. The latter half of
the message was devoted to the subject
of "compensated emancipation," in
which Mr. Lincoln was profoundly in-
terested, and to which he gave the larg
est and fullest consideration. The
reader may consult to advantage this
part of the message; we have no room
for details or large quotation; its clos-
ing paragraph was as follows: "Fel-
low citizens, we cannot escape history.
We of this Congress and this adminis
tration will be remembered in spite of
ourselves. No personal significance or
insignificance can spare one or another
of us. The fiery trial through which
we pass will light us down in honor or
dishonor to the latest generation. We
say that we are for the Union. The
world will not forget that we say this.
We know how to save the Union.
The world knows we do know how to
save it. We, even we here, hold the
power, and bear the responsibility. In
giving freedom to the slave, we assure
freedom to the free, honorable alike in
what we give and what we preserve.
We shall nobly save or meanly lose the
last, best hope of earth. Other means
may succeed; this could not fail. The
way is plain-peaceful-generous—just

a way which, if followed, the world will forever applaud, and God must forever bless."

vailed in Congress, and in the loyal states generally; it was adopted by a vote of 105 to 1 (W. J. Allen).

On the very first day of the session, tuate forever." This resolution indiesolutions were introduced denounc- cated clearly the sentiment which preing the course of the government in regard to the suspension of habeas corpus, and the arbitrary arrests of persons suspected of complicity with the Although it is a little in advance, rebels or the rebellion. Men like Cox, we give here a brief summary of the Vallandingham, Pendleton, and others action of Congress during this its last in the House, and Powell, Davis, Sauls- session. The bill authorizing the sus bury, etc., in the Senate, were actively pension of the writ of habeas corpus, engaged in efforts to thwart the plans and indemnifying the president and of the majority and oppose the admin- others, was elaborately discussed in the istration; but it was to little purpose. Senate as well as in the House; very They rarely accomplished anything ex- great varieties of opinion were expresscept to ventilate their opinions, and ed, and the bill was finally passed by with hardly an instance to the con- large majorities. Other measures, such trary, their propositions were quietly as the enlisting negroes as soldiers, the laid on the table or summarily rejected. enroling and drafting the militia, the

On the 4th of December, Mr. Mor- authorizing the president to issue to rill, of Vermont, offered the following private armed vessels letters of marque, resolution in the House: "Resolved, the admission of the state of Western That at no time since the commence- Virginia, etc., were warmly debated ment of the existing rebellion, have the during the session, and afforded abun forces and materials in the hands of the dant evidence of the spirit and deter executive department of the govern- mination of the majority in Congress, ment been so ample and abundant, for and the lengths to which they were the speedy and triumphant termination ready to go in support of the policy of of the war, as at the present moment; the government. and it is the duty of all loyal

1962.

The report of the secretary of the treasury, Mr. Chase, was an elaborate and carefully prepared document, setting forth the previous financial history of the war, and the policy by which it

American citizens, regardless of minor differences of opinion, and especially the duty of every officer and soldier in the field, as well as the duty of every department of the government was proposed to regulate its burdens in -the legislative branch included-as the future. The expenditures of the a unit, to cordially and unitedly strike year were in excess of previous estidown the assassins, at once and forever, mates some $350,000,000; and the pubwho have conspired to destroy our lic debt, it was stated, would, by the Constitution, our nationality, and that end of the next year, amount to $1,700,prosperity and freedom of which we 000,000. The secretary urged the orgauare justly proud at home and abroad, ization of banking associations under a and which we stand pledged to perpe- general act, as proposed the previous

C1. XXV]

FINANCIAL MEASURES OF CONGRESS.

year. The central idea of the scheme was "the establishment of one sound, uniform circulation, of equal value

1862. throughout the country, upon

the act passed at the close of the
ent Congress.

*

265

pres

During the month of February, the subject of providing a sound and relithe foundation of national credit combin-able currency for the country came up, ed with private capital." Its advantages and was fully discussed, in both the in absorbing the public securities, pro- House and the Senate. The result viding a home market, and giving stead- was, the passage of "An Act to proiness to their value, were obvious, while vide a national currency, secured by a the measure was free from the objec- pledge of United States stocks, and to tions of government interference former- provide for the circulation and redemply urged against a national bank. It tion thereof." The vote in the Senate would be voluntary, gradually come was ayes, 23, noes, 21; in the House, into use, and meet the necessities of ayes, 78, noes, 64. the times. Nor would its least recommendation be that it would supply "a firm anchorage to the union of the states. Every banking association whose bonds are deposited in the treas ury of the Union; every individual who holds a dollar of the circulation secured by such deposit; every merchant, every manufacturer, every farmer, every mechanic, interested in transactions dependent for success on the credit of that circulation, will feel as an injury every attempt to rend the national unity, with the permanence and stability of which all their interests are so closely and so vitally

By an act, approved March 3d, 1863, there was authorized a LOAN of $300,000,000 for the current fiscal year, and $600,000,000 for the next fiscal year, for which bonds were to be issued, running not less than ten nor more than forty years, principal and interest pay. able in coin, bearing interest at a rate not exceeding six per cent. per annum, payable on bonds not exceeding $100 annually, and on all others semi-annually. The secretary was also authoriz. ed to issue $400,000,000 of six per cent. TREASURY NOTES, not exceeding three years to run, to be a legal tender for their face value, excluding interest, and exchangeable for and redeemable The action of Congress on the sub- by United States NOTES, for which purject of the finances of the country pose alone an issue of $150,000,000 of was prompt and important. On the the latter was authorized; also, a fur17th of January, 1863, there was au- ther issue, if necessary, for the payment thorized the issue of $100,000,000 in of the army and navy and other crediUnited States NOTES, for the immediate tors of the government, of $150,000,000 payment of the army and navy; such in United States NOTES, including the notes to be a part of the amount $100,000,000 authorized in January; provided for in any bill that might be passed during the session. The amount just named, was included in 1863, pp. 296-304.

connected."

VOL. IV.-34.

*This act was approved, Feb. 25, 1863. For the Act in full, see Appleton's "Annual Cyclopedia," for

1862.

the whole amount of bonds, treasury years of trial and perplexity demon notes and United States notes issued strates in how far success attended under this act not to exceed the sum their action. of $900,000,000; also, to issue $50,000,000 in FRACTIONAL CURRENCY, in lieu of postage or other stamps, exchangeable for United States notes, in sums not less than three dollars, and receivable for any dues to the United States less than five dollars, except duties on imports; also, to receive deposits of gold coin and bullion, and to issue certificates therefor; and to issue certificates representing coin in the treasury in payment of interest, which, with the certificates of deposits issued, were not to exceed 20 per cent. beyond the amount of coin and bullion in the treasury. A tax was also imposed on the circulation of state banks of one per cent. half yearly.

By a comparison of the recommendations and appeals of the secretary of the treasury with the matured action of Congress, as above given, it will readily be perceived to what extent the legislature adopted his views and suggestions; and the reader will find it equally interesting and profitable to note the progress and results of the system of finance now inaugurated, during the years immediately following. It was evident that, so long as the rebels continued their efforts, the country must have a large supply of paper money, and Congress, represent ing the sober convictions of the people at large, endeavored to place matters on such a footing that this money should be national in its character, and rest on the faith of the government as its security. The history of succeeding

Together with his message, Mr. Lin. coln submitted a large volume of cor respondence relating to foreign affairs, and accompanied it with various pertinent statements and remarks. Speaking of the political excitements in the old world, he said: "In this unusual agitation, we have forborne from taking part in any controversy between foreign states and between parties or factions in such states. We have attempted no propagandism and acknowledged no revolution. But we have left to every nation the exclu sive conduct and management of its own affairs. Our struggle has been, of course, contemplated by foreign na tions with reference less to its own merits than to its supposed and often exaggerated effects, and the consequences resulting to those nations them. selves. Nevertheless, complaint on the part of this government, even if it were just, would certainly be unwise."

The correspondence, as conducted by Mr. Seward, the secretary of state, and our ministers abroad, especially Mr. Adams, at London, and Mr. Dayton, at Paris, was marked by superior ability, and manifested the spirit and determination of the government, nei ther to allow foreign interference in our country's affairs, nor to suffer other nations, particularly England, to sup pose that we would submit to any fraction of our rights and immunities. The course pursued by the English government was of a kind to arouse deep feeling in the United States-a

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