[415]
Chapter 13:
- Extracts from my inaugural -- our financial system -- receipts and expenditures of the first year -- resources, loans, and taxes -- loans authorized -- notes and bonds -- funding notes -- Treasury notes guaranteed by the States -- measure to reduce the currency -- operation of the General system -- currency fundable -- taxation -- popular aversion -- compulsory reduction of the currency -- tax law -- successful result -- financial condition of the Government at its close -- sources Whence revenue was derived -- total public debt -- system of direct taxes and revenue -- the tariff -- war tax of fifty cents on a hundred dollars -- property subject to it -- every resource of the country to be reached -- tax paid by the States mostly -- obstacle to the taking of the census -- the foreign debt -- terms of the contract -- premium -- false charge against me of repudiation -- facts stated.
In my inaugural address in 1862 I said:
The first year of our history has been the most eventful in the annals of this continent. A new Government has been established, and its machinery put in operation over an area exceeding seven hundred thousand square miles. The great principles upon which we have been willing to hazard everything that is dear to man, have made conquests for us which could never have been achieved by the sword. Our Confederacy has grown from six to thirteen States; and Maryland, already united to us by hallowed memories and material interests, will, I believe, when enabled to speak with unstifled voice, connect her destiny with the South. Our people have rallied with unexampled unanimity to the support of the great principles of constitutional government, with firm resolve to perpetuate by arms the rights which they could not peacefully secure. A million of men, it is estimated, are now standing in hostile array and waging war along a frontier of thousands of miles. Battles have been fought, sieges have been conducted, and, although the contest is not ended, and the tide for the moment is against us, the final result in our favor is not doubtful. . . . Fellow-citizens, after the struggles of ages had consecrated the right of the Englishman to constitutional representative government, our colonial ancestors were forced to vindicate that birthright by an appeal to arms. Success crowned their efforts, and they provided for their posterity a peaceful remedy against future aggression. The tyranyy of an unbridled majority, the most odious and the least responsible form of despotism, has denied us both the right and the remedy. Therefore, we are in arms to renew such sacrifices as our forefathers made to the holy cause of constitutional liberty.
