Benson J. Lossing, Pictorial Field Book of the Civil War. Volume 1.

“ [564] deserted his flag. . . . This is the patriotic instinct of plain people. They understand, without an argument, that the destroying of the Government which was made by Washington means no good to them.”

The President concluded by assuring the people that it was with the deepest regret that he found himself compelled to employ the war-power in defense of the Government, and that the sole object of its exercise should be the maintenance of the National authority and the salvation of the life of the Republic. “And having so chosen our course, without guile and with pure motives,” he said to Congress, after expressing a hope that the views of that body were coincident with his own, “let us renew our trust in God, and go forward without fear and with manly hearts.”

The President's Message was accompanied by important reports from heads of Executive Departments. Mr. Cameron, the Secretary of War, recommended the enlistment of men for three years, with a bounty of one hundred dollars for the additional regiments of the regular Army; that appropriations be made for the construction, equipment, and current expenses of railways and telegraphs for the use of the Government; also, for the furnishing of a more liberal supply of approved arms for the militia of the several States and Territories, and other measures necessary in a state of war. He also recommended the appointment of an Assistant Secretary of War, and an increase of the clerical force of his department.

Mr. Chase, the Secretary of the Treasury, whose management of the financial affairs of the country during a greater portion of the period of the war was considered eminently wise and efficient, asked for two hundred and forty millions of dollars for war purposes, and eighty millions of dollars to meet the ordinary demands for the fiscal year ending on the 30th of June, 1862. He proposed to raise the eighty millions, in addition to the sum of nearly sixty-six millions of dollars already appropriated, by levying increased duties on specified articles, and also by

Salmon P. Chase.

certain internal revenues, or by the direct taxation of real and personal property. To raise the amount asked for war purposes, he proposed a National loan of not less than one hundred millions of dollars, to be issued in the form of treasury notes, bearing an annual interest of seven and three-tenths per centum, or one cent a day on fifty dollars, in sums from fifty dollars to five thousand dollars. He proposed to issue bonds, or certificates of debt, in the event of the National loan proving to be insufficient, to the amount of not exceeding one hundred millions of dollars, to be made redeemable at the pleasure of the Government, after a period not exceeding thirty years, and bearing an interest not exceeding seven per cent. He further recommended, for the supply of the full amount, the issue of another class of treasury notes, not exceeding in the aggregate fifty millions of dollars (some of small denominations), bearing an interest of three and sixty-five one-hundredths