nations, which can no longer find any justification in withholding our just claims to formal recognition. It is also in effect an intimation to the people of the North that they must prepare to submit to a separation, now become inevitable, for that people are too acute not to understand a restoration of the Union has been rendered forever impossible by the adoption of a measure which from its very nature neither admits of retraction nor can coexist with union.
Among the subjects to which your attention will be specially devoted during the present session you will no doubt deem the adoption of some comprehensive system of finance as being of paramount importance. The increasing public debt, the great augmentation in the volume of the currency, with its necessary concomitant of extravagant prices for all articles of consumption, the want of revenue from a taxation adequate to support the public credit, all unite in admonishing us that energetic and wise legislation alone can prevent serious embarrassment in our monetary affairs. It is my conviction that the people of the Confederacy will freely meet taxation on a scale adequate to the maintenance of the public credit and the support of their Government. When each family is sending forth its most precious ones to meet exposure in camp and death in battle, what ground can there be to doubt the disposition to devote a tithe of its income, and more, if more be necessary, to provide the Government with means for insuring the comfort of its defenders? If our enemies submit to an excise on every commodity they produce and to the daily presence of the taxgatherer, with no higher motive than the hope of success in their wicked designs against us, the suggestion of an unwillingness on the part of this people to submit to the taxation necessary for the success of their defense is an imputation on their patriotism that few will be disposed to make and that none can justify.
The legislation of your last session, intended to hasten the funding of outstanding Treasury notes, has proved beneficial, as shown by the returns annexed to the report of the Secretary of the Treasury. But it was neither sufficiently prompt nor far-reaching to meet the full extent of the evil. The passage of some enactment carrying still further the policy of that law by fixing a limitation not later than the 1st of July next to the delay al-