What else would this be in effect than to increase the burthen of those who are the heaviest sufferers by the war, and to make our own inability to protect them from invasion, as we are required to do by the Constitution, the ground for adding to their losses by an attempted adherence to the letter, in violation of the spirit of that instrument? No such purpose could have been entertained and no such result contemplated by the framers of the Constitution. It may add weight to these considerations if we reflect that, although the Constitution provided that it should go into operation with a representation temporarily distributed among the States, it expressly ordains, after providing for a census within three years, that this temporary distribution of representative power is to endure "until such enumeration shall be made." Would any one argue that because the census cannot be made within the fixed period the Government must at the expiration of that period perish for want of a representative body? In any aspect in which the subject can be viewed I am led to the conclusion already announced, and which is understood to be in accordance with a vote taken in one or both Houses at your last session. I shall, therefore, until we are able to pursue the precise mode required by the Constitution, deem it my duty to approve any law levying the taxation which you are bound to impose for the defense of the country in any other practicable mode which shall distribute the burthen uniformly and impartially on the whole property of the people.
In your former legislation you have sought to avoid the increase in the volume of notes in circulation by offering inducements to voluntary funding. The measures adopted for that purpose have been but partially successful, and the evil has now reached such a magnitude as to permit no other remedy than the compulsory reduction of the currency to the amount required by the business of the country. This reduction should be accompanied by a pledge that under no stress of circumstances will that amount be exceeded. No possible mode of using the credit of the Government can be so disastrous as one which disturbs the basis of all exchanges, renders impossible all calculations of future values, augments, in constantly increasing proportions, the price of all commodities, and so depreciates all fixed wages, salaries, and incomes as to render them inadequate to bare subsistence. If to these be added the still more
