hich will have the effect
both of abridging the amount of necessary loans and, on that account, as
well as by placing the public credit on a more satisfactory basis, of
improving the terms on which loans may be obtained. The loan of sixteen
millions was not contracted for at a less interest than about 7 1/2 per
cent, and, although other causes may have had an agency, it can not be
doubted that, with the advantage of a more extended and less precarious
revenue, a lower rate of interest might have sufficed. A longer
postponement of this advantage could not fail to have a still greater
influence on future loans.

In recommending to the National Legislature this resort to additional
taxes I feel great satisfaction in the assurance that our constituents,
who have already displayed so much zeal and firmness in the cause of
their country, will cheerfully give any other proof of their patriotism
which it calls for. Happily no people, with local and transitory
exceptions never to be wholly avoided, are more able than the people
of the United States to spare for the public wants a portion of their
private means, whether regard be had to the ordinary profits of industry
or the ordinary price of subsistence in our country compared with those
in any other. And in no case could stronger reasons be felt for yielding
the requisite contributions. By rendering the public resources certain
and commensurate to the public exigencies, the constituted authorities
will be able to prosecute the war the more rapidly to its proper issue;
every hostile hope founded on a calculated failure of our resources
will be cut off, and by adding to the evidence of bravery and skill
in combats on the ocean and the land, and alacrity in supplying the
treasure necessary to give them their fullest effect, and demonstrating
to the world the public energy which our political institutions combine,
with the personal liberty distinguishing them, the best security will be
provided against future enterprises on the rights or the peace of the
nation.

The contest in which the United States are engaged appeals for its
support to every motive that can animate an uncorrupted and enlightened
people--to the love of country; to the pride of liberty; to an emulation
of the glorious founders of their independence by a successful
vindication of its violated attributes; to the gratitude and sympathy
which demand security from the most degrading wrongs of a class of
citizens wh