e system been possible, and had it actually
existed two years ago, can it be doubted that the national
interests and sentiments enlisted by it for the Union would have so
strengthened the motives for adhesion derived from other sources
that the wild treason of secession would have been impossible?

'The Secretary does not yield to the phantasy that taxation is a
blessing and debt a benefit; but it is the duty of public men to
extract good from evil whenever it is possible. The burdens of
taxation may be lightened and even made productive of incidental
benefits by wise, and aggravated and made intolerable by unwise,
legislation. In like manner debt, by no means desirable in itself,
may, when circumstances compel nations to incur its obligations, be
made by discreet use less burdensome, and even instrumental in the
promotion of public and private security and welfare.

'The rebellion has brought a great debt upon us. It is proposed to
use a part of it in such a way that the sense of its burden may be
lost in the experience of incidental advantages. The issue of
United States notes is such a use; but if exclusive, is hazardous
and temporary. The security by national bonds of similar notes
furnished to banking associations is such a use, and is
comparatively safe and permanent; and with this use may be
connected, for the present, and occasionally, as circumstances may
require, hereafter, the use of the ordinary United States notes in
limited amounts.

'No very early day will probably witness the reduction of the
public debt to the amount required as a basis for secured
circulation. Should no future wars arrest reduction and again
demand expenditures beyond revenue, that day will, however, at
length come. When it shall arrive the debt may be retained on low
interest at that amount, or some other security for circulation may
be devised, or, possibly, the vast supplies of our rich mines may
render all circulation unadvisable except gold and the absolute
representatives and equivalents, dollar for dollar, of gold in the
treasury or on safe deposit elsewhere. But these considerations may
be for another generation.

'The Secretary forbears extended argument on the constitutionality
of the suggested system. It is proposed as an auxiliary to the