behavioral economics

And General Sherman (hey, it’s December 1864).

new job for Mr. Chase

On the same day that President Lincoln nominated Salmon P. Chase to serve as Chief Justice of the U.S. Supreme Court he presented Congress with his annual message. You can read about Mr. Lincoln’s comprehensive report at Civil War Daily Gazette. Here are a couple cut-outs from the message. After reporting the numbers on the national debt Mr. Lincoln urged higher taxes and a greater distribution of the federal public debt to as many citizens as possible:

… For the actual receipts and disbursements for the first quarter and the estimated receipts and disbursements for the three remaining quarters of the current fiscal year, and the general operations of the Treasury in detail, I refer you to the report of the Secretary of the Treasury. I concur with him in the opinion that the proportion of moneys required to meet the expenses consequent upon the war derived from taxation should be still further increased; and I earnestly invite your attention to this subject to the end that there be such additional legislation as shall be required to meet the just expectations of the Secretary.

The public debt on the first day of July last, as appears by the books of the Treasury, amounted to $1,740,690,489.49. Probably, should the war continue for another year, that amount may be increased by not far from $500,000,000. Held, as it is, for the most part by our own people, it has become a substantial branch of national, though private, property. For obvious reasons the more nearly this property can be distributed among all the people the better. To favor such general distribution, greater inducements to become owners might, perhaps, with good effect and without injury be presented to persons of limited means. With this view I suggest whether it might not be both competent and expedient for Congress to provide that a limited amount of some future issue of public securities might be held by any bona fide purchaser exempt from taxation and from seizure for debt, under such restrictions and limitations as might be necessary to guard against abuse of so important a privilege. This would enable every prudent person to set aside a small annuity against a possible day of want.

Privileges like these would render the possession of such securities to the amount limited most desirable to every person of small means who might be able to save enough for the purpose. The great advantage of citizens being creditors as well as debtors with relation to the public debt is obvious. Men readily perceive that they can not be much oppressed by a debt which they owe to themselves. …

People will be happier paying taxes so they can pay themselves back. The President’s mention of a “small annuity against a possible day of want” seems to understand the value of Social Security, although he would encourage it on a more voluntary basis.

Mr. Lincoln summarized war operations:

The war continues. Since the last annual message all the important lines and positions then occupied by our forces have been maintained and our arms have steadily advanced, thus liberating the regions left in rear, so that Missouri, Kentucky, Tennessee, and parts of other States have again produced reasonably fair crops.

The most remarkable feature in the military operations of the year is General Sherman’s attempted march of three hundred miles directly through the insurgent region. It tends to show a great increase of our relative strength that our General-in-Chief should feel able to confront and hold in check every active force of the enemy, and yet to detach a well-appointed large army to move on such an expedition. The result not yet being known, conjecture in regard to it is not here indulged.

Important movements have also occurred during the year to the effect of molding society for durability in the Union. Although short of complete success, it is much in the right direction that twelve thousand citizens in each of the States of Arkansas and Louisiana have organized loyal State governments, with free constitutions, and are earnestly struggling to maintain and administer them. The movements in the same direction more extensive though less definite in Missouri, Kentucky, and Tennessee, should not be overlooked. But Maryland presents the example of complete success. Maryland is secure to liberty and union for all the future. The genius of rebellion will no more claim Maryland. Like another foul spirit being driven out, it may seek to tear her, but it will woo her no more.

where will he come out at?

The President’s message to Congress contained 5800 words; he didn’t have quite as much to say to a group of serenaders, although he still talked up General Sherman.

From The Papers And Writings Of Abraham Lincoln, Volume Seven:

RESPONSE TO A SERENADE, DECEMBER 6, 1864.

FRIENDS AND FELLOW-CITIZENS:—I believe I shall never be old enough to speak without embarrassment when I have nothing to talk about. I have no good news to tell you, and yet I have no bad news to tell. We have talked of elections until there is nothing more to say about them. The most interesting news now we have is from Sherman. We all know where he went in at, but I can’t tell where he will come out at. I will now close by proposing three cheers for General Sherman and his army.