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per cent. per annum, simple interest, from the end of our Revolutionary struggle until to-day, without paying anything on either principal or interest, each man of us would owe less upon that debt now than each man owed upon it then; and this because our increase of men, through the whole period, has been greater than six per cent.; has run faster than the interest upon the debt. Thus, time alone relieves a debtor nation, so long as its population increases faster than unpaid interest accumulates on its debt.

This fact would be no excuse for delaying payment of what is justly due; but it shows the great importance of time in this connection-the great advantage of a policy by which we shall not have to pay until we number a hundred millions, what, by a different policy, we would have to pay now, when we number but thirty-one millions. In a word, it shows that a dollar will be much harder to pay for the war than will be a dollar for the emancipation on the proposed plan. And then the latter will cost no blood, no precious life. It will be a saving of both.

As to the second article, I think it would be impracticable to return to bondage the class of persons therein contemplated. Some of them, doubtless, in the property sense, belong to loyal owners; and hence provision is made in this article for compensating such.

The third article relates to the future of the freed people. It does not oblige, but merely authorizes Congress to aid in colonizing such as may consent. This ought not to be regarded as objectionable on the

. one hand or on the other, in so much as it comes to nothing unless by the mutual consent of the people to be deported, and the American voters, through their representatives in Congress.

I cannot make it better known than it already is that I strongly favor colonization. And yet I wish to say there is an objection urged against free colored persons remaining in the country which is largely imaginary, if not sometimes malicious.

It is insisted that their presence would injure and displace white labor and white laborers. If there ever could be a proper time for mere catch arguments, that time surely is not now. In times like the present men should utter nothing for which they would not willingly be responsible through time and in eternity. Is it true, then, that colored people can displace any more white labor by being free than by remaining slaves ? If they stay in their old places they jostle no white laborers; if they leave their old places they leave them open to white laborers. Logically there is neither more nor less of it. Emancipation even without

wages of it.

deportation, would probably enhance the wages of white labor, and, very surely, would not reduce them. Thus the customary amount of labor would still have to be performed—the freed people would surely not do more than their old proportion of it, and very probably for a time would do less, leaving an increased part to white laborers, bringing their labor into greater demand, and consequently enhancing the

With deportation, even to a limited extent, enhanced wages to white labor is mathematically certain. Labor is like any other commodity in the market-increase the demand for it and you increase the price of it. Reduce the supply of black labor, by colonizing the black laborer out of the country, and by precisely so much you increase the demand for and wages of white labor.

But it is dreaded that the freed prople will swarm forth and cover the whole land! Are they not already in the land? Will liberation make them any more numerous ? Equally distributed among the wbites of the whole country, and there would be but one colored to seven whites.

Could the one, in any way, greatly disturb the seven ? There are many communities now having more than one free colored person to seven whites; and this, without any apparent consciousness of evil from it. The District of Columbia and the States of Maryland and Delaware are all in this condition. The District has more than one free colored to six whites; and yet, in its frequent petitions to Congress, I believe it has never presented the presence of free colored persons as one of its grievances. But why should emancipation South send the freed people North? People of any color seldom run unless there be something to run from Heretofore colored people to somo extent have fled North from bondage; and now, perhaps, from bondage and destitution. But if gradual emancipation and deportation be adopted they will have neither to flee from. Their old masters will give them wages at loast until new laborers can be procured, and the freed men in turn will gladly give their labor for the wages till new homes can be found for them in congenial climes and with people of their own blood and race. This proposition can be trusted on the mutual interests involved. And in any event, cannot the North decide for itself whether to receive them?

Again, as practice proves more than theory, in any case, has there been any irruption of colored people northward because of the abolishment of slavery in this District last spring?

What I have said of the proportion of free colored persons to the whites in the District is from the census of 1860, having no reference alone;

to persons called contrabands, nor to those made free by the act of Congress, abolishing slavery here.

The plan consisting of these articles is recommended, not but that a restoration of national authority would be accepted without its adoption,

Nor will the war, nor proceedings under the proclamation of September 22, 1862, be stayed because of the recommendation of this plan. Its timely adoption, I doubt not, would bring restoration, and thereby stay both.

And notwithstanding this plan, the recommendation that Congress provide by law for compensating any State which may adopt emancipation before this plan shall have been acted upon, is hereby earnestly renewed. Such would be only an advanced part of the plan, and the same arguments apply to both.

This plan is recommended as a means, not in exclusion of, but additional to, all others for restoring and preserving the national authority throughout the Union. The subject is presented exclusively in its economical aspect. The plan would, I am confident, secure peace more speedily, and maintain it more permanently, than can be done by force

while all it would cost, considering amounts, and manner of payment, and times of payment, would be easier paid than will be the additional cost of the war, if we solely rely upon force, It is muchvery much that it would cost no blood at all.

The plan is proposed as permanent constitutional law. It cannot become such, without the concurrence of, first, two-thirds of Congress, and afterward three-fourths of the States. The requisite three-fourths of the States will necessarily include seven of the Slave States. Their concurrence, if obtained, will give assurance of their severally adopting emancipation, at no very distant day, upon the new constitutional terms. This assurance would end the struggle now, and save the Union forever.

I do not forget the gravity which should characterize a paper addressed to the Congress of the nation by the Chief Magistrate of the nation. Nor do I forget that some of you are my seniors; nor that many of you have more experience than I in the conduct of public affairs. Yet I trust that, in view of the great responsibility resting upon me, you will perceive no want of respect to yourselves in any undue earnestness I may seem to display.

Is it doubted, then, that the plan I propose, if adopted, would shorten the war, and thus lessen its expenditure of money and of blood ? Is it doubted that it would restore the national authority and national prosperity, and perpetuate both indefinitely? Is it doubted that we here Congress and Executive-can secure its adoption ? Will not the good people respond to a united and earnest appeal from us?

Can we, can they, by any other means, so certainly o jo speedily assure these vital objects? We can succeed only by concert. It is not "can any of us imagine better ?” but “can we all do better ?'', Object whatsoever is possible, still the question recurs, can we do better ?” The dogmas of the quiet past are inadequate to the stormy present. The occasion is piled high with difficulty, and we must rise with the occasion. As our case is new, so we must think anew, and act anew. We must disenthral ourselves, and then we shall save our country.

Fellow-citizens, we cannot escape history. We of this Congress and this Administration will be remembered in spite of ourselves. No personal significance or insignificance can spare one or another of us. The fiery trial through which we pass will light us down in honor or dishonor to the latest generation. We say that we are for the Union. The world will not forget that we say this. We know how to save the Union. The world knows we do know how to save it. Woeven we here-hold the power and bear the responsibility. In giving freedom to the slave wo assure freedom to the free-honorable alike in what we give and what we preserve. We shall nobly save or meanly lose the last best hope of earth. Other means may succeed; this could not, cannot fail. The way is plain, peaceful, generous, just--a way which, if followed, the world will forever applaud and God must forever bless.

ABRAHAM LINCOLN. December 1, 1862.

At the very outset of the session, resolutions were introduced by the opponents of the Administration, censuring, in strong terms, its arrest of individuals, in the loyal States, suspected of giving, or intending to give aid and comfort to the rebellion. These arrests were denounced as utterly unwarranted by the Constitution and laws of the United States, and as involving the subversion of the public liberties. In the Senate, the general subject was discussed in a debate, commencing on the 8th of December, the opponents of the Administration setting forth very fully and very strongly their opinion of the unjustifiable nature of this action, and its friends vindicating it as made absolutely necessary by the emergencies of the case. Every department of the Government, and every section of the country, were filled at the outset of the war with men actively engaged in doing the work of spies and informers for the rebel authorities; and it was known that, in repeated instances, the plans and purposes of the Government had been betrayed and defeated by these aiders and abettors of treason. It became absolutely necessary, not for purposes of punishment but of prevention, to arrest these men in the injurious and perhaps fatal action they were preparing to take; and on this ground the action of the Government was vindicated and justified by the Senate. On the 8th of December, in the House of Representatives, a bill was introduced, declaring the suspension of the writ of habeas corpus to have been required by the public safety, confirming and declaring valid all arrests and imprisonments, by whomsoever made or caused to be made, under the authority of the President, and indemnifying the President, secretaries, heads of departments, and all persons who have been concerned in making such arrests, or in doing or advising any such acts, and making void all prosecutions and proceed. ings whatever against them in relation to the matters in question. It also authorized the President, during the existence of the war, to declare the suspension of the writ of habeas corpur, “at such times, and in such places, and with regard to such persons, as in bis judgment the public safety may require." This bill was passed, receiving ninety votes in its favor, and forty-five against it. It was taken up in the Senate on the 22d of December, and after a discussion of several days, a new bill was substituted and passed; ayes 33, noes 7. This was taken up in the House on the 18th of February, and the substitute of the Senate was rejected. This led to the appointment of a committee of conference, which recommended that the Senate recede from its amendments, and that the bill, substantially as

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