A RESOURCE OF WAR-THE CREDIT OF THE GOVERNMENT
MADE IMMEDIATELY AVAILABLE.

HISTORY

OF THE

LEGAL TENDER PAPER MONEY

ISSUED DURING THE

GREAT REBELLION.

BEING A

Loan without Interest and a National Currency.

PREPARED BY

Hon. E. G. SPAULDING, Chairman,

OF

THE SUB-COMMITTEE OF WAYS AND MEANS, AT THE TIME
THE ACT WAS PASSED.

In such a nation as this, there is one and only one RESOURCE for loans & ficient to carry
hrough the expenses of a GREAT WAR, namely, fundable Treasury Notes fitted for circulation
as money, and based upon adequate taxation.

"That in the interval between war and war, all the outstanding paper should be called in
coin permitted to flow in again, and hold the field of circulation, until another war should re
quire its yielding place again to the NATIONAL MEDIUM."-JEFFERSON.

LIBRA

OF THE

UNIVERSITY

BUFFALO

EXPRESS PRINTING COMPANY, 14 EAST SWAN STREET,
1869.

Loan of $150,000,000 by the Associated Banks,

Who composed the Committee of Ways and Means,

Sub-Committee, Messrs. Spaulding, Hooper and Corning,

Secretary Chase's financial plan, a bank and taxation,

Mr. Chase does not recommend legal tender,

Bank bill prepared by Mr. Spaulding,

Erastus Corning's letter on the Bank bill,

Origin of the Legal Tender act,

-

Legal Tender bill introduced by Mr. Spaulding,

Ways and Means divided on the bill,

Opinion of Attorney General Bates,

Ways and Means agree to report the bill,

Bill reported by Mr. Spaulding,

Mr. Spaulding's letter to Isaac Sherman, New York,

Isaac Sherman's letter,

The Press in New York opposed to the act,

Meeting of Bank Delegates in Washington to oppose the bill,

Meeting of Delegates and Committees at Treasury Department,

Their plan to raise money to carry on the War,

Letters of M. H. Grinell, L. F. Allen and Mr. Ganson,

Letters of J. W. Simonton, T. Denny & Co., J. E. Williams,

Section for $500,000,000 of 5-20 bonds,

Letter of Secretary Chase, January 22, 1862,

National Intelligencer, Col. Seaton, etc.,

Value of the Real and Personal property, $16,159,616,068,

Mr. Vallandigham offers a substitute,

Mr. Pendleton's Speech on the bill,

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