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A RESOURCE OF WAR-THE CREDIT OF THE GOVERNMENT
MADE IMMEDIATELY AVAILABLE.
LEGAL TENDER PAPER MONEY
16SUED DURING THE
Loan without Interest and a National Currency.
Hon. E. G. SPAULDING, Chairman,
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 sufficient to carry
" That in the interval between war and war, all the outstanding paper should be called in
INDEX TO THE NEW INTRODUCTION-1875.
Secretary Chase's first mistake in rejecting the bank check in 1861, - 1 Antagonism of the Sub-Treasury act and its suspension-Mr. Chase refuses to recognize its suspension,
2 [See also historical letters of Geo. S. Coe and J. E. Williams, Appendix,
pages 89 to 99.] The Banks and Sub-Treasury suspend specie payments—Mr. Chase in
breaking the banks, at the same time broke the Sub-Treasury, and
3-4 Legal tender act introduced by Mr. Spaulding, Dec. 30, 1861,
4 The primary object of the act was to fund the debt, It was a
temporary war measure,” Title of the act was to “fund the greenbacks and floating debt" into 6
per cent. gold bonds-First legal tender notes issued March 10, 1862, with endorsement on the back to fund in 6 per cent. gold bonds,
7 Second $150,000,000 legal tenders authorized,
8 Second great mistake of Secretary Chase-Abrogation of the right to fund the greenbacks in 6 per cent. gold bonds,
8-9 $900,000,000 loan act,
9-10 Secretary Chase resigns-Gold, 2.85, Mr. Chase to Mr. Spaulding, July 15, 1869,
11 W. P. Fessenden, Secretary of Treasury, July 5, 1864,
11 Hugh McCulloch, Secretary of Treasury, March 4, 1865,
11 Secretary McCulloch not supported by Congress,
11 $830,000,000 of 7-30 Treasury, notes issued to pay the army, and which were funded in three years into 6 per cent. gold bonds,
11-12 Geo. S. Boutwell, Secretary of Treasury, March 11, 1869,
12 Third mistake of Treasury Department,
12 New engraved plates and new issue of greenbacks, four years after the close of the war,
13 Wm. A. Richardson, Secretary of Treasury, March 17, 1873–$26.000,000 inflation of the currency,