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A RESOURCE OF WAR-THE CREDIT OF THE GOVERNMENT

MADE IMMEDIATELY AVAILABLE.

HISTORY

OF THE

LEGAL TENDER PAPER MONEY

16SUED DURING THE

GREAT REBELLION.

BRING 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 sufficient 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.

BUFFALO :
EXPRESS PRINTING COMPANY, 14 EAST SWAN STREET,

1869.

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INDEX TO THE NEW INTRODUCTION-1875.

PAGE

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
both were discredited together,

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,

14

10

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