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

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.

Econ 4618.61
А

HARVARD COLLEGE LIBRARY

1874, April 28.
Bequest

Hon. Chas. Sumner,

7 Boston. (HU. 1820.

INDEX.

Introduction,

No National Currency at commencement of War,
War carried on upon credit and taxation,

Legal Tender act a War measure,

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,

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,

Secretary Chase modifies their plan,

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.,

Mr. Spaulding's opening Speech on the bill,

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

Mr. Vallandigham offers a substitute,

Mr. Pendleton's Speech on the bill;

12

iv

Mr. Corning's resolution asking opinion of Secretary Chase,
Secretary Chase's opinion of the propriety and necessity of the bill,
Mr. Chase's letter to Mr. Spaulding, Jan. 30th,

45

45

46

Letters of John A. Stevens, George Opdyke and R. Morris,
Letters of Stephen Colwell, M. S. Hawley, J. H. Van Antwerp,
Letters of Robert Dennison, C. H. Russell, Mr. Lord, Mr. Prosser, 40-50
Letters of George B. Butler, T. W. Olcott and others,

47

48-49

51-52

Mr. Vallandigham's Speech,

52

Mr. Hooper's Speech,

54-55

Mr. Roscoe Conkling, Mr. Morrill, Stevens and Spaulding,

57-58

Mr. Alley, of Massachusetts, in favor of the bill,
Letter of Secretary Chase urging immediate action,
Mr. Spaulding's motion to close debate opposed,
Mr. Horton and Mr. Wright oppose the bill,
Order to close debate passed,

Proceedings on the day the bill passed the House,

66

68-69

Confusion and excitement on taking vote,

The substitute of Mr. Morrill, Conkling and others lost,
Bill passed; yeas 93, nays 54,

Copy of bill as passed the House February 6, 1862,

George Dawson's letter to Albany Journal,

Proceedings in Senate on the bill,

$10,000,000 demand notes for temporary relief, Senate Finance Committee propose amendments, Mr. Fessenden's opening Speech,

Speeches by Cowan, Doolittle, Simmons, Bayard,

Letter of J. W. Simonton on the origin of legal tender act,

Speeches by Pomeroy, Calvert, Morrill, Dunn, English,
Speeches by Pike, Diven, Windom, Pendleton,

Speeches by Hooper and Stevens close debate on amendments, -
Yeas and nays to pay soldiers and sailors in coin,
Yeas and nays to pay interest in coin,
Yeas and nays to sell bonds at market value, -
Yeas and nays to lay bill on table,

Conference Committee-bill passed,

Copy of legal tender act, February 25, '62,

Samuel Wilkeson's letter to N. Y. Tribune,
Temporary deposits in Sub-Treasury,

Certificates of indebtedness,

$60,000,000 more legal tender declared,
Secretary Chase asks for $150,000,000 more,

Secretary Chase asks for small bills less than $5,
Action of Committee of Ways and Means on this,
Mr. Spaulding's Speech upon it, -

Mr. Colfax's Speech and Mr. Stevens',
Yeas and nays on passage of this bill,
Passed the Senate; yeas 22, nays 13,
Copy of second legal tender act,

Postage Stamps and Fractional Currency,
Shinplasters prohibited, 2d Section of the act,

Bank bill again recommended by Secretary Chase,
$900,000,000 loan bill reported from Committee,
Spaulding's opening Speech upon it,

Particulars of the National Debt, Jan. 2, 1863,
Constitutionality of a National Bank,

Constitutionality of State Banks,

Interest-bearing Treasury Notes,
Our only hope is in military success,
$100,000,000 legal tender to pay the army,
Mr. Gurly's Speech on market value of bonds,

125-126

- 127

133-138

- 139-140 140-141

Secretary Chase's special letter on Bank bill,

Special resolution passed to pay Soldiers,

President Lincoln's Special Message on the resolution,

- 183

The right to convert notes into bonds at par abrogated,

Jay Cook negotiates $500,000,000 of 5-20 bonds,

187-188 - 188

189

Mistake of the Secretary in not continuing funding,

Mr. Spaulding's two letters to Morris Ketchum on the subject,

- 189

190