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A RESOURCE OF WAR-THE CREDIT OF THE GOVERNMENT

MADE IMMEDIATELY AVAILABLE.

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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.

C BUFFALO :
EXPRESS PRINTING COMPANY, 14 EAST SWAN STREET,

1869.

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INDEX.

PAGB.

5

5

6 5-29

7. 7

8 8-11

- 10 11-12

12

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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,
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,
Secretary Chase modifies their plan,
Opposition to the Bank 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;

14 15 15 16 16 17 18 19 19 19 20 21 22

23 24-25

26 27 28 28 41

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43

48

iv

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-

Mr. Corning's resolution asking opinion of Secretary Chase,

45
Secretary Chase's opinion of the propriety and necessity of the bill, 45
Mr. Chase's letter to Mr. Spaulding, Jan. 30th,

46
Letters of John A. Stevens, George Opdyke and R. Morris,

47
Letters of Stephen Colwell, M. S. Hawley, J. H. Van Antwerp, 48–49
Letters of Robert Dennison, C. H. Russell, Mr. Lord, Mr. Prosser, 40–50
Letters of George B. Butler, T. W. Olcott and others,

51-52
Mr. Vallandigham's Speech,

52
Mr. Hooper's Speech,

54-55
Mr. Roscoe Conkling, Mr. Morrill, Stevens and Spaulding,

57-58
Mr. Conkling as to Secretary Chase's position,

58–59
Secretary Chase's letter in favor of bill,

59
Mr. Morrill's Speech against legal tender,

60
Mr. Roscoe Conkling's Speech against legal tender,

64
Mr. Bingham, of Ohio, in favor of the bill,

66
Mr. Sheffield, Crisfield and Pike,

68-69
Mr. Alley, of Massachusetts, in favor of the bill,

71
Letter of Secretary Chase urging immediate action,

71
Mr. Spaulding's motion to close debate opposed,

72
Mr. Horton and Mr. Wright oppose the bill,

73
Order to close debate passed,

74
Proceedings on the day the bill passed the House,

75
Mr. Kellogg's Speech,

75
Mr. Thomas and Mr. Edward's Speeches,

77
Mr. Riddle and Blake's Speeches,

78
Mr. Campbell's Speech, -

79
Mr. Spaulding and Stevens' Speeches closing debate,

80-81
Five minute Speeches continued,

85
Mr. F. A. Conkling, Shellabarger, Hickman,

85-87
Mr. Lovejoy and Walton,

88–91
Motion to strike out legal tender clause lost,

91-92
Confusion and excitement on taking vote,

92
The substitute of Mr. Morrill, Conkling and others lost,

92, 93, 94
Bill passed; yeas 93, nays 54,

95-96
Copy of bill as passed the House February 6, 1862,

66-67
George Dawson's letter to Albany Journal,

9S
Proceedings in Senate on the bill,

99-100
$10,000,000 demand notes for temporary relief,

99
Senate Finance Committee propose amendments,

- 100
Mr. Fessenden's opening Speech,

100
Speeches by Judge Collamer and Mr. Howe,

- 106-107
Speeches by Chandler, Wilson and Sherman,

109, 110, 111
Speeches by Cowan, Doolittle, Simmons, Bayard,

114, 115, 116
Speeches by Willey, Howard, McDougall, -

117, 118, 119
Speech by Mr. Sumner,

- 121
Motion to strike out legal tender clause lost,

121-122
Speeches of King, Pearce, Salesbury, Powell,

- 122–123
Bill passed the Senate 30 to 7,

124
Letter of J. W. Simonton on the origin of legal tender act,

- 124

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Objection in House to Senate amendments,

125 126 Mr. Spaulding's Speech opposing them,

- 127 Speeches by Pomeroy, Calvert, Morrill, Dunn, English,

133-138 Speeches by Pike, Diven, Windom, Pendleton,

- 139-140 Speeches by Hooper and Stevens close debate on amendments, - 140-141 Yeas and nays to pay soldiers and sailors in coin,

- 144 Yeas and nays to pay interest in coin,

145 Yeas and nays to sell bonds at market value,

· 146 Yeas and nays to lay bill on table,

147 Conference Committee-bill passed,

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

149 Samuel Wilkeson's letter to N. Y. Tribune,

- 152 Temporary deposits in Sub-Treasury,

152 Certificates of indebtedness,

- 153 $60,000,000 more legal tender declared,

154 Secretary Chase asks for $150,000,000 more,

- 154 Secretary Chase asks for small bills less than $5,

155 Action of Committee of Ways and Means on this,

156 Mr. Spaulding's Speech upon it,

157 Mr. Colfax's Speech and Mr. Stevens',

- 161 Yeas and nays on passage of this bill,

162 Passed the Senate; yeas 22, nays 13,

- 163 Copy of second legal tender act,

163 Postage Stamps and Fractional Currency,

- 165 Shinplasters prohibited, 2d Section of the act,

165 Bank bill again recommended by Secretary Chase,

- 167 $900,000,000 loan bill reported from Committee,

167 Spaulding's opening Speech upon it,

- 167-168 Particulars of the National Debt, Jan. 2, 1863,

170 Constitutionality of a National Bank,

- 172 Constitutionality of State Banks,

172 Interest-bearing Treasury Notes,

- 178 Our only hope is in military success,

179 $100,000,000 legal tender to pay the

army,

- 180—181 Mr. Gurly's Speech on market value of bonds,

181 Secretary Chase's special letter on Bank bill,

- 182 Special resolution passed to pay Soldiers,

182 President Lincoln's Special Message on the resolution,

- 183 Morrill, Ward and Amasa Walker's Speeches on the $900,000,000 Loan Act,

· 184 Substitutes of Hooper and Stevens lost,

185 $900,000,000 Loan Bill passed both Houses,

- 185 Synopsis of the bill as passed,

186 Bank bill passed; yeas and nays,

- 186-187 No National Currency issued until 1864,

187–188 The right to convert notes into bonds at par abrogated,

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

189 Mistake of the Secretary in not continuing funding,

- 189 Mr. Spaulding's two letters to Morris Ketchum on the subject, 190

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