- •Issued in commemoration op the completion op the first ten
- •In all departments of knowledge
- •Is feasible. As for the latter topic, I soon discovered that
- •Indianapolis Monetary Commission. Three of these articles
- •I. State of the finances, march, 1861
- •In addition to political availability, Mr. Lincoln thought
- •I Cf. Nicolay and hay, Abraham Lincoln, a History (New York, 1890), Vol. III.
- •Indispensable to success in the management of the then dis-
- •It was natural that there should be hesitation in New York
- •1 H. R. Miscellaneous Document No. 20, p. 3, 36th Cong., 2d Sess.
- •2 Ibid., loc. Cit.
- •1 Correspondence between Mr. George s. Coe, one of the bankers concerned, and
- •2 Letter of resignation, g. T. Curtis, Life of James Buchanan (New York, 1883),
- •3 Cf. Dix's letter to the chairman of the Committee on Ways and Means, h. R.
- •1 Report of the Secretary of the Treasury, December, 1861, p. 30.
- •2 On the condition of the finances at the commencement of the Civil War, cf.
- •3 Report of the Secretary of the Treasury, December, 1861, pp. 30-32.
- •Ing. Moreover, the credit of the government was improved
- •In order to escape payment of the higher duties imposed by
- •I Cf. American Annual Cyclopaedia, 1861, p. 296, and Hunt's Merchants' 1 Maga-
- •12 History op the greenbacks
- •It was found that the loan had been subscribed three times over
- •In need. Five million dollars were required to carry it along
- •000,000 To meet the expenditures of the coming twelve
- •000 Would defray the expenses of a peace footing, estimated
- •In 7 per cent., thirty-year bonds ; (3) the issue of not over
- •If Secretary Chase erred in thus proposing at the outset
- •2 Ibid., p. 14. 3 ibid., pp. 65 ff. And 71 ff.
- •5 Ibid., pp. 109 and 127. Ibid., p. 147.
- •1 12 Statutes at Large, p. 259. Act of July 17, 1861.
- •Interest;" (3) 7.3 per cent, three-year treasury notes, fundable
- •In 6 per. Cent, twenty-year bonds; or (4) treasury notes,
- •Vote for any bill that the administration and the leaders of
- •I Cf. " Comparative Bates of Duty, 1842-61," Hunt's Merchants' Magazine,
- •2 12 Statutes at Large, p. 292.
- •3 As examples of this disposition see the remarks of Senators McDougall, of
- •000,000. " : Mr. Chase, also, took a firmer stand, advocating
- •In his report of December, 1861, an increase of the customs
- •1 Report of the Secretary of the Treasury, December, 1861, p. 8. These issues were
- •2 " It is utterly out of the question, in our judgment," said the London Economist
- •Issue of clearing-house certificates. 1 But most of the paper
- •Imports due partly to the Morrill tariff, but chiefly to the
- •If the banks could collect specie in these two ways as
- •1 Chase's letter to Trowbridge, warden, op. Cit., pp. 386-8.
- •Ing (Boston, 1896), pp. 150-52.
- •2 Acts of July 17, 1861, sec. 1, 12 Statutes at Large, p. 259, and of August 5, 1861,
- •3 Text in American Annual Cyclopaedia, 1861, p. 299.
- •Vency of the government, and in so far injured its credit, and
- •I Letter to Trowbridge, warden, op. Cit., p. 388.
- •2 The banks were the more annoyed at Mr. Chase's refusal to make payments in
- •Issued an urgent address, appealing to the people to assist in
- •Into a common fund, and reviving the organization entered
- •Into to check the panic of the preceding November. The
- •000 In the specie holdings of the banks, and a like increase
- •In the coin held by the subtreasury. 3 At the same time the
- •Immediate action. With this view, on the 14th of January,
- •1 The text of the bill is given Congressional Globe, 37th Cong., 3d Sess., pp. 283, 284.
- •2 See, e. G., the speeches of Messrs. Spaulding, ibid., p. 287; Morrill, p. 296; Shef-
- •1 Mr. Shellabarger, Congressional Globe, 37th Cong., 3d Sess., p. 407.
- •2 Mr. Watts, ibid., p. 391. 3 Ibid., p. 409.
- •114 History op the greenbacks
- •1 Congressional Globe, 37th Cong., 3d Sess., p. 383.
- •2 Cf. Ibid., remarks of Messrs. Hooper, p. 386, Watts, p. 391, Riddle, p. 383, and
- •3 Report of the Secretary of the Treasury, December, 1862, p. 14.
- •Indebtedness and interest." 2
- •In coin. The third course necessarily involved all the disor-
- •Virtually a recommendation of this third course.
- •1 Ibid., p. 287. 2 Ibid., p. 391. 3 Sec. 3, Ibid., p. 284.
- •116 History or the greenbacks
- •Interest on bonds in "lawful money " instead of in coin, and
- •66, 5 Mr. Stevens imperturbably proposed a second. 8 As the
- •3.65 Per cent, interest in coin, a legal tender to the same
- •Ing "the negotiation of bonds to market value" were
- •1865 Must be added.
- •120 History of the greenbacks
- •1 Report of the Secretary of the Treasury, December, 1863, p. 2. On the arrange-
- •2 Report of the Secretary of the Treasury, December, 1863, p. 17. 3 ibid., p. 10.
- •122 History op the greenbacks
- •Increase the issues of United States notes, but it inserted
- •In the " act to provide ways and means for the support of
- •1 Report of the Secretary of the Treasury, December, 1864, pp. 19, 20.
- •2 See Chase's letter to Fessenden, schuckebs, op. Cit., p. 415 ; cf. Hunt's Mer-
- •126 History op the greenbacks
- •Internal revenue and a small increase of the temporary loan,
- •Important financial resource after June, 1863. In the fiscal
- •1 Cf. Report of the Secretary of the Treasury, December, 1864, pp. 13, 26.
- •2 Issues and redemptions of the principal of the debt are com piled from batlet,
- •Ing obligations for the fiscal years 1861-66
- •Ing obligations
- •In 1864 the proportion fell to a sixteenth, and thereafter the
- •I See Part II, chap, X, below.
- •Issuing irredeemable paper money was adopted because of the
- •In the first place, then, suspension of specie payments
- •In the medium of exchange were not slight, they were less
- •136 History op the greenbacks
- •It was this depreciation of the money unit that gave rise
- •Investigated in chap. IV.
- •Ing wealth is carried on by a succession of money payments.
- •1 Cf. Lacohlin, History of Bimetallism in the United States (4th ed., 1897), p. 86.
- •Incomes did not rise as quickly and in as great degree as
- •In the community which contributed of their property or
- •It altered only the division of these commodities and
- •138 History of the greenbacks
- •1. At any given time business men are bound to a con-
- •Increase their money expenditures. Laborers may demand
- •4. The readjustment in the scale of money payments,
- •Income had upon the consumption and production of wealth.
- •1 The rapidity and violence of these fluctuations may best be seen from the
- •In payment greenbacks worth considerably less than the
- •It. Business men consequently cast around for some means
- •II. Bank notes
- •In other parts of the United States left the notes of the state
- •Ing institutions elsewhere like the Chemical Bank of New
- •I bernard moses, " Legal tender Notes in California," Quarterly Journal of
- •Immunity from the penalties for suspension to such banks
- •1862, Relieving the banks from the penalties for suspension
- •1 See the New York city bank statements, ibid., p. 559; compare Report of the
- •2 Bankers' 1 Magazine, Vol. XVII, pp. 163, and 793, 794.
- •3 Knox, History of Bankingin the United States (New York, 1900), p. 642.
- •In discharge of its notes. After ascertaining that the courts
- •000,000 Of the nickel coins had been issued by June 30,
- •1862, And 48,000,000 more were added during the next
- •1 Knox, United States Notes, pp. 103 and 104.
- •2 Report of 1863, p. 189. 3 ibid.
- •1 Ibid.
- •2 Congressional Globe, 38th Cong., 1st Sess., p. 1228. 3 ibid., p. 1227.
- •170 History of the greenbacks
- •In October the director of the mint reported that the new
- •2 Bayley, National Loans of the United States, p. 157. These statements differ
- •Interest coupons. 1 One hundred and fifty millions of the
- •Itation of amount by the act of March 1, 1862. 3 This
- •000,000 In 1865.* Most of these notes were paid out to con-
- •1865, And 1866, as given in the current reports of the
- •184 History op the greenbacks
- •It was not until October, 1864, that a constitution and by-
- •In New York during the winter and spring of 1864.
- •1 See, e. G., Hunt's Merchants' 1 Magazine, Vol. Liu, p. 226.
- •2 Cf. New York Herald of August 20, and the money article of August 24, 1865 ;
- •In Washington, Baltimore, or Louisville the centers of
- •I See cobnwallis, op. Cit., pp. 4-7.
- •186 History op the greenbacks
- •Important of the New York markets. From January 13,
- •1862, To June 20, 1864, they are based upon sales at the
- •In the Appendix, 1 furnish a basis for studying the remarkable
- •II. Factobs which affected the gold pbice of the
- •188 History op the greenbacks
- •In analyzing the influences that made themselves felt on
- •Valuation of gold produced by speculation, commands scant
- •000, But after specie payments had been suspended in 1862
- •I Quotations of gold are from the New York Chamber of Commerce Reports
- •1863. L During the continuance of the war, however, this
- •Value of the currency, because holders of greenbacks who
- •Important consideration remained. Greenbacks were notes
- •Value like the value of the notes of a private person
- •I Whether the abrogation of the right of funding greenbacks in bonds delayed
- •In the House. When it was passed and sent to the Senate,
- •I See the editorial article in the issue of December 8, 1864, and the money article
- •Value of the currency ; for the fate of a loan indicated pub-
- •500,000 Was subscribed twice over and the sum advertised
- •1 See comments of New York papers of December 6 ; and Hunt's Merchant*'
- •Ing the government's notes. Hence every victory that
- •Indicator in the gold room more rapidly than by the daily
- •6Th a partial confirmation of the bad news continued the
- •1 See conflicting reports from the battles in the New York papers of May 4 to 8,
- •2 See the news columns of the papers of April 2, 1863.
- •204 History of the greenbacks
- •1 New York Times, money article, September, 3, 1862.
- •2 Ibid., money article for July 22, 1864.
- •Is shown by the events attending the presidential election of
- •1864. Mr. Lincoln was the Republican nominee. The
- •7, With the report that the cabinet had decided to notify the
- •Interest-bearing legal tenders and the notes and deposits of
- •1 See Part II, chap, II, sec. VI, above.
- •2 The most notable instance of this character was the fraudulent proclamation
- •III. The course op depreciation, january, 1862, to
- •In order to facilitate study of the progress of depreciation
- •7Th. Island No. 10 surrendered, Halleck telegraphed that
- •1 As most of the events referred to in the following review of the course of depre-
- •2. The fall from May, 1862, to February, 1863. In
- •Iu the Shenandoah valley, where he defeated the Union
- •Vania were sent to New York for safekeeping, and Governor
- •1 Cf. Elaine, Twenty Years of Congress, Vol. I, pp. 441-3.
- •2 Cf. Money article in New York Times, November 10, 1862.
- •216 History of the greenbacks
- •In January and February the fall of the currency was
- •It became known that Grant's first campaign against Vicks-
- •5,000 Prisoners. Early in February a Federal attack on
- •42 Per cent. From May to November the dominating causes
- •Invaded the North. Though his sortie was checked at
- •3. The rise from March to August, 1863. February
- •If June had shown the possibility of a rise in the face of
- •Vicksburg, and Port Hudson. These great successes, with
- •1 New York Times, money articles, July 15, 17, and August 25, 1863.
- •Ville, where Burnside's forces lay ; the highest, on the 27th,
- •222 History op the greenbacks
- •In April Congress still passed no revenue laws, and the
- •In the first half of May there was a rise. Sherman set-
- •In forcing Johnson back from Dalton, then from Resaca and
- •1 Editorial article, March 29, 1864.
- •2 The feeling of depression is shown by the New York Tribune's remark : "With
- •In the conviction that they were aiding the Rebellion as truly and
- •1 See money articles of this period.
- •2 June 15, 1864. More or less similar outbursts can be found in most of the New
- •Ized to dispose of any surplus gold not required for interest. 4
- •1 Congressional Globe, 38th Cong., 1st Sess., pp. 24, 173. When the committee was
- •2 Ibid., p. 539. 3 ibid., pp. 730, 2773.
- •5 New York Times, money articles, March 9, 11, 12, 15, 1864.
- •226 History op the greenbacks
- •169| On the 26th to 165f on the 29th of March. This day
- •In the spring of 1864, were urging him to suppress the gam-
- •Ishing the market demand for gold by selling customs-house
- •Ing more than a temporary effect upon the premium. What
- •If those who voted for the bill spoke doubtfully of it,
- •It, in Congress and out of Congress, now is that .... The gold
- •Infantry corps to the left was foiled by Ewell's fierce attacks,
- •Ing this prize, the Confederates operated in the Shenandoah
- •234 History op the greenbacks
- •2 The tariff act, the ways and means act, and the internal revenue act were all
- •3 See the reply of the Tribune, July 7.
- •5. The rise from August, 1864, to May, 1865. In Au-
- •In seizing the Weldon railway with his left and holding it
- •1 Part I, chap, V, sec. II, p. 125, above.
000 In the specie holdings of the banks, and a like increase
In the coin held by the subtreasury. 3 At the same time the
balance of the government loan was added to the line of dis-
counts, increasing the loans reported by $29,000,000.
Finally, the sum placed upon the books of the banks to the
credit of the government to be drawn against produced a
nominal increase of $26,500,000 in the deposits. 4 Similar
changes are seen on comparing the situation of the Boston
and Philadelphia banks on August 17 and 81. In Boston
payments to the subtreasury diminished reserves less than
$300,000, while discounts and deposits were increased
$3,600,000 and $4,200,000, respectively, in consequence of
the government loans. The Philadelphia banks lost $600,-
000 in specie during the two weeks, and increased their dis-
counts $4,600,000 and their deposits $3,700,000.
But the situation immediately began to change. The
banks paid over the loan in instalments of about $5,000,000
at intervals of six days. 5 Each payment thus made into the
subtreasuries decreased the sum credited to the government
as a deposit. Loans also declined, for as fast as the 7.30
1 American Annual Cyclopaedia, 1861, p. 64. Cf. Chase's letter of October 2,
1861, to Larz Anderson, in SCHUCKEES, Life of Chase, pp. 430, 431.
2 "Report of the New York Loan Committee," Bankers' 1 Magazine, Vol. XVII,
p. 139.
3 For this and the similar subsequent comparisons see the table showing the
condition of the banks of New York, Boston, and Philadelphia, p. 30, and the accom-
panying chart.
*C/. "Report of the Bank Commissioners of Massachusetts, October, 1861,"
H R. Executive Document No. 25, p. 56, 37th Cong., 3d Sess.
s Letter of G. S. Coe, in SPACLDINO, op. cit.. Appendix, p. 92.
30
HISTORY OF THE GREENBACKS
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iM-*SSM--*Q'--*'<R-< 472; 471, 1867), gart, (Stutt- Staaten Vereinigten der Finanzgeschichte die und Finanzen Die HOCK, VON 1877; Berlin, Union, Papier-wahrungswirthschaft DOR, 1894) II Shaler, N. ed. America* States 537 TAUSSIO, W. xii; 1875), Acts Legal-Tender SPEAR, T. 197-209; American SDMNER, G. 103; 1895), (Boston, 2d Politics, in UPTON, K. vii; 1865), Policy Financial Our Examination Critical NEWCOMB, SIMON see necessity question On 2 below. iii, sec. II, Part Cf. 1 vigor- measure pushed Spaulding Stevens 1862. 28, January Representatives House began section, preceding presented been has which analysis logical act, legal-tender upon debate OF PASSAGE IV. government. people both pursued, course consequences what showing light some throw will chapters following this Upon discount? at bonds selling to preferable tender legal notes making was is, real price. market their its sell ready provided ing, borrow- possibility denied Spaulding, even not one, For point. beside rather is act legal- discussion all, After spring. winter cesses suc- military caused credit improvement taken account when particularly funds, sufficient obtain failed have would that believing reason slight be seems there bonds, sale machinery organizing tobacco, beer, whiskey, on duties imposing tax revenue internal an sections simple few GREENBACKS OP HISTORY 74 88, i, See 5 157. 1881), ington, (Wash- Loans National BAYLEY, R. Cf, 5).? (April morning Saturday city subtreasury received .... instalment first ?the reports 1862, 7, April Times York *The 524. Sess., Cong., 37th Globe, Congressional House, speech opening his cf. 17; SPAULDING, 3 10-12. 1863, December, report Chase?s 636. troops. fresh enlistment stopping 3, general, adjutant 33 No. Order General however, peace, early confidence evidence impressive most 794. Simmons, 774, Chandler, 765, ibid., Fessenden, remarks similar Of, 630. passing energetically utilized months three these Had sources. other from supplied they then, treasury, needs immediate Whatever payments. specie suspended had after 4 April, until out paid None issued. before more days thirty-four over passed, forty-eight it But days? thirty about expenses daily pay means ?will declares above, quoted 8, letter His panic. asserted example, pressing such Certainly 1862? February, existing embarrassments relieve necessary Was remains: still Congress, session extra taxes heavier levying made mistake granting But, finances. disorder serious need fund sinking expenditures, ordinary only taxation raising plan realized, expectations optimistic years. well next July day 30th war close can We allegiance fresher blood goes baptize Gulf, current with rushing and, moorings, break shall army western our banks armies rebellious 73 237. cit., op. HABT, 278; 255, 1874, Women, Some Many Memories FIELD, M. 211-14. are than season, vernal approaching disappear melt sure Mississippi up chokes now ice strain: rhetorical say could clause, opponents firmest one Morrill, Justin Even end. expectation confident outset heavily failure explaining important Perhaps unpopular. prove precedent all likely steps take hesitated tion administra- Lincoln?s strange success, opinion public dependence Realizing support. popular unhesitating consciousness sustained men led fused, completely yet elements heterogenous composed young, party Republican generation; unknown Such duties. high or income federal heavy burden onerous cheerfully enough firm North temper feared leaders Union Moreover, matters. attention part large devoting inexperienced rested, initiative whom secretary unnatural. nate, unfortu- adequately though terms. better freely borrow enabled so strengthened but year, greatly added might enacted then laws Tax 1861. August, policy vigorous adopted Congress occurred plausible ment argu- rendered crisis held They opinion. earlier preference later accept inclined usually critics Competent 72 576-9. WALLACE, 212 884. Pomeroy. i power express any exercise carrying proper tender, conviction declaring therefore, hesitation, it. without answered purpose honest Every dishonesty. purposes valuable quality tender. being helped, hurt, use legitimate In him convinced since tions reflec- prepared, bill relied provision This loans. government, dues taxes, national them amply circulation necessity. plea urge idle circulate If money? execution words, war? declare hesitate does he erroneous, satisfied circumstances propitious under reflection Means, Ways Committee called opinion, expressed It prevailed difference jeoparded, if delayed, passage Congress. granted should authority indispensably thought He said: own Of 1870. Cases,? Justice, Chief rendered, ing dissent- length stated views judgment. calmer itself commend did bill, sanction official gave yielded Chase position, perplexities unaccustomed harried while Congress.? through Administration triumphantly carried originated 71 9. 409. Life WARDEN, Bryant. written tenor 59. History, * above. 62 45 Ibid., 27. 251. 250, clause. against stood seem correspondents minority small bill. treasury-note agree urging consider, bound whose business letters receiving noted who Representative distinguished able referred colleague recognized position Spaulding?s critical leader financial clear come. I conclusion feel may regret much however mind, my do earnestly. support decidedly, came necessity, clause reluctance true respects. you wish anxious it, observe sorry very am you, embarrassed sition propo- coming hesitation observed yesterday me said Seward 3: February sent frank indicated best time feeling read approval explicit obtained delay considerable sought So clause.? ?non-committal committee majority regarded Means].? [of co-operate desire hearty also expressing resort found exceeding 22, dated letter, returned sion, revi- When proposed. energetic unwillingly acquiesced others, 70 793. rency. cur- paper inconvertible cent.? per forty shave preferred declaration Cowan?s Senator sympathized There par. below sold issued All chapter. present 7. Treasury, Secretary Report commanded formulate Means. lead surrendered appears disappointment shared unwillingness price consent Congressmen destroyed hopes upon. agreed funds feasible hope Senate, committees Philadelphia, Boston, bankers between meet- promoted measure, avoid how cisely pre- knowing committed ances utter- traditions vigorously. issuing expedient crude forward hesitated, others Spauld- mind definite circles man do. loss moment program, recasting sary neces- make seemed time. bewildered payments suspension sudden Apparently attention. careful worthy toward attitude blunder. afterward 1861- situation conversant fact, notable party. lican Repub- doctrine common became restored 69 Appendices. Introduction given prominence like number 29. 27, ed., introduction SPAULDING?S Stanton 264; HAT, NICOLAY Works, Complete 1, December message Pomeroy, 631 CJ. 764. peace war. beginning inevitable legislation effects, deplorable that, ground took administration friends members felt, themselves unhappy fact deepened impression necessities. unavoidable acts currency gained soon pursued discussions CHASE SECRETARY ATTITUDE III. himself. kept party, Greenback animated irredeemable beneficence ideas possessed statements emphatic less hardly Similar repeated. itself, standing single solely simply stated, defended, ruinous policy, declared currency, speculators wild except subject, pretty spoken gentlemen necessary, believe contemplated, advocating chairman subject least, % or, contrary anybody heard resorting driven country because occasion, resorted temporary be, ought bill] [the judgment 68 History. SPAULDINQ?S prefaces kept. promise 526. 791. Sherman, 617, Hooper, alleged nature divergent 686, Blake, 689; 6td., : length. point dwelt Fessenden payments.? return speedy advocate among ?I secured,? ?When policy. paper-money regular inaugurate temporary, intended state relief, protesting strenuous fellows law.? knows ?necessity criticism, War Civil issues arise room left unchallenged, pass argument logic allowing thus By prominently call opposition contradiction, Obvious notes.? market, cent, 7 6 Throw choice. your lies words ?Here, position: concluding, shifted, asserting Stevens, Thaddeus And bill.? command, into go either alternative, necessity: emphasizing himself alternatives. existence admitted breath sheer promoters naivete? note curious t discount rowing bor- securing method show tried Instead attempted. denial methods. deny eitj 67 LEGAL-TENDEB 49, 766 tors Sena- 50; Appendix, Crisfield, Messrs. 792; 766. 790, choice ?a posi- mantained those incumbent borrowing met wants suggested oppo- delegates. bank reply noticed consistency lack betrayed urged review From value.? essential compensate perforce, debts paying give attempted validity doubted yourselves ?that Cowan, stupid,? man, every inference fair ?The currency. faith impair Instead, buy. ernment gov- supplies cost increase creditors, defraud wages, lower business, unsettle depreciation avoided undisturbed, value standard plans dwell expected proposing rival advocates criticisms weak, utility attempts banks. instead interest subtreasuries, deposit prefer holders lose deposits receive refuse argued; impracticable, discrimination interest. treasuries sub- authorizing pointed response depreciated. hopelessly become 6(5 687. Campbell, 8 681. Kellogg, 788. Wilson, Henry 687; 690; Shellabarger, 683, Edwards, 686; 657. Pike, 0., 5.E. 75, 60, 634, Conkling, Roscoe compelled unless argued Sherman Finally, maintain limited demand we ?If declared, third issues. field retain order ciate depre- seek Another ings.? earn- hard soldiers robbing sharks money prevent ?By said, One was. precisely explain difficult measure; success importance assertions supporters efficacy elicited naturally merits cussion dis- duced intro- embodied suggestion quality. alternative Still vertible incon- showed fiscal further, sacrifice. loans secure adopted, management inspire based finance Should l 80. 50 range realized predicted exaggerated 65 656. . c 763. *Ibid., 56. 48, 796. Bayard, 793, Senators 691 Lovejoy, speeches believed bonds; rates determine loan offering possible year.? stand nation produce That discount. payable sums highest maintain,? high. ruinously lenders demanded cumstances cir- par quite insist always admit apparently who, else.? rate get security, offer suppose, Government else, anything merchandise article for. worth replied: pay.? sum cent.; six strated demon- ?has he, century,? half experience been, unwilling, Howe same encountered delegation revenue. adequate yield system permanent frame meantime value, supply let proceeds wait long too made: rejoinder To 64 692. Walton, g., 376. 349, 17th. Senate 39 15, 134 vote annum raise resolution joint 771; 770, Collamer, 663; Wright, 633; 682; 665. 664, collected. assessed new tion, taxa- pending possible. repair blunder 1861, July, impose omission acknowledged generally course.? wisdom, cannot dull, launching bankruptcy, talking ?and Thomas, raised,? dollar ?Not tion. funds. needed suggestions Not produced.? abundant, proofs sity? matter proof Where proved. reiterated, assertion Chairman, choice, Horton, sincerity,? apparent utmost denied. emphatically case that.? willing perfectly object, effect us nothing none. exists,? alternative. payment, stop forced didly can- replying 63 58. McDougall, 800). 799, (pp. issue? process painfully, Reluctantly, process. summary reach, within resources, reject another edy rem- postponement. Here fed. must Your sacrifice requires doubt. understand duty imperative, sufficiently exigency doubt Others itself. interests responsibility, charged Government, unwilling proposition hour. imperative expedient, present, proposi- faces set integrity maintaining ?Surely conclusion: Sumner?s 690. 171. 170, 1889), McCtJLLOCH, 59; latter?s 618. necessity.? expediency, propriety waive posed governmental regard istration, Admin- perhaps assured ?but, Hickman, .? voting great essary. nec- repugnant deemable irre- costs Desire success. factor measure,? notes. therefore disbursements, coin procure banks, war, entailed expenditures consequence impossible, legislation. debts. payment sion aver- feel, conceal nor wrote: House. Means send induced sanction, force carry 659. 6d., 55 Howe, 789 687 684; 692; 523. 44, quoted, body.? abroad, home misgivings sity, ?as Doolittle, bill,? port sup- uncontrollable induce ?nothing Alley, relief,? Beneficent ills appreciated influence shown effective How objections meet cry Treasury.? demands ?is us,? emphasis. repeated draft justification appealed seen, As absolute reluctance? ?extreme overcame recourse consequences, trembling fear reluctance, extreme opinions character objectionable govern- injure finally, grounds; moral 61 641, Sheffield, 793; 682. 798; Sumner, 796; Willey, 49; 664; 769; 641; 44; 765. 664. 635; 765; indictment quate ade- disproved; probability broken; telling inconclusive. felt constitutional establish reasoning hand, impression. deep vigor indefensible. proposal produced quences conse- moral, economic, ! buys.? she everything 25 avoiding obliged, c] [s her ?might put Cowan vastly rise, buy prices cause Second, credit.? confession time, unable country,? ?We borrow. conditions favorable practical First, clear. aspect say. little also, charges, people. standards creditor, debtor 60 790. reply, Sherman?s 549; Pendleton, 804. Pearce, Simmer, 664 57. Appendix B 617; 659; s 50. 60. 770. 630; 551; X7th encouraging receive. contracted persons creditors extended injustice, T honest.? bankrupt, world,? says dishonorable. money, depreciated contractors immoral. roundly denounced ciated evils economic content act. system, banking reorganization regulation required bank- second, it; supplying bad doubtful first, was, nished fur- regulate contention hand reply. business.* danger quent instability forcibly represented Crisfield wages. rise injured labor depreciation, savings depositors Collamer suffer. orphans widows defrauded, 59 FIBST 551. 617. 688. explanation, ?s 522, text 617 657 631. 691; 770; coin. provide amended ported sap- decline, incomes fixed suddenly, they, circulation, Coin result. evil dwelling advantage depreciate, satisfaction proved Having never.? notes; exchange remark: Merrill?s Hence cents ninety debating argument, Unfortunately depreciate. followed par, law never supposed, ment, arrange- Under bonds. twenty-year Section ciation. scheme funding issues, tation limi- relied, redundant astute further temptation done, governments yield, exception; respond evidence, historical weight backed assertions, intrinsic represent 58 668. 630, 680, 55; 524; 767. answer 681 amount nominal larger requiring each another, issue, hence sixty require authorized, necessity,? broken.? promises overrun boundaries path entering shows mankind,? follow, made, insisting theory, quantity attacking replied, gold.? culation, usual country. compared depends notes,? McCulloch. expounded theory tity quan- improbability different payment. depreciate nevertheless ample, redemption ultimate security taxation; people, wealth total decline. ample J fluctuation boldly Kellogg attack. shifts Various 57 691. 884; 886 631, 55. 680; Sess. 55, fallacy. delusion fess .pro- piece gold five convertible dollars, dollars stamp nothing. something impossibility accomplish joy Love value. tain cer- offensive, assumed so. cognate strongly forgotten. invariably almost observe, intends issuer moderation, experiments lessons striking easy seriously, pleas ingenious moderate lesson evade supporter commerce. revived army, clothed confidence, increased Revolution paper;? knew period during England age golden blunder,? far evils. currencies revolutionary. accounted federate Con- French cases court. profligate exhausted France explained XIV Louis 56 680. 9 767-8; ^ 164. 689. 526; 686. 658; 791; 788; 767; Gto6e,37th Remarks experience. repetition 1862 greater offered country, poverty continental Thus, operative deprecia- causes, told parallels, launched fairly Confederate finally pendence, Inde- Continental days, colonial Island Rhode Turkey, Austria,* wars, eonic Napol- Revolution, colors vivid picture employed rhetoric Consequently experiment. wisdom created presumption strong results, past attended Could merits, Considering inconclusive affected, fate powers liberally construing courts. settled technicality Saulsbury, 804; Powell, 767, p., 3. compare argument; Senate. lawyers significance etymological accordance strict constitution used insists interpretation canon right include coinage stamp,? word equivalent etymologically ?coin? deduce California, McDougall constitutionality fantastic amusingly An 798. 797, decide unreasonable general scruples While purpose. multiplied concluded raised questions ingenuity spending unquestioned incident rable insepa- constant, argued, America, times thirteen ten colonies, history Review- conceded ner?s. Sum- Charles last money. inferred grants, grants neither loan, negotiating empowered Now manner. ent differ- end inferential permissible way certain thing 54 Howard, 790; 49. 769. 679. 637; 550. 48. where replied tention, con- anticipated Making argument. varia- elaborated Howard destroy? ?disturb tended commerce, promoting? ?regulating standard, metallic substitution third, individuals; transac- affected tribes,? Indian states, several nations, foreign ?commerce commerce bill; object merce com- pretend subterfuge mere answered, regulation. discharge lawful determination Ohio. Bingham, means? ?necessary form second unconstitutional. fore, There- case. existed. remained Granted, ground. Pendleton constitution. forbidden expressly injudicious, law, enact safety,? insure for, authority; unlimited claim amounts position. 53 *Ibid. arguments 662. 795; 48; Crisfleld, 803; 768; 640; 550; Ibid. contests. latter them, prohibited meaning Bates 16. 525; I, 1896. January, 4, Currency, Sound Congress,? Greenbacks 1870; Review, WALKER 369-73; 1891), WALKEH, 408-10; 1898), (Chicago, mission Com- Monetary LAUGHLIN, L. 75-^89; tics, Poli- 561-7; 1850 over- Two decision exists Whether saying: clincher ?? navy.? ?This levy authorization coupled specifically ?to Appeal gress. delegated deducing tention conclusive silence implicitly explicitly amendment tenth mean fairly, interpreted, Bates, Edward attorney-general, unofficial challenged, 52 iv; Book 1886), 1861-1885 BOLLES, 119-37; 1885), (London, Notes, KNOX, xix; 1884), Conn., wich, (Nor- Years Twenty ELAINE, 28-152; g.: e. See, numerous. view Accounts individuals. prominent houses whole section 28-42. 523-6; loc. 522. full 27; 240, 2H. 26, Foreseeing Logically, CONGRESS* IN DEBATE II. debate. study learned final actuated motives What decided. earnest weeks four once, developed ommending rec- speech, introductory elaborate resolved appointed $500,000,000. authorized private,? debts, $100,000,000 special Representatives, again pursuance recast up, broken convention drifted. difficulties escape 51 22. 21, 63, 289-93 Essays z, iPart experienced ever, how- nought. advice benefit Philadelphia sentative repre- attempt Consequently, agree. tees commit- sales discount, capitalists authorize avail Plainly, crisis. inadequate gress rejected unnecessary. already 000,000 $50,- excess points. chief advocated enactment $300,000,000 $250,- treasury. indorse- formulating succeeded delegates Subsequently, bankers? embarrassment relieving congressional chapter prevented, dollar? stocks down knocking whether money; result saw debt, view; strictly not, wise course. former ferred deliberately 21. irredeem- lay expediency. shifted borrowing, concurred. made. mistaken. adopting When, obtaining substantiate met. alone, professed discussion. inconsistency plainly interesting Gallatin Philadelphia. shops shaving shin sending extent damaging double debt securities, bankers, brokers, speculation permit assent refusing firmly finished North; trade payments, virtue claimed price; limitation throwing dollar, 49 20. stock. pledges secured (4) tories; deposi- allow pension sus- (3) customs two-year (2) $50,000,000 beyond cessation plan: Gallatin?s points 2There 13, column Herald 23-5). (ibid., associates 19). Patterson Mercer, Rogers, Boston Walley, Haven, Martin, Vermilye, Coe, According topics. attached However, association conference 18-20. objected with; begin streets State Wall shinning follows: dissent grounds Gallatin, committees. seems, efficient Simple abandoned. forbidding minimum fix futile terms, Bonds assurance long-needed taxation, Adequate long-time were: features main necessities submitted emission follow Bank dent presi- James spokesman committee. informal 11, heroic remedy 48 18. 17, Isaac E. Letter 17. 16, increasing differed 187) (H. persuade ton Washing- went proposal, considering. step radical informed quickly newspapers, various copies publication criticise suggest gentleman intimation closed months, least Treasury porarily tem- ready, till along ventured juncture reasons reported formally mittee, defeat narrow considera- consented Stratton, member, wavering Washington Missouri, Phelps, John ninth opposed 47 15. 14, SPACLDIXG, 182. H. 14. SPAULDING. favored deadlock undecided. Stratton discussion; Tennessee, Maynard, Corning joined Ohio, Vermont, decided unconstitutional Hooper subcommittee, divided. equally back twice December.? unanimous motion separate accompany originally ?changed Accordingly, cause.? union fatal ?would delay,? ?So months. eral sev- encounter contained sounder furnish reorganizing law. provisions accepted legally unsatisfactory widely varying according institutions 1,600 redeemable coins. minor silver change $33,000,000 46 8. 1869), (Buffalo, Rebellion Great During Issued SPACLDINO, leave drive Suspension Monday. suspend Saturday, pledge secretary?s immediately These speech-making. talent ability executive possessing millionaire Albany Corning, Erastus fortune accumulating politics entered Samuel merchant, retired colleagues terms two served treasurer banker Buffalo Elbridge submitted. subcommittee bills. consider leaving program undertook day, tariff leading presided which, subcommittees, organized measures. preparing task fell eight remaining appropriation pushing devoted invective temper, imperious opinions, slavery anti- Pennsylvania, chairman, members. division devolved work later. years 44 1861). (Washington, Finance Plan Explanatory Notes 11-20; circulating hold purchase easier With reliance remainder $214,000,000. deficit probable estimated manner: sented, promptly ON BILLS I. Press. Business Attitude Law visions Pro- Conference Votes Amendments Vote Bill Substitutes Act: Passage Critics. Opinions Denial Later Clause Assent Reluctant Chase: Measure. Temporary Proposed Alternatives Argument Objections Fiscal Moral, nomic, Eco- Experience Constitutional Congress: Debate Bill. Revision Convention Bankers? Discussion -Tender Bills: CHAPTER 458-61. Nations], Banking [Vol. 1896) SUMNER, written) (loosely 20-42 1860-85, party) greenback (version 154-8 1878, (Mich.), Rapids Grand 4th BERKEY., information) (deficient 442-6 (Stuttgart, Chase) (criticism ff. 506 XLVII, Magazine, Merchants? Hunt?s (anon) Examined Finances ?Federal (impartial); 61-6 States,? ?Finances Cyclopaedia, Annual 1876) 1861 Banks Associated WILLIAMS, also) (written 536-44 XXX, War, ?Financial title, republished 89-96; Money, 1875, October COE, banks) (details 136-49 XVII, York), Magazine ers? Bank- 125-42, 3d 25, Document Executive Banks,? Loan ?Report 225-31; SCHTJCKERS, 386-8; Trowbridge, 8-10; ments pay- accounts forms redeem prepared mixed begun. abandoned followed. unsalable securities hoarding withdrawal disturbance credit; befallen reverse assume 43 PAYMENTS SPECIE SUSPENSION , 27 2, citations examples indefinitely continued prevented. probability, but, postponed, 1. fourth taking probably gloomy, revealed finances condition England, threat uneasiness. arouse tous momen- occurrences affair Trent disappointing happened effects. inevitably blow severe reserves replenishing re- check any- whenever loan. inherent weakness events England. unfavorable due depression throughout suspension, attribute desired, refusal despite week trouble inas- wishes. conformed stronger Doubtless bears reports, weekly directly draw placed frequently 42 ii, subsequent *On 388. 31, Tribune, 139-42, Committee,? $621,290. altogether amounting sale, dates 19, August public, portion possession. fora 24, completing week, $5,000,000 November $30,000,000 entire 7.3 drew 148. Loc. taken.? higher thereon; invested capital times, Most disturbances political done responsibility circulation. redeeming cease obliged amounts.? longer ?certain specie, ceased sity general. institutions,the scattered Kentucky, Indiana, exception taken. tract $2,300,000 suspending 28th, $1,100,000 lost $1,600,000 managed although suit; fortnight, $2,000,000 nearly surprise.? monetary commercial York] 41 employ ates, associ- profitably resulted operation, 12, June unexpectedly,? fortunately cit. mittee,? 5. March instalments nine 5; 22 delivered ($5,625,000) 7.30 purchased. delivery vexatious 655.) 560 comment 140, 139, (Cf. $9,375,000. owed 24 4. cash $38,750,000 $115,795,478 $145,795,478 3,000,000 3,875,000 11,579,548 14,579,548 - 6,000,000 7,750,000 23,159,095 29,159,095 $21,000,000 $27,125,000 $81,056,835 $102,056,835 Paid Oov- Due Received Subscribed 560) follows At 627. people.? hoarded expended takes benefited. alike vaults. ?suspends must, Their year. commencement $4,600,000 suspen- depletion precaution 30, papers meeting 97, DOMETT, 625-31 1861,? Officers, Meeting Oallatin id., p. 284-9. * Pp. 106, 107, above.
Congressional Globe, 37th Cong., 3d Sess., p. 291.
THE THIRD LEGAL-TENDER ACT 109
Means bill which they had framed would grant abundant
power to borrow money, but they knew that it could not be
passed much before the end of the session. Consequently
they determined to put the simplest of the proposals of the
Ways and Means bill into a separate measure and ask for