Recollections of Forty Years in the House, Senate and Cabinet An Autobiography.
CHAPTER XVII.
INDEBTEDNESS OF THE UNITED STATES IN 1865. Organization of the Greenback Party--Total Debt on October 31st amounts to $2,805,549,437.55--Secretary McCulloch's Desire to Convert All United States Notes into Interest Bearing Bonds--My Discussion with Senator Fessenden Over the Finance Committee's Bill --Too Great Powers Conferred on the Secretary of the Treasury--His Desire to Retire $10,000,000 of United States Notes Each Month-- Growth of the Greenback Party--The Secretary's Powers to Reduce the Currency by Retiring or Canceling United States Notes is Suspended--Bill to Reduce Taxes and Provide Internal Revenue--My Trip to Laramie and Other Western Forts with General Sherman-- Beginning of the Department of Agriculture.