Chapter 16

ABOLISHMENT OF THE STATE BANKS. Measures Introduced to Tax Them out of Existence--Arguments That Induced Congress to Deprive Them of the Power to Issue Their Bills as Money--Bill to Provide a National Currency--Why Congress Authorized an Issue of $400,000,000, of United States Notes--Issue of 5-20 and 10-40 Bonds to Help to Carry on the War--High Rates of Interest Paid--Secretary Chase's Able Management of the Public Debt--Our Internal Revenue System--Repeal of the Income Tax Law--My Views on the Taxability of Incomes.