Chapter 49

Extracts from my Inaugural.--Our Financial System: Receipts and Expenditures of the First Year.--Resources, Loans, and Taxes.--Loans authorized.--Notes and Bonds.--Funding Notes.--Treasury Notes guaranteed by the States.--Measure to reduce the Currency.--Operation of the General System.--Currency fundable.--Taxation.--Popular Aversion.--Compulsory Reduction of the Currency.--Tax Law.--Successful Result.--Financial Condition of the Government at its Close.--Sources whence Revenue was derived.--Total Public Debt.--System of Direct Taxes and Revenue.--The Tariff.--War-Tax of Fifty Cents on a Hundred Dollars.--Property subject to it.--Every Resource of the Country to be reached.--Tax paid by the States mostly.--Obstacle to the taking of the Census.--The Foreign Debt.--Terms of the Contract.--Premium.--False charge against me of Repudiation.--Facts stated.