Twenty Years of Congress, Vol. 1 From Lincoln to Garfield, with a Review of the Events Which Led to the Political Revolution of 1860

CHAPTER XIX.

Chapter 20192 wordsPublic domain

The Legal-tender Bill.--National Finances at the Opening of the Year 1862.--A Threefold Contest.--The Country thrown upon its own Resources.--A Good Currency demanded.--Government takes Control of the Question.--Authorizes the Issue of $150,000,000 of Legal-tender Notes.--Mr. Spaulding the Author of the Measure.--His Speech.-- Opposed by Mr. Pendleton.--Position of Secretary Chase.--Urges the Measure upon Congress.--Speeches by Thaddeus Stevens, Mr. Vallandigham, Mr. V. B. Horton, Mr. Lovejoy, Mr. Conkling, Mr. Hooper, Mr. Morrill, Mr. Bingham, Mr. Shellabarger, Mr. Pike and Others.--Spirited and Able Debate.--Bill passes the House.--Its Consideration by the Senate.--Speeches by Mr. Fessenden, Mr. Sherman, Mr. Sumner, Mr. Bayard, Mr. Collamer and Others.--Bill passes the Senate.--Its Weighty Provisions.--Secretary Chase on State Banks.--Policy of the Legal-tender Bill.--Its Effect upon the Business and Prosperity of the Country.--Internal Revenue Act.--Necessity of Large Sums from Taxation.--Public Credit dependent on it.--Constitutional Provisions.--Financial Policy of Alexander Hamilton.--Excises Unpopular.--Whiskey Insurrection.--Resistance by Law.--Supreme Court Decision.--Case of Hylton.--Provisions of New Act.--Searching Character.--Great Revenue desired.--Credit due to Secretary Chase.