CHAPTER XIII.

GOVERNMENT FINANCES AFTER THE WAR.--DIFFICULTIES OF THE SITUATION.-- INTREPIDITY OF CONGRESS.--ITS GREAT TASK.--$600,000,000 BILL.--SUMMARY OF PUBLIC DEBT, DECEMBER, 1865.--FUNDED AND FLOATING OBLIGATIONS.-- AGGREGATE DEBT, JANUARY 1, 1866, $2,730,491,745.--$1,600,000,000 FLOATING OBLIGATIONS.--MR. McCULLOCH'S ESTIMATES.--HIS FINANCIAL POLICY.--CONTRACTION THE LEADING FEATURE.--WAYS AND MEANS COMMITTEE REPORT A FUNDING BILL.--HOUSE DEBATES THEREON.--SENATE DEBATE.--FINAL PASSAGE.--REVENUE LAWS IN CONGRESS.--CONTRASTED WITH BRITISH PARLIAMENT.--LARGE REDUCTION OF INTERNAL TAXES.--SECOND REDUCTION OF INTERNAL TAXES.--CONTRACTION POLICY OPPRESSIVE.--INDIRECT RELIEF.-- HOSTILITY RAPIDLY INCREASES.--PROGRESS OF FUNDING BILL.--REPEAL OF CONTRACTION BILL.--ITS EVIL EFFECTS.--FURTHER REDUCTION OF INTERNAL TAXES.--FINANCIAL ACHIEVEMENTS OF THE GOVERNMENT.--LARGE REDUCTION OF NATIONAL DEBT.--VALUABLE TREASURY OFFICIALS.--PURCHASE OF ALASKA.-- PRICE, $7,200,000 IN GOLD COIN.--PURCHASE AT FIRST UNPOPULAR.-- RESISTANCE IN THE HOUSE.--MR. WASHBURNE AND GENERAL BUTLER OPPOSE.-- TREATY ABLY SUSTAINED BY GENERAL BANKS.--INTERESTING DEBATE.--MANY PARTICIPANTS.--POWER OF THE HOUSE RESPECTING TREATIES.--CHRONIC CONTROVERSY.--THE BILL PASSED.--OPINION OF JUDGE McLEAN.--OF MR. JEFFERSON.--EXTENT OF ALASKA.--VALUE OF IT.--ITS ELEMENTS OF WEALTH.-- FIRST NORTHERN TERRITORY ACQUIRED BY THE UNITED STATES.--NEGOTIATION ABLY CONDUCTED BY MR. SEWARD.