| 1. | On June 7, Chase had written virtually identical letters to Fessenden and to Thaddeus Stevens to propose $150 million in new greenbacks. The Treasury's draft bill, after alteration, became the second legal tender act, July 11, 1862. Chase to Fesssenden, June 7, 1862, and draft bill ( Committee on Finance, 37th Cong., Recs. of U.S. Senate, Nat. Arch.); Chase to Stevens, [June] 7, 1862, in Demand Treasury Notes. Letter from the Secretary of the Treasury, 37th Cong., 2d sess., H. Misc. Doc. 81, 1-4; Statutes at Large, 12:532-33. |
| 2. | The section would have allowed the Treasury secretary to authorize "any officer or depository designated to receive and keep any moneys collected" under the act to pay out "all interest due to the citizens of any state." As part of a compromise, the Senate and House eventually agreed to reject the amendment. Congressional Globe, 37th Cong., 2d sess., 1862, 3071, 3128, 3138. |
| 3. | A clause in the original legal tender act of February 25 allowed the exchange of greenbacks for equal amounts of 5-20 bonds. Chase's draft of the supplementary bill would have allowed him more flexibility in negotiating bond sales, yet as it finally passed the bill contained a conversion clause identical to that of the February act. Chase's draft language concerning the negotiation of bonds for greenbacks was not removed from the bill, however. This oversight led to conflicting interpretations of Chase's powers under the measure (see Chase to Valentine B. Horton, January 20, 1863 [below]). For Chase's dissatisfaction with the convertibility clauses of the greenback acts, see also his letters to Fessenden on January 7, to Galusha A. Grow on January 10, and to Elbridge G. Spaulding on January 21, 1863 (below). Draft bill, [ June 1862 ] ( Committee on Finance, 37th Cong., Recs. of U.S. Senate, Nat. Arch.); Statutes at Large, 19:532-33. |
| 4. | Chase repeated this concern in another letter to Fessenden on the following day. The completed version of the bill did not include such a provision. Chase to Fessenden, July 1, 1862 ( John Sherman Papers, L.C.); Statutes at Large, 12:532-33. |
Autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 27:0800).
Washn. July 13. Monday1
My darling Katie,
Still no news. The President has invited Gen. Halleck here: and it seems not unlikely that he will be made Commander in Chief. Should this be so I shall feel great apprehensions. Until Gen. H ----- took command of the army at Corinth he seemed to me to be doing very well.2 He was apparently prompt & energetic in administration and if he did not originate the important movement against Forts Henry & Donelson, he at least was prompt in giving permission to Grant & Foote to undertake it.3 But since he assumed personal command of the army inaction has been its most marked characteristic. He allowed the enemy to escape from Corinth just as McClellan allowed him to escape from Manassas 4--he took no prompt & vigorous measures (though he prom
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Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: The Salmon P. Chase Papers.
Volume: 3.
Contributors: John Niven - Editor, James P. McClure - AssociateEditor, Leigh Johnsen - AssociateEditor, Salmon Chase - Author.
Publisher: Kent State University Press.
Place of publication: Kent, OH.
Publication year: 1993.
Page number: 226.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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