The Salmon P. Chase Papers - Vol. 3

By John Niven; James P. McClure et al. | Go to book overview
Congress, Gen. Recs. Treasury Dept., Nat. Arch.). The committee's version of the bill as reported to the House of Representatives on January 12 appears in Congressional Globe, 37th Cong., 3d sess., 1862-63, 283-84, and the act as signed into law by Lincoln on March 3 may be found in Statutes at Large, 12:709-13.
2. The committee's version of the bill called for 6 percent bonds payable after twenty years. Chase's suggested amendments allowed for an unspecified shorter term. In final form the act authorized "10-40" bonds--payable not less than ten nor more than forty years from their date of issue--bearing up to 6 percent interest.
3. The committee's original bill would have authorized $300 million in notes for payment of the military and other government creditors. This measure followed up on the joint resolution of January 17 that addressed the issue of pay to the army and navy (see Chase to William P. Fessenden, January 7, 1863 [above]). In his amended version of the bill Chase substituted a figure of $150 million, and that number was in the version of the bill that passed Congress.
4. The act as approved in March contained the committee's provision for a semiannual duty of one percent on bank notes. The amount of a bank's circulation subject to the tax varied according to a graduated scale: larger institutions paid the duty on smaller portions of their circulation than did smaller banks. Chase disliked the scaled tax and suggested instead a rate of 2 percent of the gross circulation of bank notes.
5. The committee's bill contained a section that would have allowed banks to receive deposits of some Federal funds. As indicated by Chase's terminology, the system was reminiscent of the government's use of favored private banks as federal depositories during Andrew Jackson's conflict with the Bank of the United States. In presenting his amendments to Spaulding, Chase suggested that the pending bank bill (H.R. 656) should supercede this section of the act. The ways and means bill as finally passed did not contain the provision. Hammond, Banks and Politics, 419-20.
6. In addition to the amendments noted in this letter, Chase, in his January 22 communication to Spaulding, asked for the elimination of convertibility clauses that would have allowed the exchange of notes issued under the act for bonds on a dollar-for-dollar basis. Chase also requested some changes concerning the authorization for issues of notes. The act as passed in March incorporated those amendments. Chase continued to labor to shape details of the act as it worked its way through Congress. Chase to William P. Fessenden, Feb. 24, 1863 ( John Sherman Papers, L.C.); draft section of bill, [ Feb. 23, 1863] (Committee on Finance, 37th Cong., Recs. of U.S. Senate, Nat. Arch.).

TO CHARLES P. MCILVAINE

Letterpress copy of autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 24:0841).

Private

Washington Jany 25, 1863

My dear Bishop

Your letter should have been answered at once, but I need not apologize to you for delay; for you know my hindrances.1 Ever since writing this initial sentence I have been interrupted half a dozen times by half a dozen callers on various business.

It is impossible for me to express my anxiety concerning the state of the country; but my ignorance of the real condition except so far as my own department is concerned is almost as great as my anxiety. Our Administration, under the President's system, if system it be, is Departmental. There are some important matters which the President reserves substantially to himself--for example those relating to slavery for the most part. He also not unfrequently determines important & some times unimportant questions concerning the War; and decides on many

-372-

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The Salmon P. Chase Papers - Vol. 3
Table of contents

Table of contents

  • Title Page iii
  • Editorial Advisory Board v
  • Contents vii
  • Acknowledgments ix
  • Chronology xi
  • Introduction by John Niven xv
  • Editorial Procedures xxiii
  • The Correspondence of Salmon P. Chase, 1858-March 1863 3
  • From Theodore Parker 4
  • To Gerrit Smith 7
  • From Joseph Medill 8
  • From Joseph Medill 11
  • To Abraham Lincoln 13
  • To Edward L. Pierce 14
  • To Charles Sumner 16
  • To James Monroe 18
  • To Joseph H. Barrett 20
  • To Thomas Spooner 22
  • To Richard C. Parsons 23
  • To Abraham Lincoln 27
  • From Edward I. Chase 28
  • To Robert Hosea 29
  • To Charles A. Dana 32
  • To John Greenleaf Whittier 33
  • To Ruhamah Ludlow Hunt 35
  • To George G. Fogg 37
  • To Benjamin F. Wade 40
  • To Winfield Scott 42
  • To George Opdyke 43
  • To Abraham Lincoln 46
  • To Norman B. Judd 48
  • To Abraham Lincoln 52
  • To William H. Seward 53
  • To Abraham Lincoln 54
  • From Richard Ela 55
  • From Henry W. Hoffman 56
  • To Hiram Barney 59
  • To Abraham Lincoln 60
  • To Samuel Hooper 61
  • To Alphonso Taft 62
  • To John J. Cisco 63
  • To William P. Mellen 65
  • To Jacob D. Cox 66
  • From Hiram Barney 67
  • To John Austin Stevens, Sr. 68
  • From Thomas M. Key 71
  • To George B. Mcclellan 73
  • From Jay Cooke 74
  • From Green Adams 76
  • To William P. Mellen 77
  • From William Nelson 79
  • From Green Adams 80
  • To John C. FrÉmont 83
  • To Charles P. Mcilvaine 89
  • To William Nelson 90
  • From Joshua F. Speed 91
  • From Garrett Davis 92
  • To Green Adams 94
  • From Joseph Medill 95
  • To William Tecumseh Sherman 97
  • To William Tecumseh Sherman 100
  • To Kate Chase 101
  • To James H. Walton 102
  • To Hiram Barney 103
  • To Abraham Lincoln 105
  • To Richard Smith 106
  • To Simon Cameron 107
  • To Cornelius S. Hamilton 110
  • From John J. Cisco 111
  • To John J. Cisco 112
  • From Edward L. Pierce 113
  • From William H. Reynolds 115
  • To John Austin Stevens, Sr. 118
  • From Edward L. Pierce 119
  • To Kate Chase 120
  • To Thaddeus Stevens 124
  • From William Sprague 129
  • From Mansfield French 132
  • To M. D. Potter 135
  • From Edward L. Pierce 136
  • To Hiram Barney 138
  • To James Monroe 141
  • From Edward L. Pierce 142
  • From Mansfield French 143
  • From Edward L. Pierce 146
  • To William P. Mellen 148
  • To Bradford R. Wood 151
  • From Edward L. Pierce 158
  • To Edwin M. Stanton 159
  • From William Nelson 166
  • To Jay Cooke 171
  • To Thomas M. Key 171
  • From Alexander Hays and James W. Hays 176
  • From Ormsby M. Mitchel 177
  • From Edward L. Pierce 178
  • To Jay Cooke 181
  • From Mary Peabody Mann 183
  • To Janet Chase 184
  • From Edward L. Pierce 185
  • To Janet Chase 188
  • From Edward L. Pierce 191
  • To Janet Chase 192
  • From Edward L. Pierce 197
  • To Edward L. Pierce 200
  • To David Hunter 202
  • To Murat Halstead 204
  • To Edwin M. Stanton 205
  • From Joseph Medill 206
  • To Irvin Mcdowell 207
  • To John Murray Forbes 209
  • To Edward L. Pierce 211
  • To Benjamin F. Butler 217
  • From George S. Denison 220
  • To William P. Fessenden 225
  • To Thaddeus Stevens 226
  • To Richard C. Parsons 228
  • To Edward Haight 229
  • To Benjamin F. Wade 233
  • To Benjamin F. Butler 234
  • To Edward L. Pierce 235
  • From William S. Rosecrans 239
  • To William Cullen Bryant 242
  • To Jay Cooke 246
  • From George Bancroft 249
  • From Robert Dale Owen 251
  • To William M. Dickson 254
  • From John Q. Smith 256
  • To William Cullen Bryant 258
  • To George S. Denison 261
  • From John Sherman 261
  • To John J. Cisco 265
  • To Horace Greeley 266
  • From John E. Williams 268
  • From Horatio G. Wright 270
  • To Alexander Sankey Latty 273
  • To Zachariah Chandler 275
  • To John Sherman 276
  • From Ormsby M. Mitchel 279
  • To Oran Follett 283
  • From William P. Mellen 284
  • From John Sherman 285
  • To John Jay 286
  • To William P. Mellen 287
  • To Ormsby M. Mitchel 288
  • To Napoleon Bonaparte Buford 289
  • From William Sprague 294
  • To Winfield Scott 297
  • To Jay Cooke 298
  • To Abraham Lincoln 299
  • From Hiram Barney 301
  • To William S. Rosecrans 302
  • To Hiram Barney 304
  • To Benjamin F. Butler 305
  • To Ezra Lincoln 307
  • To Richard C. Parsons 309
  • To George Opdyke 314
  • To Joseph H. Geiger 316
  • To Benjamin F. Butler 317
  • To Abraham Lincoln 318
  • From Benjamin F. Butler 320
  • From James A. Hamilton 331
  • To Joseph Medill 333
  • To Benjamin F. Butler 334
  • From George Opdyke 338
  • From Abraham Lincoln 340
  • To William H. Seward 341
  • To Thaddeus Stevens 342
  • From Simon Cameron 343
  • To Abraham Lincoln 344
  • To Abraham Lincoln 347
  • From Mansfield French 350
  • To William P. Fessenden 363
  • To Valentine B. Horton 366
  • To Elbridge G. Spaulding 368
  • To William P. Mellen 372
  • To Horace Greeley 374
  • From Horace Greeley 375
  • From John Sherman 379
  • To David Hunter 381
  • To Richard C. Parsons 382
  • To Galusha A. Grow 384
  • To Abraham Lincoln 385
  • To James A. Garfield 388
  • To Cuthbert Bullitt 389
  • To Abraham Lincoln 390
  • From George Opdyke 391
  • To George S. Denison 392
  • From George S. Denison 394
  • From Edward Bates 395
  • From George Opdyke 396
  • From Rufus Saxton 397
  • From Andrew Johnson 404
  • To William H. Aspin Wall and John Murray Forbes 407
  • To Robert J. Walker 408
  • From George S. Denison 412
  • From George S. Denison 414
  • Bibliography 421
  • Index 425
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