|Mellen, who was drumming up support in the Ohio Valley states for Chase's bank bill, had written from Chicago on January 11 to lament the evident ill treatment by the Committee on Ways and Means of Chase's financial program, especially the national bank plan. Noting "confident statements of various correspondents that you are about to resign," Mellen encouraged Chase to remain in the Treasury. Mellen to Chase, Jan. 1, 11, Feb. 2, 1863 ( Chase Papers, Hist. Soc. of Pa.).|
|The finance hill, H.R. 659.|
|The second legal tender act, that of July 1862.|
|By the terms of the ways and means bill as finally approved in March, the interest- bearing Treasury notes issued under the act would be legal tender for their face value "to the same extent as United States notes" (greenbacks). Chase had suggested this provision to Elbridge G. Spaulding's subcommittee. Statutes at Large, 12:710; Chase to Spaulding, Jan. 22, 1863 (Letters Sent to Committees of Congress, Gen. Recs. Treasury Dept., Nat. Arch.).|
|Here Chase meant the U.S. notes intended for the pay of the military. The joint resolution of January 17 provided for $100 million in notes; the committee's bill for H.R. 659 increased the figure to $300 million; the bill as finally passed incorporated Chase's recommendation, which reduced the number to $150 million. Chase to William P. Fessenden, Jan. 7, Chase to Elbridge G. Spaulding, Jan. 21, 1863 (both above).|
|Regarding the taxation of bank notes and the "Pet Bank" provision, see Chase's letter of January 21 to Elbridge G. Spaulding (above).|
|Chase's bank bill, H.R. 656.|
|Mellen had written: "I think you might spare a few minutes to me occasionally to keep me posted as to your views wishes and plans, so far as I can be useful in promoting them." Mellen to Chase, Jan. 11, 1863 ( Chase Papers, Hist. Soc. of Pa.).|
Letterpress copy of autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 24:0922).
Washington Jany 98, 1863
My dear Sir,
Why don't you who can so well point out the path in which others ought to walk do your part towards the great & indispensable work of establishing a uniform currency? A breaking up of the Cabinet would hardly, I fear, in these last days of the Session promote the success of the legislative measures without which the President can hardly expect to carry on the war or any thing else very successfully in face of the opposition he is likely to encounter.1 Let us get the measures necessary to the success of any Republican Admn. adopted; and then let the Cabinet? be reconstituted if you will. The sooner I for one am reconstituted the better. I have neither love nor taste for the position I occupy; and have only two great regrets connected with it--one, that I ever took it;
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: 375.
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