provide the best possible market for the Bonds of the United States, shall have received the sanction of Congress; and means of payment, by notes to be issued under the Act of Congress just passed,1 cannot be provided except after the lapse of the considerable time required for their preparation and completion.
Under these circumstances, I have anxiously sought for some measure of relief, and, after much reflection, have determined to submit to the consideration of the Committee of Ways and Means, a Bill, authorizing the Secretary of the Treasury to issue, for the amounts found due on final settlement, to such creditors as may desire to receive them, Certificates of the Treasurer of the United States, payable one year after date, or earlier, at the option of the Government, and bearing six per cent interest.2 These Certificates, issued either for the full amounts due, or for portions of such amounts not less than One Thousand Dollars, would probably answer most of the purposes of actual payment, and afford very considerable relief; while the Government would incur no risk, and could suffer no loss, in consequence of their issue.
Trusting that this measure will receive the favorable consideration of the Committee, and, if approved, the earliest possible sanction of Congress,
With great respect,
S: P: CHASE
Hon. Thaddeus Stevens,
Chairman Committee of Ways and Means,
H. of R.
|The Legal Tender Act signed into law that day, February 25.|
|The proposal became law on March 1. Statutes at Large, 12:352-53.|
Letterpress copy of autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 19:0702).
Washington Mar. 3, 1862
My dear friend,
Accept my most sinc [ere] sympathy with you in your bereavement.1 These are days of sorrows, when individual griefs seem lessened by the mass; but are they therefore less keenly felt or less truly shared? May God, our Father, who has taken her comfort you
May I add, in close proximity to this sacred topic, a few words on other topics.
I telegraphed you the news of our friend Garfield's promotion, because I thought it wd. be peculiarly welcome to you.2 After several ineffectual efforts I happened to be able to avail myself of a favorable conjuncture of circumstances, &, supported by Stanton, succeeded in