|1.||Lincoln proceeded with a call for three hundred thousand volunteers on July 1. Basler, Collected Works, 5:296-97.|
|2.||"An Act to authorize the Employment of Volunteers," approved July 22, 1861. Statutes at Large, 12:268-71.|
Autograph letter on letterhead stationery. Chase Papers, Historical Society of Pennsylvania (micro 20:0827).
Tribune Office, Chicago, Ill., May 30 1862.
My Dr Sir
It was reported a fortnight ago that you would recommend to Congress the issuing of Demand notes of less denomination than $5, and the statement was hailed with satisfaction in the West. But we have heard no more of it since. There is room for twenty five millions of Treasury issues in the West, of the denominations of $1, $2 and $3. Their place is now filled by the irredeemable trash of a thousand shin- plaster debt factories
Since the banks have ceas[ed] to redeem they are pouring their issues upon the country in alarming profusion. The process of expansion is in full blast and strongly reminds me of 1837-8. The Government and Country are in more danger to-day from these debt factories than from the rebels. They will shortly revolutionize values, inflate prices, disturb the order of business, expel coin from the country, and end in a grand crash of the commerce of the union bringing ruin upon millions of people. As they do not redeem there is no limit or restraint to their issues save their cupidity, and that is boundless.
It does seem to me that the influence of the Treasury Department and the President ought to brought to bear upon Congress to ensure the passage of two bills:--one to tax the issues of banks severely and the other provide for the issuing of Treasury notes of the denomination of $1, $2, & $3.Before the war is over you will need all the relief to be ob-