S P CHASEThe President
|Lincoln to Seward and Chase, December 20, 1862 (above).|
|Chase to Lincoln, December 20 (above).|
|"I have cheerfully resumed the functions of this Department in obedience to your command," wrote Seward. Seward to Lincoln, Dec. 21, 1862 ( Lincoln Papers, L.C.).|
Letterbook copy in clerk's hand. Letters Sent to Committees of Congress (D Series), General Records, Department of the Treasury (Record Group 56), National Archives (micro 24:0327).
23. December 1862.
In compliance with the request of the Committee of Ways & Means, I transmit a Bill embracing "my views as to the manner of providing the Ways and Means for carrying on the Government for the current and next fiscal year".1--
The Committee will observe that the provision in respect to Loans is very general-- Under it the Secretary will have power to borrow money in any of the ordinary forms, or, if exigencies require, to make additional issues of United States Notes.--
I shall certainly prefer a much more limited authority. Indeed it would be highly gratifying to me if the Committee would determine not only in what modes the whole amount shall be obtained, but what proportion of the aggregate shall be obtained in each mode.--
I feel myself constrained to commend to the most favorable consideration of the Committee the Sections of the Bill providing for the organization of Banking Associations.-- I lay no stress upon details; but I cannot express too strongly my sense of the importance of the measure itself.-- Under existing legislation, it is next to impossible to