|2.||Congressional Globe, 37th Cong., 3d sess., 1862-63, 237.|
|3.||The legal tender act of February 1862 authorized the issue of the 5-20 bonds. Statutes at Large, 12:345-46.|
|4.||On December 15, 1862, the House of Representatives had asked Chase to explain delays in paying requisitions of army paymasters. In a letter to Grow three days later, Chase explained that daily demands from the army and navy exceeded the Treasury's resources for payment, and that requisitions from the military were paid in order of priorities determined by the secretaries of war and the navy. For references in Chase's annual report to problems with negotiating 5-20 bonds, see his letter to Fessenden of January 7 (above). Congressional Globe, 37th Cong., 3d sess., 1862-63, 93; Chase to Grow, Dec. 18, 1862 ( Chase Papers, Hist. Soc. of Pa.).|
|5.||Chase described provisions of the February 1862 legal tender act.|
|6.||By "Supplementary act" Chase meant the second legal tender act, July 11, 1862. Chase's draft bill omitted the clauses referred to, but they were inserted by Congress before passage of the act. See Chase's comments to Valentine B. Horton at January 20 (below).|
|7.||The clerk, in making the letterbook copy, omitted three digits: the total should be $243,763,771.99.|
|8.||Chase had suggested a bill to the Senate to deal with the immediate problem of Paying the military. Chase to Fessenden, Jan. 7. 1864 (above)|
|9.||In his annual report in December, Chase had urged Congress to repeal the conversion clauses of the legal tender acts as well as the prohibition on negotiations for 5-20 bonds at other than market value. He also recommended an increase in the amount of bond issues and a national banking system to aid public credit and a sound currency. A major ways and means act that passed in March 1863 repealed the prohibition on negotiating bonds at anything but market value. The law also prohibited exchanges of greenback notes for 5-20 bonds after July 1, 1863. Report of the Secretary . . . for the Year ending June 30, 1862, 24-26; Statutes at Large, 12:711.|
Autograph letter. Chase Papers, Ohio Historical Society (micro 24:0617).
New York, Jany 11, 1863.
My dear Sir,
I had not an opportunity of reading the bill of the Com. of Ways & Means before I left Washington.1 Having read it I am sorry to say that I do not believe that the Finances can be successfully administered under its provisions. It is my most anxious desire to agree with the Committee; though I must confess that I think my views, very considerately I will say and altogether disinterestedly matured, have been treated by it quite too unceremoniously. Of course I claim no authority for my views, and it is my duty after presenting them fairly, to endeavor to carry out the measures actually adopted, or make room for somebody better qualified by faith in them.
The Committee's bill may pass the House. If so, it will, doubtless, receive careful scrutiny in the Senate, &, I hope, material amendment.
Meantime it is highly important that immediate provision be made for the accumulating arrears; and I know no better way of doing this than to pass immediately through both Houses the bill which I sent to you some days ago.2 If any thing will answer the purpose that will. Some