or licensed under the laws of the United States, wherever they may be, whenever, in the judgment of such master or commanding officer thereof, reasonable cause shall exist to believe that such vessel has on board, in violation of the provisions of this act, any subjects of China known as "coolies," for the purpose of transportation; and upon sufficient proof that such vessel is employed in violation of the provisions of this act, to cause such vessel to be carried, with her officers and crew, into any port or district within the United States, and delivered to the marshal of such district, to be held and disposed of according to the provisions of this act.
SEC. 7. And be it further enacted, That this act shall take effect from and after six months from the day of its passage.
APPROVED, February 19, 1862.
February 25, 1862
IN his annual report of December 9, 1861, Secretary Chase stated that loans to the amount of $200,000,000 would be required to meet the estimated expenditures for the fiscal year ending June 30, 1862. He proposed the establishment of a national banking system, but did not recommend the further issue of treasury notes. December 28 the New York banks suspended specie payment. By a joint resolution of January 21, 1862, Congress announced its intention of raising $150,000,000 by taxes and duties. January 22 Elbridge G. Spaulding of New York reported to the House, from the Committee of Ways and Means, a bill to authorize the issue of legal tender notes, etc., being a substitute for a bill for the issue of $100,000,000 demand notes, but without the legal tender provision, reported by Spaulding January 7. The bill encountered strong opposition both in and out of Congress, but on February 6 it passed the House, with various amendments, by a vote of 93 to 59. On the 13th the Senate, by a vote of 17 to 22, rejected an amendment striking out the legal tender clause, and passed the bill with amendments by a vote of 30 to 7. The House refusing to concur in the amendments of the Senate, the bill went to a conference committee, whose report was accepted on the 24th by the House by a vote of 98 to 22, and by the Senate without a division. The next day, however, on the motion of Fessenden, the action of