History

If the neces- sity Post Date: Sun, 10 Aug 2008 16:51:31 +0000
Equity required that Mrs Hepburn should pay her indebtedness in coin, and the interests of the country required that in the near future there should be a return to coin payments. But if Griswold had been compelled to accept " greenbacks " his case would not have been harder than that of thousands of men who went into debt on a cur- rency basis and were compelled to pay on a gold basis. If the neces- sity to resort to legal tender notes should present itself in the future to save the life of the nation, these conflicting decisions would stand in the way of a remedy that proved vastly beneficial only to be doubly dishonored.

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The Republicans stood Post Date: Sun, 10 Aug 2008 16:34:21 +0000
The equities involved in the conflicting decisions of the Supreme Court in regard to the constitutionality of the Legal Tender Acts was applicable with even greater force to the payment of the national debt at the beginning of President Grant's administration. The two parties were diametrically opposed to each other on this question when the President sent his first annual message to Congress in De- cember, 1869. The Republicans stood on the firm ground that pay- ment of Government obligations should be in coin, unless payment in paper money had been previously agreed upon; the Democrats in- sisted that all such obligations might be paid in paper, unless pay- ment in coin had been previously agreed upon.

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As a matter of fact Post Date: Sun, 10 Aug 2008 16:19:32 +0000
In his message the President expressed the belief " that immediate resumption, even if practicable, would not be desirable," but he said that " a return to a specie basis should be commenced immediately." All this time Hor- ace Greeley was asserting his famous epigram that the way to resume was to resume. As a matter of fact, resumption was not a question of will, but of ability.

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Both Mr Fessenden and Mr Post Date: Sun, 10 Aug 2008 15:59:47 +0000
Before there could be resumption it was neces- sary that the national debt should be refunded at a lower rate of in- terest than was carried on the face of the various issues of United States bonds. This neither of Chase's successors at the head of the Treasury had been able to accomplish. Both Mr Fessenden and Mr McCulloch were more concerned with raising money to meet pressing obligations than with reducing the rates of interest that enabled them to find takers of their bonds.

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Under President Johnson he was Post Date: Sun, 10 Aug 2008 15:49:47 +0000
Mr Fessenden soon withdrew from a position for which his temperament scarcely fitted him. Mr McCulloch had been in office only a short time when President Lin- coln was assassinated. Under President Johnson he was weakened by the odium that attached to a hated Administration.

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" The present inconvertible currency Post Date: Sun, 10 Aug 2008 15:30:27 +0000
But he was a careful, methodical man, and a sound financier. As early as the au- tumn of 1865 he was looking forward to the time when the irredeem- able paper money of the Government might be made convertible. " The present inconvertible currency of the United States," he said in a speech in Indiana at that time, " was a necessity of the war; but now that the war has ceased, and the Government ought not to be longer a borroAver, this currency should be brought up to the specie standard, and I see no way of doing this but by withdrawing a por- tion of it from circulation.

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The appoint- ment of George Post Date: Sun, 10 Aug 2008 15:20:27 +0000
" He secured the withdrawal and cancel- lation of nearly fifty millions of legal tender notes under the act of 1866, but in the main Mr McCulloch's energies, apart from the routine work of the Department, were directed toward funding the immense temporary obligations of the Government. His administration of the Treasury was highly creditable, especially when his environment is considered, and he turned over the Department to his successor, Mr Boutwell, with a reputation that again brought him back to it in later years, under an administration that had none of the antago- nisms that made his work so difficult from 1865 to 1869. The appoint- ment of George Boutwell as Secretary of the Treasury under Presi- dent Grant was not favorably regarded by business men.

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As an importer Stewart was Post Date: Sun, 10 Aug 2008 15:00:33 +0000
He was known as an active partisan in Congress, and was supposed to be narrow in his views of finance and limited in financial knowledge. Grant's choice for the place had been a man eminent for business suc- cess Alexander Stewart, the millionaire merchant of New York. As an importer Stewart was ineligible under the laws, and the nomi- nation was withdrawn very reluctantly by the President and to the great disappointment of the ambitious merchant.

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The gradual retirement Post Date: Sun, 10 Aug 2008 14:47:36 +0000
Grant, accustomed to military methods, wanted Congress to make Stewart eligible by joint resolution, but Congress declined to make a precedent by oblig- ing the soldier President. Mr Boutwell was not a great financier, but neither was he narrow or ignorant, and his management of the Treasury was careful and creditable. The gradual retirement of the legal tenders, the reduction of taxation, and the funding of the na- tional debt in bonds, with interest not to exceed four and a half per cent.

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, payable in ten years, $300,- Post Date: Sun, 10 Aug 2008 14:35:06 +0000
, were the tasks that Secretary Boutwell set for himself. Con- gress responded with the necessary legislation, and under the acts of July 14, 1870, and January 20, 1871, authority was given for the issue of 1500,000,000 in bonds at five per cent., payable in ten years, $300,- 000,000 at four and a half per cent.

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