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Not only the loans, but Post Date: Mon, 11 Aug 2008 2:56:03 +0000 " It was this fame the Republican party was determined that the United States should earn when it nominated and elected General Grant. The Government had shown its capacity to borrow; now it was to show its capacity to pay. Not only the loans, but the issues of Treas- ury notes not payable on demand, in the mean time, had reached colossal proportions. Autor of the post: Undefined It would be scarcely true Post Date: Mon, 11 Aug 2008 2:40:35 +0000 It is not the purpose of this chapter to follow these operations in detail. The effort to maintain the specie standard had come to an end as early as December 30, 1861, when the New York banks suspended. It would be scarcely true to say that their example was followed by the country banks. Autor of the post: Undefined The suspension of the New Post Date: Mon, 11 Aug 2008 2:24:43 +0000 Most of these had ceased to pay specie long before. Indeed, many of them had not resumed specie payments after the panic of 1857. The suspension of the New York banks touched the public credit more nearly than it was felt in its effects upon the banking system of the country, as it was then conducted. Autor of the post: Undefined When these were presented for Post Date: Mon, 11 Aug 2008 2:09:21 +0000 For many years the Government had paid coin over its counters. The demand notes had a coin basis. When these were presented for redemption the Treasury would soon be drained of its coin. Autor of the post: Undefined It had become impossible for Post Date: Mon, 11 Aug 2008 1:53:35 +0000 For ten years before the war we had been sending the imperish- able product of our mines abroad, and receiving in return perishable products from Europe, because we could buy foreign fabrics cheaper than we could make domestic goods. We were a nation of spend- thrifts under the long epoch of Democratic rule, and when we came to measure ourselves by the world's standard we found we had parted with our patrimony. It had become impossible for the Treasury longer to pay specie. Autor of the post: Undefined Our greatest enemy was Post Date: Mon, 11 Aug 2008 1:42:16 +0000 The world's treasures were not for us. Con- federate bonds were taken in Europe at better prices, and in larger amounts, than the bonds of the United States. Our greatest enemy was the money power of Europe, with the Rothschilds in the lead. Autor of the post: Undefined As usually happens Post Date: Mon, 11 Aug 2008 1:31:47 +0000 Mr Chase's demand notes became, for the time being, so far as the discredited banks were concerned, as discredited as their own notes. There was only one way out of the difficulty Treasury notes that could be made to pass as currency, and plenty of them. As usually happens when a great measure of public relief is under consideration at Washington, there were two plans. Autor of the post: Undefined The Committee on Ways Post Date: Mon, 11 Aug 2008 1:14:54 +0000 One was the plan of the Administration, as represented by the Treasury Depart- ment ; the other was the plan of Congress, as represented by the House Committee on Ways and Means. Secretary Chase favored a Banking Association. The Committee on Ways and Means proposed the issue of United States notes, to be receivable in payment of Government duesofever3 T kind,andto be a legal tender in payment of all debts, both public and private. Autor of the post: Undefined Elbridge Spaulding had served Post Date: Mon, 11 Aug 2008 1:03:46 +0000 In the end both plans were adopted, Mr Chase's plan taking shape in the system of national banks which still exists, and the other plan being formulated in the Legal Tender bill, reported to the House of Representatives from the Committee on Ways and Means by Spaulding, January 22, 1862. The paternity of the legal tender plan is usually attributed to Thaddeus Stevens, because at the time he was Chairman of Ways and Means, but Mr Spaulding is entitled to rank as the author of the measure. Elbridge Spaulding had served a term in Congress as early as 1849-51. Autor of the post: Undefined He introduced the original Legal Post Date: Mon, 11 Aug 2008 0:48:15 +0000 He was afterward State Treasurer of New York, a member of the Canal Board of that State, and president of the Farm- ers' and Mechanics' Bank of Genesee, at Buffalo. He was again elected to the 36th Congress, and was serving on the Committee on Ways and Means in the 37th Congress because of his recognized finan- cial ability. He introduced the original Legal Tender bill into the House December 30, 1861, the day the New York banks suspended. 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