History

Grant's dislike of him was Post Date: Mon, 11 Aug 2008 5:38:36 +0000
In only two previous instances had there been a similar failure to observe the etiquette of the occasion when John Adams hastily left Washington to avoid meeting Thomas Jefferson, and when John Quincy Adams refrained from escorting Andrew Jackson to the Senate Chamber. In this case, however, Johnson was not to blame for the apparent discourtesy to the President-elect. Grant's dislike of him was so great, because of Johnson's effort to place him in a false position in connection with the removal of Secretary Stanton, that lie was unwilling to ride to the Capitol in the same carriage with his predecessor.

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The colored military turned out Post Date: Mon, 11 Aug 2008 5:24:02 +0000
Johnson left the Capitol at noon, where it was said he had been detained signing bills, and Grant drove unaccompanied, except by his private secretary. The procession was unusually im- posing. The colored military turned out in force.

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No unusual incidents attended Post Date: Mon, 11 Aug 2008 5:07:10 +0000
The streets and grounds leading to the east front of the Capitol were densely crowded. Never before, not even in war times, was Washington so full of strangers. No unusual incidents attended the ceremony, and no un- toward event marred the occasion.

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War Finance and Currency Post Date: Mon, 11 Aug 2008 4:48:10 +0000
In the evening the inaugural ball was given in the new wing of the Treasury Department, but the White House was in the hands of the upholsterers, and it was not oc- cupied by the President's family for some days after the inaugura- tion. An era of peace had set in, that, through many vicissitudes, was to end in perfect reconciliation between North and South before the close of the century. War Finance and Currency The Demand Notes Suspension of Specie Payments Measures of Relief The Legal Tenders El- bridge Spaulding The Democratic Contention Republicans Opposed to the Measure Popularity of the Greenbacks Value of the Legal Tender Notes to the Government Fluctuations in Gold The National Banking System Constitutionality of the Legal Tender Acts Payment of the National Debt in Coin Sec- retary McCulloch Secretary Boutwell Efforts at Funding the National Debt Panic of 1873 The Greenback Craze Failure of Congress to Afford Relief Election of a Democratic House of Representatives The Resumption Act of 1875 Demonetization of Silver.

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The national loans had followed Post Date: Mon, 11 Aug 2008 4:35:06 +0000
ET it be understood," said President Grant in his Inaugu- ral Address, " that no repudiator of one farthing of our public debt will be trusted in public place, and it will go far to strengthen our public credit, which ought to be the best in the world." It was inevitable that after four years of civil war, followed by four years of conflict between the Congress and the Administration, the national finances and currency should be deranged and the public credit impaired. The national loans had followed each other rapidly.

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Secretary Chase, when he recommended Post Date: Mon, 11 Aug 2008 4:15:22 +0000
Bonds were issued in vast amounts and bearing high rates of interest. Paper currency, practically irredeemable, had become a necessity, and it was, in fact, the only currency of the people when General Grant succeeded Andrew Johnson as President of the United States. Secretary Chase, when he recommended the first issues of Treasury notes, was hopeful that the integrity of such issues might be main- tained.

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They were called " demand Post Date: Mon, 11 Aug 2008 4:02:37 +0000
" But the greatest care will be requisite," he said, " to pre- vent the degradation of such issues into an irredeemable paper cur- rency, than which no more certainly fatal expedient for impoverish- ing the masses and discrediting the government of any country can well be devised." The first issue of non-interest-bearing Treasury notes was for fifty millions of dollars. They were called " demand notes," because they were payable on demand.

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Some of the railroads Post Date: Mon, 11 Aug 2008 3:43:13 +0000
Although these notes were as good as gold, and were maintained at par throughout the entire period of gold flue- tuations, it was with difficulty that the issue was floated. In fact, not more than two-thirds of the fifty millions were actually issued. Some of the railroads at first declined to accept them for fares and freight.

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All this is not sur- Post Date: Mon, 11 Aug 2008 3:33:10 +0000
One of the clerks of the Treasury Department, Mr Schuckers, afterward Chase's biographer, had difficulty in paying his hotel bill with them at one of the prominent Philadelphia hotels. A New York bank refused to receive a large sum in " demand notes," except as a special deposit, and thus unwittingly gave the depositor the benefit of their appreciation, which kept pace with gold. All this is not sur- prising when it is remembered that when Secretary Chase began his financial operations the Government of the United States was utterly without credit.

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" " No pressure," said Post Date: Mon, 11 Aug 2008 3:14:49 +0000
When the Secretary of the Treasury went to New York in 18(51 to get his first loan, the London Times said he had " co- erced |50,000,000 from the banks, but he would not fare so well at the London Exchange." The London Economist was confident that the United States could not float any of their loans, " for Europe won't lend them; America cannot." " No pressure," said the Times, at a later period, " that ever threatened is equal to that which now hangs over the United States; and it may safely be said that if, in future generations, they faithfully meet their liabilities, they will fairly earn a fame which will shine throughout the world.

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