Read more
Excerpt from Speech of Hon. E. G. Spaulding, of New York, Delivered in the House of Representatives, January 28, 1862, on the Finances, and the Power of Congress to Issue Demand Treasury Notes and Make Them a Legal Tender in Payment of Debts: To Which Is Appended Tables Showing the Value of the Real and Personal Property in the United States, and a Letter of the Secretary of the Treasury
And, sir, I am disposed, upon this ¿oor and elsewhere, to sustain the Secretary and all Departments of the Government where they have discharged their duties in accordance with the laws which have been passed by us.
The Secretary of the Treasury first borrowed giving Treasury notes bearing seven and three-tenths per cent. Interest, and he next issued United States bonds at six per cent. Interest to the extent of at the equivalent of par for seven per cent. Bonds, and raised about upon such loan, a discount of over was sustained. These were the best terms that could be obtained, and were regarded at the time as very favorable to the Government.
But if he has borrowed the money at a high rate, it was authorized by the act of July. I am disposed to sustain the Secretary in what he has done. He has acted in good faith, and he should be sustained by us all.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
