vote was taken his name was the first recorded in favor of the
bill. It passed by a vote of 23 yeas and 21 nays, so that I was
entirely correct that if he had voted against the bill it would
have been defeated by a tie vote.

These two measures, the absorption of the state banks, and the
establishment of the system of national banks, taken in connection
with the legal tender act, were the most important financial measures
of the war, and, tested by time, have fully realized the anticipations
and confident assurance of their authors.

This system of national banks has furnished to the people of the
United States a currency combining the national faith with the
private stock and private credit of individuals. They have a
currency that is safe, uniform, and convertible. Not one dollar
of the notes issued by national banks has been lost to any person
through the failure of a bank. We have a currency limited in
amount, restrained and governed by law, checked by the power of
visitation and by the limitation of liabilities, safe, uniform,
and convertible in every part of the country. Every one of these
conditions prophesied by me has been literally realized.

Next in importance to a national currency was the problem of the
public debt. The issue of $50,000,000, demand notes, authorized
in 1861, was a forced expedient to meet immediate demands. A
prudent man, engaged in business, would not borrow money payable
on call unless he had securities which he could immediately convert
into money. Such liabilities are proper in a stock exchange or in
a gambling operation, to be settled by the receipt or payment of
balances on the rise or fall in the market of stocks or produce.
These demand notes gave Secretary Chase more trouble than any other
security, and they were finally absorbed in the payment of customs
duties.

On the 17th of July, 1861, Congress authorized the Secretary of
the Treasury to borrow, on the credit of the United States, within
twelve months, $250,000,000, for which he was authorized to issue
bonds, coupon or registered, or treasury notes, the bonds to bear
interest not exceeding seven per cent., payable semi-annually,
irredeemable for twenty years. The treasury notes were to be of
any denominations fixed by the Secretary of the Treasury, not less
than fifty dollars, and to be payable three years after date, with
interest at the rate of seven and three-tenths per cent. per annum,
payable semi-annually