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[667] allow to remain neglected. The notes at six per cent., which he was not authorized to sell except at par, having suffered a depreciation of two and a half per cent., he could not dispose of them. He appealed to the bankers of the large cities of the Union, and obtained from them the loan of this amount for two months by giving them as collaterals an equivalent quantity of the bonds, which he was unable to place on the market.

When Congress met, on the 4th of July, at the call of the President, there was as great a necessity, as will be seen, for asking the American people to furnish money as to furnish men. All that portion of the nation that had remained loyal to the Federal flag understood at last the magnitude of the sacrifices that were required of them. The two houses of Congress showed themselves to be the faithful interpreters of their wishes, by authorizing the President to raise five hundred thousand volunteers, and to expend five hundred millions of dollars for their support; but it was necessary to give him the means for collecting at least a portion of this enormous sum into the coffers of the State. The sources of revenue, whatever might be the taxes imposed, were altogether inadequate, and could evidently barely suffice to sustain the national credit without contributing to the new wants. It was, therefore, indispensable to resort either to borrowing or to the issue of paper money. During the war the Federal government was to make ample use of these two expedients, but for the first two years it used a great deal of caution; it is only from the year 1863 that we see this government, acting under the pressure of absolute necessity, pursuing a course which would have led a nation less rich and industrious than the United States into bankruptcy.

The Secretary, presenting himself before the new Congress, submitted to that body an estimate of the expenses for the year which had just commenced, amounting to three hundred and eighteen million dollars; he calculated to meet these requirements with the eighty millions he expected to raise by means of the former taxes, or those to be imposed, and by borrowing the sum of two hundred and forty millions. Congress, which was then discussing the resolution calling for five hundred thousand volunteers, raised this amount to two hundred and fifty millions by two enactments of

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