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Comte de Paris, History of the Civil War in America. Vol. 3. (ed. Henry Coppee , LL.D.), Book III:—Pennsylvania. (search)
the anonymous author who has edited the article on Federal Finances in the volume of the American Cyclopoedia for 1863. Mr. Chase, a man of clear and vigorous intellect, foresaw this danger, and pointed it out to Congress. The aim of his whole fina trade, which, for fear of a sudden depreciation at the end of the war, had a tendency to bear upon the Federal funds. Mr. Chase was right in believing that the difficulties experienced in 1862 in finding subscribers to the Federal loan would not ace that of the banks. In order to bring about this result, and to facilitate the funding of the debt at the same time, Mr. Chase proposed quite a new system, which, after a long discussion, was adopted by Congress on the 25th of February, under thancial questions, that this almost fabulous sum did not destroy the national credit. The bold but just calculations of Mr. Chase were realized. A contract made with a large Philadelphia firm— Messrs. Jay Cooke & Co.—who in consideration of a commi