, 1862-02-07
Letter from the Secretary of the Treas
my 70 the Committee Of Ways and

Letter from the Secretary of the Treas
y. MLy 60 the Committee Of Ways and
The following is the letter from the secre.
tary Of the Treasury to the Committee Of
Ways and Means, to which reference has been
made in recent Washington dispatches:
''sIR| have the honor to acknowledge the
receipt OF resolution Of the Committee Of
Ways and Means, referring to the House bill
no. 29o, and requesting my opinion as to the
propriety and necessity Of its immediate pass
age by Congress.
The condition Of the Treasury Certainly rem
ders Immediate action on hesubject Of afford
ernment both expedlent and necessary. The
general provisions of the bill submitted to nc
sgem st to be well adapted to the end proposed.
perhaps be uscfully amended.
Ihe provision making United States Notes Il
legal tender has doubtless been well consider
cd By the Committee, and their conclusion
needs no support from any observation Of
MIN nine. l think it my duty, however, to say
tnat Ill respect to this provision my reflections
they have reached.
1t is not unknown to them that have felt
nor DO wish to conceal that now feel agreat
aversion to making anything but coin legal
ten9er IN payment Of debts It has been my
anxious wish to avoid the necessity Of such
ls;j lss5slation. is, however, at present impos-
slble, in consequence Of the larec ey-
penditures entailed By the war a1d the
suspension Of the banks, to procure
sufficient sufficient coin for disbursements, and it has
saIy that NC should resort to the issue Of nj
ted States notes. The making them q LEGAL
tender, however, might still be avoided, if he
" ,Mll1lnEnsss manifested By the people general
=, Q! railroad companies, and By many Of tic
banking institutions, to receive and nav them
as money in a1l transactions, were absolutely or
pfact'eally universal; but unfortunately there
arc some persons and some institutions which
relnse to receive and pay them, and whose
acton tends not merely to the Unnecessary
tab1ish discrimination in business ag;inst
those who, in this matter, giyc their cosilM
SUPPORT to the Government, and iu ia
vor of those who do not make eucI, dis
crlm1natlon. This, if possible, should be pre-
vented, and provision making notes legal
tender, in d great measure, at least, prcycnts
II, OF putting al citizens in this respect on
the same level, both Of rights and duties. Tie
Committee doubtless find the NECESSITY of
accompanying this measure By legislation
as longest currency Of these notes This Sc
curlsy can te found, in my Judgment, by
proper provision in funding them in interest
bearing bonds, by we'll su,rlcd Legislative
enactncnts, authorizing banking associa-
1,eas 5aons Win .,s. eirculatlous based on the
and by a ludicious system Of ADEQUATE
taxation, which VIII not only create ! d.
n.aDd for the notes, hut by securing prompt
payment Of Interest, raise and sustain tie
credit OF the bonds. Such legislation viii d.
scst legaa-tender clause of tie bill Of injuri-
olls tendencies and secure the earliest possible
return to a sound currency Of coin, and
promptly co'aeetahle notes. I ben,lcaye to
add, that vigorous military operations and uu- |
sp,rlng Sctrcnehments of all unnecessary ex-
penses, Will also contribute essentially to this !
desirable end.
have tie honor to be. with very great re-
slect, yours, truly, {Signcd) s, 2. CHASE.
Hon. T. STEVENS, C1,.lir1nau