January 27, 1863
Chase, Salmon P. (Salmon Portland), 1808-1873
Autograph letter signed
Title: to William Pitt Fessenden
Written as Secretary of Treasury on department stationery. Discusses the national banking system and tax on circulation. States that against his urgings, Congress has insisted on a conversion clause. Writes that in his first report in July 1861, he suggested a tax on bank notes and other internal taxes but that no duties were imposed. In his second report, he says he proposed a national banking system and a tax on circulation. Remarks, "It is my considered judgment that had these views been adopted at the last session...there might have been comparatively little financial embarrassment…
GLC01574.01