. Ridpath's history of the world : being an account of the principal events in the career of the human race from the beginnings of civilization to the present time, comprising the development of social instititions and the story of all nations . ed in the Nationalmonetary system. Old things rapidly passedaway, and all things becamenew under theSecretarys hands. As a temporary expedienthe sought relief by issuing Treasury. Notes, re-ceivable as money, and bearing interest at therate of seven and three-tenths per cent. Tiieexpedient was successful; but by the beginningof 1862 the expenses of the
. Ridpath's history of the world : being an account of the principal events in the career of the human race from the beginnings of civilization to the present time, comprising the development of social instititions and the story of all nations . ed in the Nationalmonetary system. Old things rapidly passedaway, and all things becamenew under theSecretarys hands. As a temporary expedienthe sought relief by issuing Treasury. Notes, re-ceivable as money, and bearing interest at therate of seven and three-tenths per cent. Tiieexpedient was successful; but by the beginningof 1862 the expenses of the Government hadrisen to more than a million dollars a day, and other measures, vaster and more permanent,had to be devised. In order to meet the tremendous demandswhich were incessantly arising. Congress, onthe recommendation of the Secretary of theTreasury, made haste to provide an InternalRevenue. Tliis was made up from two gen-eral sources; first, a tax on manufactures, in-comes, and salaries; and, second, a damp dut^on all legal documents. As soon as this systemof revenue was provided for, another step wastaken in the issuance by the treasury of ahundred and fifty millions of dollars, in non-interest-beariug Legal Tender Notes of the. SALMON P. CHASE. United States, to be used as money. Snchwas the beginning of that famous currency,which, under the name of Greenbacks, bore upthe Nation during the war, survived the shocksof the Revolutionary epoch, and continued,after the suKsidence of the conflict, to- consti-tute one-half of the paper money used by thepeople of the United States. But the Greenback currency, its issueagain and again as the emergencies multiplied,was not of itself sufficient. A third greatmeasure recommended by the Secretary, pro-vided for by Congress, and carried out suc-cessfully, was the issuance and sale of UnitedStates Bonds. These at first were made re- 166 UNIVERSAL HISTORY.—THE MODERN WORLD. deemable at any time after five years andunder twenty yea
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