The National cyclopædia of American biography : being the history of the United States as illustrated in the lives of the founders, builders, and defenders of the republic, and of the men and women who are doing the work and moulding the thought of the present time, edited by distinguished biographers, selected from each state, revised and approved by the most eminent historians, scholars, and statesmen of the day . ed them as indefensible in princi-ciple. He took a leading part in pressing that clauseof the bill to issue U. S. treasury notes which madethem legal tender, and when the bill reac
The National cyclopædia of American biography : being the history of the United States as illustrated in the lives of the founders, builders, and defenders of the republic, and of the men and women who are doing the work and moulding the thought of the present time, edited by distinguished biographers, selected from each state, revised and approved by the most eminent historians, scholars, and statesmen of the day . ed them as indefensible in princi-ciple. He took a leading part in pressing that clauseof the bill to issue U. S. treasury notes which madethem legal tender, and when the bill reached thesenate he was the chief, if not the only, advocate ofthat policy, both in the committee on finance and onthe floor of the senate. In the summer of 1863, atthe request of Secretary Chase, he took charge ofthe national banking bill, making the only speechin the senate in its favor, and prior to its passage,although it was before the senate, off and on, for tendays. He advocated, however, imposing upon thebanks severe burdens of taxation, holding it as indis-pensable that they .should not only pay the expensesof their administration, but also make a liberal con-tribution to the government. Duiing the continu-ance of the war he often visited the soldiers on thefield. After the war, and when he had been re-elected as senator, he became chairman of the senatecommittee on finance when Mr. of Maine. was appointed secretary of the treasury, but volun-tarily surrendered the position to Mr. Pessendenwhen the latter gentleman returned to the opposition to the issue of six per cent, bonds topay off the floating public debt and liabilities wasvery earnest, and he has never, it is declared, enter-tained a doubt that if the policy he then recom-mended had been adopted the whole of the seven-thirty notes and the floating indebtedness might havebeen funded with a five per cent. bond. His speecheson funding the public debt, delivered in the senateApr. 9 and May 23,18
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