At the opening of the Civil War it was promptly seen that very definite fiscal expedients would have to be adopted. The customs duties fell off as soon as the war came on, and, as these had been the principal source of revenue, the federal administration was sadly in need of funds. It undertook to borrow money from the banks, and then, although Congress had granted permission to suspend the Independent Treasury Act hi certain respects, the administration insisted on drawing out the installments of the loan from the banks which had agreed to make it. The banks had expected that, instead of being compelled by the Treasury to pay coin as they would under ordinary circumstances have had to do, they would be allowed to keep the funds on deposit in their vaults and simply transfer them at the government's order to public creditors. The effect of drawing off the specie from the banks and placing it in the Treasury was to weaken the reserves And finally to lead to a suspension of specie payments, the banks refusing to pay out gold or silver on demand. Meanwhile the necessities of the government had been mounting very rapidly, and it had been unwisely determined to issue legal-tender Treasury notes (popularly known as " greenbacks"). The first issue of these notes came out in 1862 and was followed by other issues. As the notes were legal tender they could be used in redeeming bank notes. They took the place of gold and silver com, these metals being retired from circulation and hoarded or exported. The result was that the country was speedily placed on a basis of irredeemable paper. It was now without a metallic circulation, without any large financial institution on which to fall back, without any uniform bank-note currency, and without any substantial control over the banks. The constant and enormous demand for funds with which to carry on the war could not be satisfied by any other means than huge loans on long time, accompanied by heavy taxation designed to supply the funds for paying the interest on the bonds and ultimately redeeming them as they fell due. In endeavoring to sell such bonds the federal government encountered lamentable difficulty and was driven to various expedients for pushing the securities into the hands of buyers....

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