In his report to Congress in July 1861, Chase had written: “It is beneficial to the whole people that a loan distributed among themselves should be made so advantageous to the takers as to inspire satisfaction and hopes of profit, rather than annoyance and fears of loss; and, if the rate of interest proposed be somewhat higher than that allowed in ordinary times, it will not be grudged to the subscribers when it is remembered that the interest on the loan will go into the channels of home circulation, and it is to reward those who come forward in the hour of peril to place their means at the disposal of their country.” 94 As Chase recorded his meetings in a letter at the time: “Congress assembled on the 4th. of the July 1861 and soon afterwards passed an act to authorize a National Loan and for other purposes. Under this act, and acts amending it, I took measures to secure the funds necessary to carry on the war.


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