Volume 2 — CHAPTER XIII.
Reading edition
GOVERNMENT FINANCES AFTER THE WAR.—DIFFICULTIES OF THE SITUATION.— INTREPIDITY OF CONGRESS.—ITS GREAT TASK.—$600,000,000 BILL.—SUMMARY OF PUBLIC DEBT, DECEMBER, 1865.—FUNDED AND FLOATING OBLIGATIONS.— AGGREGATE DEBT, JANUARY 1, 1866, $2,730,491,745.—$1,600,000,000 FLOATING OBLIGATIONS.—MR. McCULLOCH'S ESTIMATES.—HIS FINANCIAL POLICY.—CONTRACTION THE LEADING FEATURE.—WAYS AND MEANS COMMITTEE REPORT A FUNDING BILL.—HOUSE DEBATES THEREON.—SENATE DEBATE.—FINAL PASSAGE.—REVENUE LAWS IN CONGRESS.—CONTRASTED WITH BRITISH PARLIAMENT.—LARGE REDUCTION OF INTERNAL TAXES.—SECOND REDUCTION OF INTERNAL TAXES.—CONTRACTION POLICY OPPRESSIVE.—INDIRECT RELIEF.— HOSTILITY RAPIDLY INCREASES.—PROGRESS OF FUNDING BILL.—REPEAL OF CONTRACTION BILL.—ITS EVIL EFFECTS.—FURTHER REDUCTION OF INTERNAL TAXES.—FINANCIAL ACHIEVEMENTS OF THE GOVERNMENT.—LARGE REDUCTION OF NATIONAL DEBT.—VALUABLE TREASURY OFFICIALS.—PURCHASE OF ALASKA.— PRICE, $7,200,000 IN GOLD COIN.—PURCHASE AT FIRST UNPOPULAR.— RESISTANCE IN THE HOUSE.—MR. WASHBURNE AND GENERAL BUTLER OPPOSE.— TREATY ABLY SUSTAINED BY GENERAL BANKS.—INTERESTING DEBATE.—MANY PARTICIPANTS.—POWER OF THE HOUSE RESPECTING TREATIES.—CHRONIC CONTROVERSY.—THE BILL PASSED.—OPINION OF JUDGE McLEAN.—OF MR. JEFFERSON.—EXTENT OF ALASKA.—VALUE OF IT.—ITS ELEMENTS OF WEALTH.— FIRST NORTHERN TERRITORY ACQUIRED BY THE UNITED STATES.—NEGOTIATION ABLY CONDUCTED BY MR. SEWARD.