FROM WASHINGTON: Passage of the Six Hundred Million Loan Bill by the House; No More Legal Tenders to be Issued (3/1/1865)

New York Times - Times Machine ^ | 3/1/1865

[Homer_J_Simpson]

Special Dispatches to the New-York Times.

WASHINGTON, Tuesday, Feb. 28.

The Senate has devoted the entire day and evening to the consideration of the Tax Bill in Committee of the Whole. The proposition to tax savings banks was agreed to, after a long discussion, by the casting vote of the Vice-President. This action may be reversed when the bill is reported from the committee. The amendments changing the tax on tobacco, cigars, etc., were passed over. The amendment providing that gold or coupons shall be estimated at their currency value in computing incomes was agreed to, also an amendment providing that railroads shall be taxed on receipts derived from the transportation of passengers and freight from one point in the United States through Canada to another point in the United States.

The six hundred million loan bill was passed by the House to-day substantially as it came from the Committee, and as it appeared in the Times of Feb. 26. A few amendments of not very important character were made. The phrase, "other obligations" in the bill was changed so as to read "treasury notes." It also provides that all bonds or loans heretofore authorized yet unissued shall be issued in accordance with the provisions of this act. It is also provided that the Secretary may pay to all creditors of the Government notes issued under this act, in case creditor elects to take them. The main feature of the bill is the discretion awarded to the Secretary to issue gold bonds or seven-thirty convertible bonds; in effect continuing the present popular mode of raising money. There was a desire manifested to prohibit the issue of any more gold bonds, but Mr. BOUTWELL pressed the points of foreign demands strongly,

[Homer_J_Simpson]

Free Republic University, Department of History presents U.S. History, 1861-1865: Seminar and Discussion Forum
The American Civil War, as seen through news reports of the time and later historical accounts

First session: November 21, 2015. Last date to add: May 2025.
Reading: Self-assigned. Recommendations made and welcomed.

Posting history, in reverse order

https://www.freerepublic.com/tag/by:homerjsimpson/index?tab=articles

To add this class to or drop it from your schedule notify Admissions and Records (Attn: Homer_J_Simpson) by reply or freepmail.

Link to previous New York Times thread

https://freerepublic.com/focus/f-chat/4301076/posts

[Homer_J_Simpson]

1

2

3

4

5

6

7

[Homer_J_Simpson]

From Washington: Passage of the Six Hundred Million Loan Bill by the House – 2
Thirty-Eighth Congress: Second Session – 3
Gen Sherman’s Army: Reported Junction of Schofield’s and Sherman’s Forces – 4
Army of the Potomac: Mysterious Rebel Movements – 4
From City Point: Rejoicing Over the Fall of Wilmington – 4-5
Department of the Gulf: Indications of an Early Movement – 5
From Kentucky: Explanation of the Negro Impressment – 5
From the Rio Grande – 5
Editorial: News from Sherman – 5-6
Editorial: Our Victories Abroad – 6
Editorial: Sherman’s Campaign – 6
Editorial: The Panic in the South – 6
Rebel Deserters – 6-7
Rebel Piracies by Sea and Land – 7
Bribing Servants at the White House – 7
Three Days Later from Europe: Doings in Parliament – 7

[dp0622]

I dont mean to sound really stupid, but I don’t mind cause I gotta know....

600 million dollars?!?!

100s of millions were spent in a year in the 1800s?!

It just seems so staggering.

I know what we spend today makes it seem like peanuts.

But that was a lot of years ago!

Dam!!

I won’t lie. I thought the budget for the year back then would have been like 10, MAYBE 20 million dollars :)

[George from New England]

I got snookered into thinking this was current.

[BroJoeK]

"I thought the budget for the year back then would have been like 10, MAYBE 20 million dollars :)"

It was -- early on -- the Federal budget began as:

1. ~$5 million per year from 1792 to 1798

2. ~$10 million per year from 1799 to 1811

3. ~$20 million per year from 1812 to 1835

4. ~$30 million per year from 1836 to 1846

5. ~$40 million per year from 1847 to 1850

6. ~$50 million per year from $1851 to $1853

7. ~$60 million per year from 1854 to 1855

8. ~70 million per year from 1856 to 1857

9. ~$80 million per year from 1858 to 1861

10. ~$800 million per year during the Civil War.

During all this time, except for wars such as 1812 and Mexican-American, Federal spending remained at roughly 2% of GDP, and about half of the Federal budget was spent on national defense.

A large portion of the remainder before 1834 was used to pay off over $125 million in national debt, left over from the Revolutionary War.