Excerpt from The Whelps of the Tigress: A Resume of the National Banking SystemIn his first report to Congress in December 1861, Secre tary of the Treasury Chase recommended the establishment of a national banking system upon substantially the same plan as that afterward adopted. His avowed purpose in making this recommendation was to establish a currency of uniform value throughout the country to take the place of the varying and uncertain State bank currency then in ex istence. He lived, however, to express his regrets at having been instrumental in establishing the present system.At the opening of the regular session of Congress in De cember, 1861, a sub-committee of the Committee of Ways and Means was appointed to consider the recommendations of Secretary Chase in regard to the proposed national bank currency, the issue of Treasury notes and bonds, and the mode of raising means to carry on the war. This sub committee, consisting of Messrs. Spaulding, Hooper and Coming, at Once went' to work and prepared a national bank currency bill of sixty sections, one section of which provided for an issue of legal tender Treasury notes. The bill as prepared was not introduced at this time, however.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.