CHAPTER XIII.
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.