File:Andrew Johnson (2).jpg

Title: Our greater country; being a standard history of the United States from the discovery of the American continent to the present time ..
Year: 1901 (1900s)
Authors: Northrop, Henry Davenport, 1836-1909
Subjects:
Publisher: Philadelphia, National pub co.
Contributing Library: The Library of Congress
Digitizing Sponsor: Sloan Foundation

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settle-ment by the govern-ment. In June, 1865,the war debt amount-ed to ;^2,70o,ooo,ooo.The interest on thissum was ;^ 13 3,000,000,and was nearly all pay-able in gold. The gov-ernment was calledupon to raise the latteramount to pay theinterest on its bonds,and at the same time%o take measures tostrengthen the confi-dence of the bond-holders in the securityof their investments.The latter object wasaccomplished by asolemn resolution ofthe House of Repre-sentatives, adoptedwith but one dissent-ing voice on the fifth of December, 1865, pledging the faith of thenation to the payment of the public debt,principal and interest. In order to provide for the immediatewants of the government Congress leviedadditional duties on imported articles, and imposed taxes upon manufactured articles,incomes, etc. These burdensome impostswere cheerfully submitted to by the people,and a revenue of over $300,000,000 wasraised, providing not only for the paymentof the interest on the debt, and of the current
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ANDREW JOHNSON. expenses of the government, but also leavinga large surplus, which was applied to thereduction of the national debt. In the year1866, before all the extra troops called outby the war had been discharged, the debthad been diminished more than thirty-one 792 THE CIVIL WAR. millions of dollars —a striking proof of theIbility as well as the willingness of the nationto discharge its financial obligations. During which he claimed they had no power torenounce. Now that they had submit-ted to the authority they had formerly endea- the remainder of Mr. Johnsons term this i vored to reject, he claimed that they werepolicy was faithfully adhered to under the [ entitled to immediate restoration to their oldable guidance of Hugh McCuUoch, secretary places in the Union,of the treasury. [ In support of his position he quoted the

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