r, to all measures which
would, at an early stage, render the contest pecuniarily oppressive,
and hence make it unpopular.

President Lincoln in his message at the opening of the special
session had called upon Congress for $400,000,000 in money, and
400,000 men. Mr. Chase's figures were $320,000,000. He doubtless
deemed it wise to ask for no more than Congress would promptly
grant. As the struggle proceeded, it was demonstrated that those
calculated most justly who relied most completely on the popular
purpose to make every sacrifice to maintain the national integrity.
This was however the period of depression after the first battle
of Bull Run, of hesitation before casting every thing into the
scale for patriotism.

The eloquent fact about the Loan Bill is that Congress made haste
to enact it. It was introduced into the House of Representatives
on the 9th of July. On the next day Mr. Stevens, chairman of the
Ways and Means Committee, called up the bill, and, upon going into
committee of the whole, induced the House to limit general debate
to one hour. In the committee the entire time was occupied by Mr.
Vallandigham of Ohio, in criticism on the President's message and
on the general questions involved in the prosecution of the war.
Mr. Holman of Indiana addressed to the gentleman from Ohio two
inquiries bearing on the purpose of the latter to aid in maintaining
the Union. No response was made to the speech of Mr. Vallandigham.
The committee rose, and the bill was passed by a vote of 105 to 5.
In the Senate no discussion took place, certain amendments looking
to the perfection of the measure were adopted, and the bill was
passed without division. The House at once concurred in the Senate
amendments, and the act was consummated by which the first of the
great war loans was authorized.

This Act became law on the 17th of July. Its provisions created
a system by which the Secretary of the Treasury might offer bonds
not exceeding $250,000,000 in the aggregate at seven per cent.
interest, redeemable after twenty years; or he might issue Treasury
notes payable three years after date, and bearing seven and three-
tenths per cent. interest,--the notes not to be of less denomination
than fifty dollars. A separate section permitted the secretary to
offer not more than $100,000,000 abroad, payable in the United
States or in Europe. The same Act authorized for a part of the
sum not exceeding $50,000,000, the exchan