The national banking system was established for the purpose of securing the aid of the banks as purchasers and negotiators of the bonds of the Government, at a time when the public credit was so impaired that it seemed impossible to command the funds necessary for the prosecution of the war.
Boutwell explains the establishment of the national banking system during a time of financial crisis to support the government's war efforts.
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These extracts from letters received previous to and during the crisis may lead to the conclusion that it is not safe to trust to persons engaged in large business and commercial transactions as guides for the administration of the…
There was never in his career any ostentatious display of power, never any exercise of wanton or unnecessary authority.
The spirit of philanthropy animated his politics, and the doctrines of peace controlled his public policy.
He was so great that it was not a humiliation to acknowledge a change in opinion, or to admit an error in policy or purpose.
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