In 1861, when the resources of the country seemed exhausted, when the last dollar had been expended, when it was found that the whole volume of the national currency was inadequate to meet current expenses, when our imperial cousins across the deep, instead of coming to our aid, had already recognized the belligerency of our foes, and stood, cat-like, ready to pounce upon the fragments of a shattered Republic, E.G. Spaulding and Erastus Corning, of New York, and Samuel Hooper, of Massachusetts, were appointed a sub-committee under the House Committee of Ways and Means to devise some plan of prosecuting the war, perpetuating the Union and paying current expenses. The country was rich in patriotism, men and munitions of war. All that was needed was money, or a medium of exchange, to move the armies and purchase supplies. Under the urgent pressure of necessity the best and ablest thought and talent of the nation were brought into requisition. A happy thought conceived the idea of applying the “nation’s wealth to the nation’s needs.”