the unwholesome influences of inflation and added to the severity of the inevitable collapse, was followed against his protest and in the face of predictions, which were inspired by his intimate knowledge of natural commercial laws, and were verified by the event. In the constant discussions of financial measures during the war, Mr. Chandler did not earnestly oppose the frequent resort to the issue of irredeemable paper without offering as a substitute policies which he believed would yield relief, equally adequate, much less costly, and far less unwholesome in tendency. He proposed to provide the means for meeting the enormous expenditures required of the government by more thorough direct taxation and by larger loans; and he believed that increased imposts, by strengthening the credit of the government, would greatly improve its standing as a borrower in the money markets of the world. Briefly, the policy which he favored, in lieu of the mass of temporary expedients which were adopted, was this: (1.) Declare that the issue of "legal tender" treasury notes should not exceed $150,000,000, and thus stop their depreciation by ending all fear of their inflation. (2.) Tax freely, and by this means convince the world that the United States could and would redeem its treasury notes and pay the interest and principal of its bonds. (3.) Use the credit thus created to borrow on the most advantageous terms, and avoid all measures that might in any way tend to impair the negotiable value of, or the general confidence in, the national securities. He developed these general ideas repeatedly in his speeches and votes, while questions relating to them were before Congress. On May 30, 1862, he said in the Senate: