GOVERNMENT FINANCES AFTER THE WAR. - DIFFICULTIES OF THE SITUATION. — IN-
TREPIDITY OF CONGRESS.-ITS GREAT TASK.-$600,000,000 BILL.-SUMMARY
OF PUBLIC Debt, December, 1865.-FUNDED and Floating ObligatioNS.
AGGREGATE Debt, January 1, 1866, $2,739,491,745.- $1,600,000,000 FLOATING
OBLIGATIONS.-MR. MCCULLOCH'S ESTIMATES. HIS FINANCIAL POLICY.-
CONTRACTIONn the LeadING FEATURE. - WAYS AND MEANS COMMITTEE REPORT
A FUNDING BILL. - HOUSE DEBATE THEREON. — Senate Debate. — FINAL PAS-
SAGE. REVENUE LAWS IN CONGRESS. -ContrastED WITH BRITISH PARLIA-
LARGE REDUCTION OF INTERNAL TAXES. SECOND REDUCTION OF
INTERNAL TAXES. CONTRACTION POLICY OPPRESSIVE. - INDIRECT RELIEF. ·
HOSTILITY RAPIDLY INCREASES. - PROGRESS OF FUNDING BILL. REPEAL OF
CONTRACTION BILL. ITS EVIL EFFECTS. — FURTHER REDUCTION OF INTERNAL
TAXES. FINANCIAL ACHIEVEMENTS OF THE GOVERNMENT. - LARGE REDUC-
TION OF NATIONAL DEBT. — VALUABLE TREASURY OFFICIALS.- PURCHASE OF
ALASKA.PRICE, $7,200,000 IN GOLD COIN. -PURCHASE AT FIRST UNPOPULAR.
-RESISTANCE IN THE HOUSE.-MR. Washburne and General BUTLER OP-
POSE. TREATY ABLY SUSTAINED BY GENERAL BANKS.-INTERESTING DEBATE.
MANY PARTICIPANTS. POWER OF THE HOUSE RESPECTING TREATIES.
CHRONIC CONTROVERSY. THE BILL PASSED. - OPINION OF JUDGE MCLEAN.-
OF MR. JEFFERSON. EXTENT OF ALASKA.- VALUE OF IT. ITS ELEMENTS
of Wealth.-FIRST NORTHERN TERRITORY ACQUIRED BY THE UNITED STATES.
— NEGOTIATION ABLY CONDUCTED BY MR. SEWARD