Elbridge Spaulding

Elbridge Spaulding was an American lawyer, banker, and politician who served as a U.S. Representative for New York's 32nd congressional district during the mid-19th century. A member of the Republican Party, Spaulding is noted for his significant contributions to the financial policies of the United States during the Civil War, particularly his role in the creation of the Legal Tender Act, which allowed the government to issue paper currency not backed by gold or silver. His political career spanned several key positions, including serving as the Mayor of Buffalo and as New York State Treasurer.

Early life and career

Elbridge Spaulding was born on February 24, 1809, in Summer Hill, New York, as the first of nine children in the family of Edward Spaulding and Mehitable Goodridge. His early life in a large family likely instilled in him a sense of responsibility and ambition. In 1829, he began his legal studies in the office of Fitch & Dibble in Batavia, New York. To support himself during his education, he worked as a recording clerk in the county clerk's office. By 1832, he completed his legal education in Attica, New York, under the guidance of Harvey Putnam and was subsequently admitted to the bar in Genesee County.

In 1834, Spaulding relocated to Buffalo, where he took a position as a clerk in the law office of Potter & Babcock, prominent attorneys in the area. His political career began in earnest in March 1836 when he was appointed City Clerk of Buffalo. This role marked the beginning of his active involvement in local governance. In 1841, he was elected as Alderman of the Third Ward and served as Chairman of the Executive Committee. His political influence grew, and in 1847, he became the Mayor of Buffalo. The following year, he was elected to the New York State Assembly, representing Erie County's first district. During his tenure in the Assembly, he championed legislation that led to the establishment of gas light corporations in New York State, resulting in the formation of the Buffalo Gas Light Company, where he became a director and stockholder.

House tenure

Elbridge Spaulding's congressional career began when he was elected as a Whig to the 31st United States Congress, serving from 1849 to 1851. He represented New York's 32nd congressional district, a district that had been created in 1833. After serving one term, he transitioned to the role of New York State Treasurer from 1854 to 1855. His political alignment shifted to the Republican Party, and he was subsequently elected to the 36th and 37th United States Congresses, serving from 1859 until 1863.

During his time in Congress, Spaulding was known for his strong opposition to slavery and his advocacy for the Union's financial stability during the Civil War. He played a crucial role in the Republican Party's efforts to support Abraham Lincoln's presidency, delivering speeches that criticized the Democratic Party's pro-slavery stance. His tenure in Congress was marked by significant legislative activity, particularly in response to the financial challenges posed by the ongoing conflict.

Legislative focus and committees

One of Spaulding's most notable contributions to American financial policy was his involvement in drafting the Legal Tender Act in 1862. At a time when the Union was facing severe financial strain due to the Civil War, he recognized the necessity of issuing paper currency that was not backed by gold or silver. This concept was controversial at the time, as it challenged traditional notions of currency value. However, Spaulding's advocacy for "fiat money" was rooted in the urgent need for the government to fund military operations and maintain economic stability.

As Chairman of a House Ways and Means Subcommittee, Spaulding was instrumental in developing legislation that allowed the government to print money and declare it as legal tender. This legislation was crucial for providing the Union with the financial resources needed to sustain its war efforts. The Legal Tender Act not only facilitated the issuance of currency but also established a national currency system that helped stabilize the economy during a tumultuous period.

In addition to the Legal Tender Act, Spaulding was involved in drafting the National Currency Bank Bill, which aimed to create a more organized banking system. At the time, the only circulating paper money consisted of bank notes that were supposed to be convertible into gold, but many banks had suspended such conversions. Spaulding's legislative efforts were aimed at addressing these challenges and ensuring that the government could effectively manage its finances during the war.

Spaulding's contributions to financial policy during the Civil War have been recognized as pivotal in maintaining the Union's economic viability. His foresight in advocating for a flexible currency system is often credited with helping to secure the Union's victory and laying the groundwork for modern financial practices in the United States.

After his congressional career, Spaulding continued to be involved in various business and civic activities in Buffalo. He married three times and had several children, with his last marriage lasting over 40 years. Spaulding passed away on May 5, 1897, in Buffalo and was buried at Forest Lawn Cemetery. His legacy includes not only his contributions to American finance but also his role in shaping the political landscape of his time.