Abraham Lincoln. Putnam George Haven

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СКАЧАТЬ The task came upon him first of establishing a national credit and secondly of utilising this credit for loans such as the civilised world had not before known. The expenditures extended by leaps and bounds until by the middle of 1864 they had reached the sum of $2,000,000 a day. Blunders were made in large matters and in small, but, under the circumstances, blunders were not to be avoided and the chief purpose was carried out. A sufficient credit was established, first with the citizens at home and later with investors abroad, to make a market for the millions of bonds in the two great issues, the so-called seven-thirties and five-twenties. The sales of these bonds, together with a wide-reaching and, in fact, unduly complex system of taxation, secured the funds necessary for the support of the army and the navy. At the close of the War, the government, after meeting this expenditure, had a national war debt of something over four thousand millions of dollars. The gross indebtedness resulting from the War was of course, however, much larger because each State had incurred war expenditures and counties as well as States had issued bonds for the payment of bounties, etc. The criticism was made at the time by the opponents of the financial system which was shaped by the Committee of Ways and Means in co-operation with the Secretary, a criticism that has often been repeated since, that the War expenditure would have been much less if the amounts needed beyond what could be secured by present taxation had been supplied entirely by the proceeds of bonds. In addition, however, to the issues of bonds, the government issued currency to a large amount, which was made legal tender and which on the face of it was not made subject to redemption.

      In addition to the bills ranging in denomination from one dollar to one thousand, the government brought into distribution what was called "postal currency." I landed in New York in August, 1862, having returned from a University in Germany for the purpose of enlisting in the army. I was amused to see my father make payment in the restaurant for my first lunch in postage stamps. He picked the requisite number, or the number that he believed would be requisite, from a ball of stamps which had, under the influence of the summer heat, stuck together so closely as to be very difficult to handle. Many of the stamps were in fact practically destroyed and were unavailable. Some question arose between the restaurant keeper and my father as to the availability of one or two of the stamps that had been handed over. My father explained to me that immediately after the outbreak of the War, specie, including even the nickels and copper pennies, had disappeared from circulation, and the people had been utilising for the small change necessary for current operations the postage stamps, a use which, in connection with the large percentage of destruction, was profitable to the government, but extravagant for the community. A little later, the postal department was considerate enough to bring into print a series of postage stamps without any gum on the back. These could, of course, be handled more easily, but were still seriously perishable. Towards the close of the year, the Treasury department printed from artistically engraved plates a baby currency in notes of about two and a half inches long by one and a half inches wide. The denominations comprised ten cents, fifteen cents, twenty-five cents, fifty cents, and seventy-five cents. The fifteen cents and the seventy-five cents were not much called for, and were probably not printed more than once. They would now be scarce as curiosities. The postal currency was well printed on substantial paper, but in connection with the large requirement for handling that is always placed upon small currency, these little paper notes became very dirty and were easily used up. The government must have made a large profit from the percentage that was destroyed. The necessary effect of this distribution of government "I.O.U.'s," based not upon any redemption fund of gold but merely upon the general credit of the government, was to appreciate the value of gold. In June, 1863, just before the battle of Gettysburg, the depreciation of this paper currency, which represented of course the appreciation of gold, was in the ratio of 100 to 290. It happened that the number 290, which marked the highest price reached by gold during the War, was the number that had been given in Laird's ship-yard (on the Mersey) to the Confederate cruiser Alabama.

      Chase was not only a hard-working Secretary of the Treasury but an ambitious, active-minded, and intriguing politician. He represented in the administration the more extreme anti-slavery group. He was one of those who favoured from the beginning immediate action on the part of the government in regard to the slaves in the territory that was still controlled by the government. It is doubtless the case that he held these anti-slavery views as a matter of honest conviction. It is in evidence also from his correspondence that he connected with these views the hope and the expectation of becoming President. His scheming for the nomination for 1864 was carried on with the machinery that he had at his disposal as Secretary of the Treasury. The issues between Chase and Seward and between Chase and Stanton were many and bitter. The pressure on the part of the conservative Republicans to get Chase out of the Cabinet was considerable. Lincoln, believing that his service was valuable, refused to be influenced by any feeling of personal antagonism or personal rivalry. He held on to the Secretary until the last year of the War, when deciding that the Cabinet could then work more smoothly without him, he accepted his resignation. Even then, however, although he had had placed in his hands a note indicating a measure of what might be called personal disloyalty on the part of Chase, Lincoln was unwilling to lose his service for the country and appointed him as Chief Justice.

      Montgomery Blair was put into the Cabinet as Postmaster-General more particularly as the representative of the loyalists of the Border States. His father was a leader in politics in Missouri, in which the family had long been of importance. His brother, Frank P. Blair, served with credit in the army, reaching the rank of Major-General. The Blair family was quite ready to fight for the Union, but was very unwilling to do any fighting for the black man. They wanted the Union restored as it had been, Missouri Compromise and all. It was Blair who had occasion from time to time to point out, and with perfect truth, that if, through the influence of Chase and of the men back of Chase in Massachusetts and northern Ohio, immediate action should be taken to abolish slavery in the Border States, fifty thousand men who had marched out of those States to the support of the Union might be and probably would be recalled. "By a stroke of the pen," said Blair, "Missouri, eastern Tennessee, western Maryland, loyal Kentucky, now loyally supporting the cause of the nation, will be thrown into the arms of the Confederacy." During the first two years of the War, and in fact up to September, 1863, the views of Blair and his associates prevailed, and with the fuller history before us, we may conclude that it was best that they should have prevailed. This was, at least, the conclusion of Lincoln, the one man who knew no sectional prejudices, who had before him all the information and all the arguments, and who had upon him the pressure from all quarters. It was not easy under the circumstances to keep peace between Blair and Chase. Probably no man but Lincoln could have met the requirement.

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      1

      This letter has not been published. It is cited here through the courtesy of Mr. Robert Lincoln and Mr. R.W. Gilder.

      2

      The text of the speech, as revised by Lincoln and with the introdu

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