Showing posts with label Banking. Show all posts
Showing posts with label Banking. Show all posts

Thursday, January 27, 2022

Diary of John Beauchamp Jones: July 18, 1864

Clear and dry.

It is believed that a battery sent down opposite to Harrison's Bar in the James River sank two of the enemy's transports, Saturday, and drove back five others to Grant.

It is rumored that Gen. Johnston has been relieved at Atlanta, and Lieut.-Gen. Hood placed in command. I doubt.

It is said Mr. Trenholm, firm of Fraser, Trenholm & Co., bankers, Charleston, has been appointed Secretary of the Treasury. Mr. Seddon holds on to the office he occupies.

A letter from Gen. Lee (“Headquarters Army Northern Virginia") says Gen. Early has recrossed the Potomac, and is at Leesburg, safe.—I hope with his captured supplies.

The following is a synopsis of Gen. Kirby Smith's brilliant campaign of 1864; official report. Enemy's losses.

In Louisiana, 5000 killed and wounded, 4000 prisoners, 21 pieces artillery, 200 wagons, 1 gun-boat, 3 transports.

In Arkansas, 1400 killed, 2000 wounded, 1500 prisoners, 13 pieces of artillery, 900 wagons,

Confederate losses, 3000 killed, wounded, and missing.

Enemy's losses, 14,000.

Confederate strength, 15,000.

Enemy's strength, 47,000.

In Georgia, 35,000. In Arkansas, 12,000.

SOURCE: John Beauchamp Jones, A Rebel War Clerk's Diary at the Confederate States Capital, Volume 2p. 250-1

Saturday, May 30, 2020

Major-General Benjamin F. Butler: General Orders, No. 29, May 16, 1862

GENERAL ORDERS, No. 29.}
HDQRS. DEPARTMENT OF THE GULF,            
New Orleans, May 16, 1862.

I. It is hereby ordered that neither the city of New Orleans nor the banks thereof exchange their notes, bills, or obligations for Confederate notes, bills, or bonds, nor issue any bill, note, or obligation payable in Confederate notes.

II. On the 27th day of May instant all circulation of or trade in Confederate notes and bills will cease within this department; and all sales or transfers of property made on or after that day in consideration of such notes or bills, directly or indirectly, will be void, and the property confiscated to the United States, one-fourth thereof to go to the informer.

By command of Major-General Butler:
 GEO. C. STRONG,              
 Assistant Adjutant-General, Chief of Staff.

SOURCE: The War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies, Series I, Volume 15 (Serial No. 21), p. 426

Friday, May 29, 2020

William N. Mercer & Jean M. Lapeyre to Major-General Benjamin F. Butler, May 13, 1862

NEW ORLEANS, May 13, 1862.
Major-General BUTLER, U.S. Army,
Commanding Department of the Gulf:

SIR: To avoid misapprehension we take the liberty to state to you the impression made upon us during the interview of yesterday.

We understood you to say that you were disposed to reaffirm the declaration made in your first proclamation that private property of all kinds should be respected. You added that if the treasure withdrawn by the banks should be restored to their vaults you would not only abstain from interference, but that you would give it safe-conduct and use all your power individually, as well as the forces of the United States under your command, for its protection. That the question as to the proper time of the resumption of specie payments should be left entirely to the judgment and discretion of the banks themselves, with the understanding on your part and ours that the coin should be held in good faith for the protection of the bill holders and depositors.

On their part the banks promised to act with scrupulous good faith to carry out their understanding with you; that is, to restore a sound currency as soon as possible, and to provide for the resumption of regular business as soon as the exigency of our trade requires it.

You are aware that a large portion of coin of the banks is beyond their control, and that we can only promise to use our best exertions for its return. Should we fail we will immediately advise you of the fact.

In the meantime we request of you the favor to give us authority to bring back the treasure within your lines, with the safe-conduct of the same from that point to the city.

We have the honor to be, sir, your most obedient servants,

 W. NEWTON MERCER.
 J. M. LAPEYRE.

SOURCE: The War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies, Series III, Volume 2 (Serial No. 123), p. 129-30

Major-General Benjamin F. Butler to William N. Mercer & Jean M. Lapeyre, May 14, 1862

HEADQUARTERS DEPARTMENT OF THE GULF,                  
New Orleans, May 14, 1862.
Messrs. WILLIAM N. MERCER and J. M. LAPEYRE,
Committee:

MESSRS.: I have given very careful consideration to the matter of the communication handed me through you from the banks of the city.

With a slight variation, to which I called your attention, you were correct in your understanding of the interview had by me with the banks. Specie or bullion in coin or ingot is entitled to the same protection as other property under the same uses, and will be so protected by the U.S. forces under my command. If, therefore, the banks bring back their specie, which they have so unadvisedly carried away, it shall have safe-conduct through my lines and be fully protected here so long as it is used in good faith to make good the obligations of the banks to their creditors by bills and deposits.

Now, as in the present disturbed state of the public mind specie, if paid out, would be at once hoarded, I am content to leave the time of redemption of all bills to the good judgment of the banks themselves, governed in it by the analogy of the laws of the State and the fullest good faith. Indeed, the exercise of that on both sides relieves every difficulty and ends at once all negotiations.

In order that there may be no misunderstanding, it must be observed that I by no means mean to pledge myself that the banks, like other persons, shall not return to the U.S. authorities all the property of the United States which they may have received.

I come to retake, repossess, and occupy all and singular the property of the United States of whatever name and nature.

Further than that I shall not go, save upon the most urgent military necessity, under which right every citizen holds all his possessions. But as any claim which the United States may have against the banks can easily be enforced against the personal, as well as the property of the corporation, such claims need not enter into this discussion. In such form, therefore, as in good faith safe-conducts may be needed for agents of banks to go and return with property of the banks, and for no other purpose whatever, such safe-conducts will be granted for a limited but reasonable period of time. Personal illness has caused the slight delay which has attended this reply.

I have the honor to be, your most obedient servant,
BENJ. F. BUTLER,

SOURCE: The War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies, Series III, Volume 2 (Serial No. 123), p. 130

Thursday, May 28, 2020

William M. Evarts to William H. Seward, June 10, 1862

NEW YORK, June 10, 1862.
Governor SEWARD,
Secretary of State:

MY DEAR SIR: A gentleman well-informed in the financial relations of the New Orleans banks has handed me the inclosed memorandum of what he supposes to be the probable status of the specie found under the protection of the Dutch consul at New Orleans. I send it to you, thinking it may be of some service in your investigations.

The idea of this gentleman is that the existence of an occasion for a remittance of some $800,000 to Hope & Co. has been made a cause for this deposit, without the least intention of so paying or providing for the debt, which had, doubtless, been otherwise met.

I had the pleasure of meeting Mr. Weed yesterday at a very agreeable dinner given to him by the district attorney. He seems in excellent health and spirits.

I am, very truly, yours,
WM. M. EVARTS.

[Sub-inclosure.]

MEMORANDUM.

The Citizens' Bank was chartered by the Legislature of Louisiana about the year 1836. The State loaned its bonds to the bank to constitute or raise the capital on which it has been doing business. The bank indorsed the bonds of the State, and negotiated some $5,000,000 of them through Hope & Co., of Amsterdam, where the interest and principal are payable. It is said that $500,000 of these bonds become due and payable at Hope & Co.'s counting-house this year (1862), which, with one year's interest on the whole amount outstanding, probably constitutes the sum placed by the bank shortly before the capture of New Orleans in the hands of the consul of the Netherlands. It is almost certain that Hope & Co. have nothing at all to do with any funds intended to be applied to the payment of the bonds negotiated through them by the Citizens' Bank until they reach Amsterdam; they (Hope & Co.) acting merely as distributors of the funds when placed there with them, all risk of transmission belonging to the bank. Such, I know, was the case with the bonds negotiated by Baring Bros. & Co., issued by the State of Louisiana to the Union Bank of Louisiana. Moreover, it is very probable that the Citizens' Bank has ample funds in London to make the payment due in Amsterdam this year, and will use them for that purpose should the money seized be given up. It should not be forgotten that the Citizens' Bank, or the president, or some other person connected with the bank, has been reported as acting in some way, directly or indirectly, as fiscal agent of the Confederate Government, and that that Government may have funds in the hands of such agent, which were on deposit with the Citizens' Bank. It is even probable that a portion of the gold stolen from the mint in New Orleans at the commencement of the rebellion was deposited in the Citizens' Bank by some agent or officer of the Confederate Government. My opinion is that if the money seized should be delivered up to the consul it will find its way back into the vault of the Citizens' Bank, and that Hope & Co. will be placed in funds to meet the bonds and coupons due this year from other resources of the bank. If the money seized should be found to belong rightfully to Hope & Co., then let the Government send the equivalent amount from here to Hope & Co. by bills of exchange on London, and use the specie where it is for their own purposes.

SOURCE: The War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies, Series III, Volume 2 (Serial No. 123), p. 139-40

Friday, July 13, 2018

Diary of Gideon Welles: Thursday, February 25, 1864

I called at the Treasury Department this morning relative to funds to pay the hands in the Navy Yard at Broooklyn. Chase appeared very well and calm. We talked of many difficulties. He wants the bank circulation suppressed. I told him we could not have two currencies, for the baser would always expel the better. He said the banks and individuals were hoarding the government paper and there must be some legislation to prevent the banks from circulating their paper, and it was desirable there should be a public sentiment in that direction. I do not think he has any sound, well-matured, comprehensive plan of finance, or correct ideas of money and currency, but he is quick of apprehension and has mental resources, and is fertile in expedients not always sound but which have been thus far made available.

SOURCE: Gideon Welles, Diary of Gideon Welles, Secretary of the Navy Under Lincoln and Johnson, Vol. 1: 1861 – March 30, 1864, p. 530

Wednesday, April 18, 2018

Colonel Rutherford B. Hayes to Sardis Birchard, July 6, 1863

Camp White, July 6, 1863.

Dear Uncle: — . . . I propose to take in your bank twenty-five hundred dollars stock in Lucy's name. Please see when you get the cash to put the stock in her name. I have in Stephenson's hands one thousand dollars and expect fifteen hundred dollars more in three weeks. I send you an order for it.

Reports from the East look well. If true, we shall perhaps go forward here. The Rebels found fighting in the enemy's country a different thing from battling on their own ground.

Sincerely,
R. B. Hayes.
S. BlRCHARD.

SOURCE: Charles Richard Williams, editor, Diary and Letters of Rutherford Birchard Hayes, Volume 2, p. 416

Tuesday, April 10, 2018

Senator Salmon P. Chase to Edward S. Hamlin,* November 11, 1854

Cin. Nov. 11, 1854..

My Dear Sir, It is too bad that the failure of the Banks should add to your other troubles; and too bad that, at a time when the principles we have advocated appear to be in the ascendant, there should be difficulty about sustaining the papers whose devotion to them is sure and permanent.

My own services and contributions to the extent of my abilities and means have never been denied and will never be denied to the cause of Freedom or to the papers which sustain it; but I do not see how I can do anything more for the Columbian than I promised to when I saw you last. The claims on me, at this time, are many and unusually pressing; but I can let you have the $250 in December, as I said I would, and if necessary, can give a note at thirty days; but should prefer to avoid that if possible.

As to the Governorship you know my sentiments. I have declared them to you unaffectedly. An endorsement of my Senatorial course by the people of the State would gratify me, but as my actions in the Senate has the approval of my own conscience I can do very well without any other endorsement. If the people desire our friend Brinkerhoff or any other such worthy and well qualified man rather than myself I shall be the last to object to it.

Yours sincerely.
[SALMON P. CHASE.]
_______________

* From the Pierce-Sumner Papers.

SOURCE: Diary and correspondence of Salmon P. ChaseAnnual Report of the American Historical Association for the Year 1902, Vol. 2, p. 265

Monday, July 17, 2017

Salmon P. Chase to Ahaz Merchant,* Cleveland, Ohio, Saturday, January 23, 1849

Jan. 23d [1849.]

Dear Sir — I received this morning your favor of the 18th inst. & I beg leave to disclaim at once all pretention to the position, which your courtesy assigns to me, of “head of the Free Soil Party of Ohio”. I am but one of a numerous host, animated by a common desire to divorce our National & State governments from all support of Slavery, and thus ensure the speedy deliverance of our country by Constitutional means, from its greatest curse; and to apply the principle of equal rights, on which our action against slavery is based, to other permanent questions of public policy. This body of citizens constitutes the Free Democracy or Free Soil Party, in which and with which I am content to labor, in any position which may be assigned to me, but without aspiring to lead so long as the great purpose of its organization require my service. You enquire as to my views, 1. in relation to a National Tariff  2d. in relation to Banking; 3d. in relation to Lake & River Improvements by the General Government. — I am not averse as those acquainted with me well know, to a frank expression of my opinions, as an individual, to any who may think fit to ask for them:— But, I confess I should feel some hesitation in answering your questions, put to me as they appear to be under an unfounded impression, that I sustain some peculiar relation to the Free Soil Party of the State, if I did not find answers ready to my hand in the resolutions of our National & State Conventions which set forth views, which, I as a Free Soiler, adopt & defend without reserve. I answer your first question, therefore, by a reference to the fourteenth resolution of the Buffalo Convention:— your second, by a reference to the fourth, fifth & eleventh resolutions of our own Free Democratic Convention, recently held at Columbus; and your third by a reference to the twelfth resolution of the Buffalo Convention. As you may not have at hand the Resolutions of these Conventions, which constitute the State & National Platforms of the Free Democracy of Ohio, I enclose a copy. I also enclose a copy of a Resolution adopted by the Free Territory Convention of Ohio on the 21st of June on the subject of River & Harbor Improvements, which though offered by our friend Mr Briggs, was drafted by me and expresses my views.

With great respect,
[SALMON P. CHASE.]
_______________

* From letter-book 6, p. 165.

SOURCE: Annual Report of the American Historical Association for the Year 1902, Vol. 2, p. 155-6

Monday, July 10, 2017

Salmon P. Chase to Eli Nichols,* Walhonding, Coshocton County, Ohio, July 11, 1848

Cinti. Novr. 9 [1848.]

My Dear Sir, I recd. yrs of the 6th to day, & as I shall be obliged to leave the city to attend the Circuit Court at Columbus on M’day next & shall be much engaged in the meantime I anr it at once. In regard to State Policy, which the Free Democracy should adopt, I think it of great importance that it should be, in the first place, truly Democratic and, in the second, well considered & generally approved by our friends. Neither your views nor mine may be fully met, — yet if the general principles of the policy adopted be sound, I do not doubt that we shall both be satisfied, approximation to particular opinions is all that can be expected in the details of a general plan. I agree that the advantages of a paper currency, securely based upon & promptly convertible into specie, are such that there is no reasonable probability that its use will be dispensed with. The great problem then is to make it safe and deliver it from the monopolizing control of corporations & favored individuals. I am wedded to no particular plan. Let us have the most efficient. The most prominent objection likely to be made to yrs., is that it makes the Government of the State a Banker. I have been accustomed, myself, greatly to distrust Government Banking: but I have neither time nor place to state my reasons now. When we meet at Columbus we will talk the matter over. I am much obliged to Governor Shannon for his kind opinion of me, & cordially reciprocate his good will. I think, however, the times require, — and such I am assured is the opinion of the friends of our movement in our own & other states, — in the Senate of the United States, from Ohio, a man, who thoroughly understands & will steadfastly maintain the whole platform of the Free Democracy. I do not know but Governor Shannon is such a man. If so, I shall witness his elevation to any station which the Legislature or the People may confer upon him, with unfeigned pleasure. For myself, I have no aspirations for the office of Supreme Judge. I have devoted eight of the best years of my life to one great object — the overthrow of the Slave power and slavery by Constitutional Action: and I desire no position in which I cannot efficiently promote this leading purpose. On the bench I could do little for it:— not so much, I think, as I can in my present position.

Nor do I desire to be considered as a candidate for any other place. Some of our friends have been pleased to think I can be of use to our cause in the Senate: and men of other parties have said that, in the contingency that their strength in the Legislature shall prove insufficient to elect a candidate of their own, they will be satisfied with my election to that body. I am not weak enough to found any serious expectations or aspirations upon these views and expressions. I look upon the election of myself or any other Free Soiler as a contingent possibility — nothing more.

I trust that the Representatives of the Free Democracy in the General assembly, will act when they meet at Columbus, with the patriotic wisdom & independent firmness which the crisis will require. Upon all the questions which they will be called upon to decide, as virtual arbiters, between the other parties, I hope they will manifest strict impartiality, and decide then, without bias, as their own conscientious convictions demand. In selecting their own candidates, for whatever public stations, they should inquire not “Whence is he ?” — nor “With what party, did he act?” but “Will he, if elected, promote most efficiently the interests of our cause?” and “For whom can the suffrages of our fellow members be most certainly obtained?” It would be affectation in me to say, that I should not be highly gratified if the choice of the Free Soil members in the Legislature should fall on me, and that choice should be approved by a majority of their fellow members:— for I do believe that I understand the history, principles & practical workings of the Free Soil movement as thoroughly as most men, & nobody, I presume, will question my fidelity to it. If, however, that choice made on those principles should fall on another than myself — upon Giddings, Root, Swan, Hitchcock, Brinkerhoff, or any other of those true-hearted & able men who have so nobly sustained our cause during the recent struggle — no man will be more prompt than I to concur cordially in it or more desirous than I to see it confirmed by the Legislature. What I wish to have understood is this, — I do not seek any office:— much less do I claim any. I do not even desire any, however elevated or honorable, in which, while discharging faithfully its general duties, I cannot efficiently promote the cause of Free Democracy:— but should our friends have the power & feel the disposition to place me in a position, in which, while so discharging its duties, I can so serve our cause, the reproach of “sinister motives” —the cheap missile of malignant detraction — would have as little influence in deterring me from accepting it, as similar attacks have had on my past action against slavery. No man, I trust, is more sensitive to just blame than I:— few I am sure are more indifferent to censure felt to be undeserved.
_______________

* From letter-book 6, pp. 160. Eli Nichols was a worker for Chase in the Ohio Senatorial election, which resulted, after a contest of nearly three months, in Chase's election, Feb. 22, 1849. See Hart's Chase, 103-112, and T. C. Smith's History of the Liberty and Free Soil Parties, 160-175.

SOURCE: Annual Report of the American Historical Association for the Year 1902, Vol. 2, p. 139-41

Thursday, July 2, 2015

Major-General John Sedgwick to his Sister, April 7, 1863

April 7, 1863.
My dear sister:

I received your letter this morning. I see that the Norfolk Bank has made a dividend; I hope some of the others may do the same. The President and Madam Lincoln are now on a visit in camp. I was invited to dine with them to-day, but declined on account of my eyes, which have troubled and not a little alarmed me for the last four weeks. To-day we had a cavalry review of about twelve thousand men; the mud, snow, and slush was ankle-deep, and in many places much deeper. Tomorrow the infantry will be out, if it does not rain, which is the sincere prayer of not less than fifty thousand people. My corps, with three others, will be out; mine will number twenty thousand men, the others perhaps sixteen thousand men each, which would make a very handsome spectacle, if the going would admit. With love to all,

Your affectionate
J. S.

SOURCES: George William Curtis, Correspondence of John Sedgwick, Major-General, Volume 2, p. 89

Monday, May 11, 2015

John M. Forbes to William Henry Aspinwall, January 21, 1862


Boston, January 21, 1862.

My Dear Mr. Aspinwall, — Some of our infernally weak-backed bank men as soon as they had got back here went to overturning all the work they had done (under Gray's inspiration) in Washington, telegraphing in favor of the hundred millions legal tender. Many of the House committee were in favor of it before, Chase only half fixed in its favor, the horde of contractors, speculators, and debtors, headed by your Satanic “Herald,” pressed for it. It is my conviction that the Senate committee is the chief safeguard against its being passed, and they cannot stand alone. You must back them up by private letters and public opinion! Here our bankers are troubled by the demand notes, and, not content with having them made practically good by their restriction, want them made a legal tender under the delusion that this will make them better! Once abandon the sound principle, and the pressure will soon sink the restriction.

Cannot you rally the “Evening Post” and some other sound papers and get them to stand by their guns? I still wish you and Mr. Minturn and Green felt like going to Washington. It looks as if all our labor is likely to be thrown away unless some more is put in.

Truly yours in haste,
J. M. Forbes.

SOURCE: Sarah Forbes Hughes, Letters and Recollections of John Murray Forbes, Volume 1, p. 286-7

Saturday, April 25, 2015

John M. Forbes to William Cullen Bryant, January 22, 1862

Boston, January 22, 1862.

. . . I have not seen set forth so distinctly as it deserves the point that while speculators, and gamblers, and indeed shrewd men in active business can take care of themselves, no matter how vicious the currency tinkering may be, it is the women and minors, the helpless and the poor generally, upon whom a vicious currency and its consequences are sure to fall hardest. The savings banks represent the accumulations of the poor, and the effect on them ought to be strongly painted; but in point of fact the savings in the hands of the people are larger than those in the banks, and these belong to a still poorer class, who do not accumulate enough to make deposits, or who have not the habits of thrift of the savings bank depositors. Upon this poorer class the loss is going to be still sharper. . . .

SOURCE: Sarah Forbes Hughes, Letters and Recollections of John Murray Forbes, Volume 1, p. 281-2

Monday, April 13, 2015

Edward Everett to Charles Francis Adams Sr., August 20, 1861

BosToN, 20 August, 1861.

MY DEAR SIR, - I had great pleasure in receiving your letter of the 26th July, and in your favorable opinion of my oration, which has also been kindly spoken of here.1

You informed me some time ago that Lord John – no longer Lord John2 — had read you a part of my letter to him of the 29th of May. I have thought you might like to see his answer, of which I accordingly send you a copy. I also venture to place under cover to you my reply to him, unsealed, should you be inclined to read it. You will be pleased before sending it, to seal it with some indifferent seal. I do not think I can add anything, as to the progress of the war, beyond what the papers will tell you. The Secretary of the Treasury has made satisfactory arrangements for the great loan. The Boston banks take at once ten millions. Some significant remarks were made at a meeting of the Presidents of our Banks, by Mr. Wm. Gray, to the effect that the country desires a united and efficient cabinet; and Mr. Gray, W. T. Andrews and another gentleman were chosen a committee to make this suggestion formally to the President. It was supposed to be aimed at General Cameron and Mr. Welles. A rather unpleasant impression was produced on the public mind yesterday, by the call of the Secretary of War, to have all the volunteers, accepted either by the Department or the State Governments, hastened on to Washington, with or without equipments and arms.

We are so unaccustomed to war, that every little incident, and especially every reverse tells upon the public mind, far beyond its importance, and the pulse of the community rises and falls, like the mercury in the thermometer.

Our newspapers are filled with the absurdest suggestions, about the unfriendly interference of England and France. But I am confident, that before the next crops of cotton and tobacco are ready for shipment, the Southern Ports will be so effectually blockaded, as to put any such interference out of the question. . . .

EDWARD EVERETT.
_______________

1 Probably the address on “The Questions of the Day,” delivered in New York, July 4, 1861, and printed in Orations and Speeches, IV. 345.

2 Lord John Russell had been raised to the peerage, as Earl Russell, in July, 1861, the preceding month.

SOURCE: Massachusetts Historical Society, Proceedings of the Massachusetts Historical Society, Volume 45: October 1911 – June 1912, November 1911 Meeting, p. 76-7

Sunday, April 12, 2015

John M. Forbes to Senator William P. Fessenden, January 13, 1862


New York, January 13, 1862.

My Dear Sir, — I see that the financial question is pressing, and before I turn my face eastward I cannot help repeating some of the suggestions which I have already made, the soundness of which is chiefly the discussion here, where so many are opposed to them.

1st. Taxation for interest and current ordinary expenses; on this all agree now, but many will oppose if you once get into the “irredeemable gulf.”

2d. Your main reliance for carrying on the government must be upon selling your long bonds at the best prices they will bring after a fixed policy has been announced, and of course using proper judgment as to the time and manner of bringing them forward.

3d. Avail of short loans, exchequer bills, or emission of small notes for currency, under the advice of experts in whichever manner or form promises to give greatest relief temporarily; but it will be a fatal error to rely upon it as your chief dependence. It is limited in amount and liable to great mischief the moment it is pushed beyond a certain and very moderate amount.

4th. Make this currency, or short paper, or demand paper, in whatever shape you put it, as good as possible by providing for its being received by government for all dues, by fixing a mode of its redemption, and by making it fundable at a good rate of interest. Raise it all you can, so as to make it good, and cause it to be received by all classes voluntarily in payment of debts already existing, but avoid making it a legal tender unless you want to see it depreciate. To make it a legal tender will be to give notice to capitalists to get their capital out of the country as fast as possible, and to foreign capitalists to keep from sending money here, and to sacrifice what available stocks they have, government included, as early as possible before the depreciation has got very bad.

5th. Finally, avoid pledging anything but the faith of the government for your debt.

It will be urged to pledge your revenues, or certain specified parts of them. If this pledge covers all your issues, past, present, and future, it amounts to nothing. If confined to the present debt and to certain specified loans it will be urged upon you by those who hold the present loan and wish it secured, and who wish to see the war ended, even at the cost of disunion or submission, whenever the loan now authorized is expended.

If our policy is to be war until we succeed, whether it cost us five hundred millions or five thousand millions (about England's debt), let us have no pledge of our revenue. Even if the loan was sure to be limited, it would be unworthy the dignity of government to pawn our revenue for it, like a Mexican or South American state, and would defeat its object if that object really was to raise the public credit.

We are rich and strong, and it only requires strong action and wise measures of finance at this crisis to carry us through.

Most respectfully and truly yours,
J. M. Forbes.


I fear the interest of the banks in keeping up for a little while the price of the long bonds (1881) may influence them to other and temporary expedients. If you follow their advice you will soon see them slipping out of their long bonds at the best prices they can get.

If one doubted about the true policy, the opposition to it of the “Herald,” the organ of the seceders, should turn the scales. It goes for irredeemable currency and for short expedients. It wants to see the war short — and disgraceful!   J. M. F.

SOURCE: Sarah Forbes Hughes, Letters and Recollections of John Murray Forbes, Volume 1, p. 277-9

Monday, September 1, 2014

Governor Andrew G. Curtin to the Legislature of Pennsylvania, April 30, 1861

Executive Chamber,
Harrisburg. April 30, 1861.
Gentlemen: —

THE PRESENT UNPARALLELED EXIGENCY in the affairs of our country, has induced me to call you together at his time. With an actual and armed rebellion in some of the States of the Union, momentous questions have been thrust upon us which call for your deliberation, and that you should devise means by legislation for the maintenance of the authority of the General Government, the honor and dignity of our State, the protection of our citizens, and the early establishment of peace and order throughout the land.

On the day of my induction into the Executive office, I took occasion to utter the following sentiments:

“No one who knows the history of Pennsylvania, and understands the opinions and feelings of her people, can justly Charge us with hostility to our brethren of other States. We regard them as friends and fellow-countrymen, in whose welfare we feel a kindred interest; and we recognize, in their broadest extent, all our constitutional obligations to them. These we are ready and willing to observe, generously and fraternally in their letter and spirit, with unswerving fidelity.

“Ours is a National Government. It has within the sphere of its action all the attributes of sovereignty, and among these are the right and duty of self preservation. It is based upon a compact to which all the people of the United States are parties. It is the result of mutual concessions, which were made for the purpose of securing reciprocal benefits. It acts directly on the people, and they owe it a personal allegiance. No part of the people, no State nor combination of States, can voluntarily secede from the Union, nor absolve themselves from their obligations to it. To permit a Slate to withdraw at pleasure from the Union, without the consent of the rest, is to confess that our Government is a failure. Pennsylvania can never acquiesce in such a conspiracy, nor assent to a doctrine which involves the destruction of the Government. If the Government is to exist, all the requirements of the Constitution must be obeyed; and it must have power adequate to the enforcement of the supreme law of the land in every State. It is the first duty of the national authorities to stay the progress of anarchy and enforce the laws, and Pennsylvania, with a united People, will give them an honest, faithful and active support. The people mean to preserve the integrity of the national Union, at every hazzard.”

It could scarcely have been anticipated at that time, that we should so soon be called upon for the practical application of these truths in connection with their support and defence by the strong arm of military power.

The unexampled promptness and enthusiasm with which Pennsylvania and the other loyal States have responded to the call of the President, and the entire unanimity with which our people demand that the integrity of the Government shall be preserved, illustrate the duty of the Several State and National Governments with a distinctness that cannot be disregarded. The slaughter of Northern troops in the city of Baltimore, for the pretended offence of marching, at the call of the Federal Government, peaceably, over soil admittedly in the Union, and with the ultimate object of defending our common Capital against an armed and rebellious invasion, together with the obstruction of our Pennsylvania troops when dispatched on the same patriotic mission, imposes new duties and responsibilities upon our State administration. At last advices the General Government had military possession of the route to Washington through Annapolis; but the transit of troops had been greatly endangered and delayed, and the safety of Washington itself imminently threatened. This cannot be submitted to. Whether Maryland may profess to be loyal to the Union or otherwise, there can be permitted no hostile soil, no obstructed thoroughfare, between the States that undoubtedly are loyal and their National seat of government. There is reason to hope that the route through Baltimore may be no longer closed against the peaceable passage of our people armed and in the service of the Federal Government. But we must be fully assured of this, and have the uninterrupted enjoyment of a passage to the Capital by any and every route essential to the purposes of the Government. This must be attained, peaceably if possible, but by force of arms if not accorded.

The time is past for temporizing or forbearing with this rebellion; the most causeless in history. The North has not invaded, nor has she sought to invade a single guarantied right of the South. On the contrary, all political parties, and all administrations, have fully recognized the binding force of every provision of the great compact between the States, and regardless of our views of State policy, our people have respected them. To predicate a rebellion, therefore, upon any alleged wrong, inflicted or sought to be inflicted upon the South, is to offer falsehood as an apology for treason. So will the civilized world and history judge this mad effort to overthrow the most beneficent structure of human government ever devised by man.

The leaders of the rebellion in the Cotton States, which has resulted in the establishment of a provisional organization, assuming to discharge all the functions of governmental power, have mistaken the forbearance of the General Government; they have accepted a fraternal indulgence as an evidence of weakness, and have insanely looked to a united South, and a divided North to give success to the wild ambition that has led to the seizure of our national arsenal and arms, the investment and bombardment of our forts, the plundering of our mints, has invited piracy upon our commerce, and now aims at the possession of the National Capital. The insurrection must now be met by force of arms; and to re-establish the Government upon an enduring basis, by asserting its entire supremacy, to re-possess the forts and other Government property so unlawfully seized and held; to ensure personal freedom and safety to the people and commerce of the Union in every section, the people of the loyal States demand, as with one voice, and will contend for, as with one heart; and a quarter of a million of Pennsylvania's sons will answer the call to arms, if need be, to wrest us from a reign of anarchy and plunder, and secure for themselves and their children, for ages to come, the perpetuity of this Government and its beneficent institutions.

Entertaining these views, and anticipating that more troops would be required than the number originally called for, I continued to receive companies until we had raised twenty-three regiments in Pennsylvania, all of which have been mustered into the service of the United States. In this anticipation I was not mistaken. On Saturday last an additional requisition was made upon me for twenty-five regiments of infantry and one regiment of cavalry; and there have been already more companies tendered than will make up the entire complement.

Before the regiments could be clothed, three of them were ordered by the National Government to proceed from this point to Philadelphia. I cannot too highly commend the patriotism and devotion of the men who, at a moment's warning, and without any preparation, obeyed the order. Three of the regiments, under similar circumstances, by direction of, and accompanied by officers of the United States army, were transported to Cockeysville, near Baltimore, at which point they remained for two days, and until by directions of the General Government they were ordered back and went into camp at York, where there are now five regiments. Three regiments mustered into service are now encamped at Chambersburg, under orders from the General Government; and five regiments are now in camp at this place, and seven have been organized and mustered into service at Philadelphia.

The regiments at this place are still supplied by the Commissary Department of the State. Their quarters are as comfortable as could be expected, their supply of provisions abundant, and, under the instruction of competent officers, they are rapidly improving in military knowledge and skill. I have made arrangements to clothe all our regiments with the utmost dispatch consistent with a proper economy, and am most happy to say that before the close of the present week all our people now under arms will be abundantly supplied with good and appropriate uniforms, blankets and other clothing.

Four hundred and sixty of our volunteers, the first to reach Washington from any of the States, are now at that city; these are now provided for by the General Government; but I design to send them clothing at the earliest possible opportunity. I am glad to be able to state that these men, in their progress to the National Capital, received no bodily injury, although they were subjected to insult in the city of Baltimore, such as should not have been offered to any law-abiding citizen, much less to loyal men, who, at the call of the President, had promptly left their own State in the performance of the highest duty, and in the service of their country.

A large body of unarmed men, who were not at the time organized as a portion of the militia of this Commonwealth, under the command of officers without commissions, attempted under the call of the National Government, as I understand, to reach Washington, and were assaulted by armed men in the city of Baltimore, many of their number were seriously wounded, and four were killed. The larger part of this body returned directly to Philadelphia; but many of them were forcibly detained in Baltimore; some of them were thrust into prison, and others have not yet reached their homes.

I have the honor to say that the officers and men behaved with the utmost gallantry. This body is now organized into a regiment, and the officers are commissioned; they have been accepted into the service, and will go to Washington by any route indicated by the Federal Government.

I have established a camp at Pittsburg, at which the troops from Western Pennsylvania will be mustered into service, and organized and disciplined by skillful and experienced officers.

I communicate to you with great satisfaction, the fact that the banks of the Commonwealth have voluntarily tendered any amount of money that may be necessary for the common defence and general welfare of the State and the nation in this emergency; and the temporary loan of five hundred thousand dollars authorized by the act of the General Assembly of the 17th April, 1861, was promptly taken at par. The money is not yet exhausted; as it has been impossible to have the accounts properly audited and settled with the accounting and paying officers of the Government as required by law, an account of this expenditure can not now be furnished. The Auditor General and State Treasurer have established a system of settlement and payment, of which I entirely approve, that provides amply for the protection of the State, and to which all parties having claims will be obliged to conform.

A much larger sum will be required than has been distinctively appropriated; but I could not receive nor make engagements for money without authority of law, and I have called you together, not only to provide for a complete re-organization of the militia of the State, but also that you may give me authority to pledge the faith of the Commonwealth to borrow such sums of money as you may, in your discretion, deem necessary for these extraordinary requirements.

It is impossible to predict the lengths to which “the madness that rules the hour” in the rebellious States shall lead us, or when the calamities which threaten our hitherto happy country shall terminate. We know that many of our people have already left the State in the service of the General Government, and that many more must follow. We have a long line of border on States seriously disaffected, which should be protected. To furnish ready support to those who have gone out, and to protect our borders, we should have a well regulated military force.

I, therefore recommend the immediate organization, disciplining and arming of at least fifteen regiments of cavalry and infantry, exclusive of those called into the service of the United States; as we have already ample warning of the necessity of being prepared for any sudden exigency that may arise, I cannot too much impress this upon you.

I cannot refrain from alluding to the generous manner in which the people of all parts of the State have, from their private means, provided for the families of those of our citizens who are now under arms. In many parts of the Commonwealth, grand juries, and courts and municipal corporations have recommended the appropriations of moneys from their public funds, for the same commendable purpose. I would recommend the passage of an act legalizing and authorizing such appropriations and expenditures.

It may be expected that, in the present derangement of trade and commerce, and the withdrawal of so much industry from its ordinary and productive channels, the selling value of property generally will be depreciated, and a large portion of our citizens deprived of the ordinary means of meeting engagements. Although much forbearance may be expected from a generous and magnanimous people, yet I feel it my duty to recommend the passage of a judicious law to prevent the sacrifice of property by forced sales in the collection of debts.

You meet together at this special session, surrounded by circumstances involving the most solemn responsibilities; the recollections of the glories of the past, the reflections of the gloomy present, and the uncertainty of the future, all alike call upon you to discharge your duty in a spirit of patriotic courage, comprehensive wisdom and firm resolution. Never in the history of our peace-loving Commonwealth have the hearts of our people been so stirred in their depths as at the present moment. And, I feel, that I need hardly say to you, that in the performance of your duties on this occasion, and in providing the ways and means for the maintenance of our country's glory and our integrity as a nation, you should be inspired by feelings of self-sacrifice, kindred to those which animate the brave men who have devoted their lives to the perils of the battle-field, in defence of our nation's flag.

Gentlemen, I place the honor of the State in your hands. And I pray that the Almighty God who protected our fathers in their efforts to establish this our great constitutional liberty — who has controlled the growth of civilization and Christianity in our midst, may not now forsake us; that He may watch over your counsels, and may, in His providence, lead those who have left path of duty, and are acting in open rebellion to the Government, back again to perfect loyalty, and restore peace, harmony and fraternity to our distracted country.

A. G. CURT1N.

SOURCE: George Edward Reed, Editor, Pennsylvania Archives, Fourth Series, Papers of the Governors, Volume 8, p. 371-9

Friday, January 17, 2014

General Robert E. Lee to Brigadier General G. W. Custis Lee, August 10, 1863

CAMP ORANGE, 10th August, 1863.

MY DEAR CUSTIS:

I send a draft, No. 107, of the 7th inst. of Capt. H. C. Fairfax, a q. m. on Treasurer C. S. for $1500, in my favor, made payable to your order, which I wish you would deposit to my credit in Farmers Bank of Virginia at Richmond.

Rob's trunk arrived safely yesterday, but the lieutenant had gone. It will be as difficult to get it to him now as before. We are all well. Our horses improve slowly this hot weather on short forage. We get grass and hay but little grain.

However, this latter is increasing. I send a letter to your mother. It is addressed as she directed; but I fear, as I hear nothing from her, there is no mail communication.

If there is, please mail it. The enemy seems quiet now. The heat is excessive. We never move but we lose some horses, and men fall from exhaustion. Remember me to all friends, and believe me always,
Your father,
R. E. LEE.
GEN. G. W. CUSTIS LEE.

SOURCE: John William Jones, Life and Letters of Robert Edward Lee: Soldier and Man, p. 288

Saturday, November 30, 2013

Local Matters

FOR cheap and good boots, gaiters, and slippers, go to Dow & Co.’s.

STEEL spring hoop skirts, the latest patent, are now selling at New York prices at Whisler’s, in LeClaire Row.

R. KRAUSE has a large stock of ready made clothing, of his own manufacture, which he offers at the very lowest prices.

GENTS Hats of all shapes, and every price, from the cheap palm, to the expensive beaver; Misses’ and infants’ straw goods, in great variety.  If you want a hat what is a hat, and want to by it cheap, cal on Farrand, corner of 2d and Main streets.

PERSONAL. – We were favored last evening with a Call from Mr. Chas. F. Aldrich, Chief Clerk of the House, and the editor of the Hamilton Freeman, one of the best and liveliest county papers in the State.  Mr. A. is on his way to Chicago.

THE peach crop hits hear is again a failure in Iowa.  We have not seen a blossom, while the severity of the winter has killed many trees.  Fruit raisers should persevere, however; if they get one good crop in ten years it will repay them for the trouble.

THE WEATHER yesterday was very much mixed, but managed to keep uncomfortably war through the whole day.  A couple of slight showers fell during the early part of the day, sufficient to lay the dust.  Clouds heavily charged with electricity floated about the sky all day, and there was sufficient lightning in the air to prevent the easy working of the telegraph wires.

HON. JO. KNOX. – The Chicago Journal announces the appointment, by Gov. Yates, of Hon. Jo. Knox, formerly of Rock Island, as prosecuting attorney for the Chicago district, in place of Carlos Haven, deceased.  The Journal truly says of him:  “Mr. Knox brings to the office a ripe experience, having been for very many ears one of the brightest ornaments of the bar in our State, and the public will feel satisfied that the Governor has entrusted his office to one who will do honor to the position.”

PEORIA MARINE AND FIRE INSURANCE CO. – We take pleasure in calling the attention of our readers to the advertisement of the Peoria Marine and Fire Insurance Company in this paper.  This company has been doing business in our city many years, and we have watched its progress, with an ardent desire that it might prove successful, from the fact that it is purely a Western Company, although managed by experienced insurance men from New England, and we are so proud to state that its foundation is as firm as a rock, that it has done and is doing a very prosperous business, and we bespeak for the old Peoria a full share of the great business of our city.

EASTERN WILD-CAT. – The financial article of the Chicago Tribune of the 14th, earnestly urges upon Western people the propriety and necessity of receiving only treasury notes and bills of good Western banks in payment for their produce.  Good advice.  The treasury notes are better than any other bank money, because they are based on the credit of the whole nation; while our own bank notes are better than any from the East which are likely to be circulated here.  Another consideration is, that many Eastern bills are now being shoved out with the signatures engraved.  These bills are worthless, if the banks are disposed to act dishonest about it.  This fact should make us very careful how we handle any Eastern money, unless it be that of well-known and responsible institutions, and of their issues very little comes here.  Let us, therefore, avoid being caught by banks where are hardly visible to the naked eye in their own ostensible localities and who do such a big business that their officers haven’t time to write their own signatures on their issues.

PHOTOGRAPHIC ALBUMS. – In our columns this morning will be found an advertisement of S. C. Griggs & Co., of Chicago, of Photographic Albums.  The Christian Advocate says: “About four months ago, Mr. Griggs brought on the first assortment of photographic Albums we had ever seen.  Their beauty and utility at once attracted public attention, and he enlarged his supply, securing all varieties from the cheapest up to the most elegant styles.  They at once became fashionable, and deservedly so, and we doubt if the business of the firm in that one article will fall short of $10,000 by the first of May!  Let our friends from the country call at Nos. 39 and 41 Lake street, and see them.  There is nothing more pleasant for the centre-table.

Insurance against fire and the perils of inland transportation, and life insurance, can be had of W. F. ROSS, general insurance agent, Metropolitan building, who will not represent any but the most reliable companies.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Saturday Morning, May 17, 1862, p. 1

Tuesday, August 20, 2013

Senator John Sherman to Major General William T. Sherman, April 17, 1864

WASHINGTON, D.C., April 17,1864.

My Dear Brother:

. . . Our finances are bubbling up and down in that feverish state where a panic might easily come. Chase is a man of ability, but in recent measures he has failed. I have been generally the laboring one in the Senate, on these measures, though very often my judgment has been against them. I have felt like a subordinate officer, who, while he does not approve the plan of operations, yet deems it his duty fairly to execute his part of it rather than by fault-finding to impair it. The war is daily driving us to extraordinary measures, and our form of Government is not unit enough to carry them out. We are embarrassed by state banks, state laws, and local issues and interests. The other day a determined effort was made in New York to run gold up to 200, but was promptly met by a free sale by the Government of gold and exchange, and the movement failed. It was aided by this very bad news from Fort Pillow, not so bad from the loss of men, but from the question of retaliation raised by the massacre of negro troops. We all feel that we must either disband negro troops or protect them. It is fearful to think about the measures that may be necessary, but what else can we do? An investigation will be made by the Secretary of War and by Congress, and if the rebels are determined to massacre prisoners, then a new and terrible stage of this war will be commenced. . . .

Affectionately yours,
JOHN SHERMAN.

SOURCE: Rachel Sherman Thorndike, Editor, The Sherman Letters: Correspondence Between General and Senator Sherman from 1837 to 1891, p. 233-4

Wednesday, August 14, 2013

Andrew Johnson And The Directors Of The State Bank Of Tennessee

Andrew Johnson has quietly notified the directors of the State Bank of Tennessee, who handed over the assets of that institution to the rebel leaders, that they will be held individually responsible for every cent of interest the State had in it.  They are very sorrowful, for many of them have great possessions.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Thursday Morning, May 8, 1862, p. 2