, 1875-11-27
FINANCIAL HISTORY,
An Interesting Narrative of Financial
Measures unu nAtstnics.

An Interesting Narrative Of Financial
Measures und Mistakes.
NEW Yong, Oct. H. ls75.-The Hon. E. @.
Gpautding--DEAn Sins Accept na7 hearty thnnks
for tho advance aheots Of the "Iutroduction "
to a further publication Of your "Flnnuolal
History of tho War Of the Hebellloo." Your po-
alton 90 Chairman OF the sub-Comm[ttse Of
tivoe, 1t the time tue Lcgal-Iender act was
passed, placed you in possession Of 9acts which,
f,om Tho nature Of the case. otheta could not
kno1.
Tho Thlrty-sevsnsh Congress was ono Of tho
moBt ssatesuanlike aud pas:iosc bodies which
aver assembled IN this OF any other country. It
promptly kpprehcn1ol tho magnitude Of the
questions befoseit AID to tha utmost Of ita AbI-
lty met them In the most efficient mAnoor. It
MAS. perhars tho greatest calamity Of tho War
thai tho financial policy established by tlas Con-
gresa waB not cordially seconded aud continued
by its succcssoFs ano by the hena Of the 'freaau.
~ Department..
Mr. Chase vas preaeod for that position. be-
cause OF the roy,r1 Of tue pcoplo for bis high
ps,aonaI reputation. He had 'koen M original
F.eo.5oi!or, aud bad won tue favor Of tle man
Of advanced viows upoa that subject. Ho htd
bosn chosen to tho Uuitea asatcs Heuuto by Dom
ocsAtio votes OH tho Buppositon thas his vews
OF tnanctAl and analogous qnoations woro 80.
| coPtable to tho Democratic party ~ 1t vas than
conBt!tutod. Flo was d conapcuoua candidate
for tho Presidsntin pora.nat,ou III 1860, md. In
| tho estimation of n,auy, presented tho Ideal OF
nj American statcs1nsu.
Upon Ito election ot Mz. Lincoln. 1t wss tho
domand OF Mr. chaho'a friends that ne should
occupy leading posltioa In the Cabinet Tho
prosldont-olocs was llimsof disposed TO comply
with tlia desire. at the request Of lii. Horace
| Gieelev, l accompanied 4in on visit 10 Mr.
Lincoln. 10 urge that M. Chaso ahould recsiyo
tito portfolio OF the Treasury. Wo had boon lod
to belioye that another choice had boon mado
| for tass aH.impo1tans pos,tion. We represented
to Mr. Lincoln that struggle was immlnoBt,
which would be decided iu favor OF the party
ourdlng1y that MiniHtsr Of Finance was ro-
| quirsl who would command, in tho highest de-
gtoo, tho public ooMtdsucc. atr. CLAse, ss va
believed, poa6essed that confitlouce ~ no other
man did whoso name waz under consideration.
Tho DAY following this interview received 4
note from 1tr. Greeley, informing mo that Mr.
ChaAa had declined tue offer oF tho Treasury
Dcpartrneut. lost no time In calling upon hlta
at lle botel: M!. chnss pleaded that his eduoa-
tinn and bablta had not Httod him for the dutiea
| OF tho placo; and. ho added With hls aocustonad
courtesy, that II he had An education liKe my
own lo would feel less distrust OF bis quhtilca-
tions Tor tho office, uis appropriate sphere he
believed to bo tho Senate. 10 which hs h4d jus,
bean chosen for tha full sa1m OF six yaats, In
response, I assured him that Ai4 fEiondH regarded
II "a his duty TO accept tue secretAryshlp Of tue
Treasury aud fu1 thesmore. that Ae could 1t all
timea count upon tho support OF every patriotic
man whose Raryioes 10 might desiro to command
Alr. Chase finally aaid. substantially, that he
would be Ruueo W tno convsctaona OF Ala fr1and8
A faw days subsequently,. ou mY re:ura to
Now York, J. took tue liberty to suggest to hin
tho AlyisAblity OF Inviting proposals for what
rematued Of tue twenty-nve million loan nhlel
bad been authorized IN tha closing days OF Mr:
| BuchsnAn's Administration. A. bis Invitation ]
visltsl Washington, bus found him dlsnc4nst
to offer tho loan except upon terms which 10
conadsnt could NOT thta be obt&iuea. IL WA
| apparent that he had thus carly become q cou
vars to the so-callsd paper policy. Finding 1t o
| no uss to argue the point. ! made NO further u
| tsupt to inhuance hls vows, It WAa an anut'
! disappointment that the wAu whom Me hAa 70
gatdsd ~ the strongest supporter Of = ssAb
financial syatem had 70 utterly AhAndoned TIM
idea. II hs had dspended on loans properly 70
cured eI taxation. and had placod his seas9e' %
llaf .hst the csedIt Of the nation would hAt
bAsn maint atnsd upon Aes1raAoene foondAtiou
and the dep prsciauon Of ous currency "oa!o w. hss
tsan. 10 4 Nrsat MEASURE, ob!!ated+ Ihe ma
sb lnssy Of our banks va II HI dl.poa':. An
nsv u hsd b saprs eeaarsss dlspoalaaa bse