The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-01-16
Financial HerOism.

The circumstances under which the first
loan was made to the government as the
means Of enabling it to carry on the war
against the rebellion, were alike peculiar and
perpexing. The future was dark, and even
the ssgest thoughtfulness hesitated to make
guess as to that future Money the govern
ment must have, and that, too, Immediately,
or the rebellion would be a success. Money it
had not and there never was time when its
borrowing credit raised so many doubts as to
its paying power. Secretary Chase, under these
circumstances, came from Washington, and
held conference with bankers in this city
Congress had authorized him to negotiate a
loan; and the purpose of his visit was to get
the banks to make loan of $50 900, 900 to
the government, in the terms proposed in the
act Of congress. He explained to the confer
ence the provisions of the law, and set before
it the facts which constituted a severe crisis in
the affairs of the government. Help must
come at once from the banks, or disaster must
come. There we're no other money-enders in
the country who could meet the wants of the
government at that supreme moment. The
conference listened and thoughtfully heard all
that Secretary Chase had to say, and when he
paused and anxiousy waited to hear what the
bankers would say, they bowed their heads
under the weight OF the heavy responsibility
and hestated to say anything, really not know
ing what to say. To say no, would be to de-
sert the government at the moment Of its ex-
the institutions over which they presided in
hopeless bankruptcy. They did not want to
say no, and they were afraid to say yes They
sat in silence, brooding over the crisis, until
their very silence, at first awkward and embar-
RAISING to themselves finally became appall-
ing. No man seemed wise or bold enough to
meet the crisis. At length, comparatively
young man, who has since become deservedly
known to the bankers of the country, sprang to
his feet, and, with ringing tones and glowing
patriotism, addressed his fellow bankers as
follows: 81 move that we take the loan. 1t is
not merely the dictate of patriotism, high as is
this impulse. 1t is not merely that of wisdom,
which is sometimes greater than prudence and
caution. 1t is simply commanding necessity
the instinct of sel-preserUdtion- ex-
acts it. In the question Of the existence our
government is involved. Without a govern
without value. Existence itself is undesirable
Let the hordes Of the confederacy enter Wash.
ington and establish slave confederation, and
New York, Philadelphia and Boston become
| again mere trading ports, Insignificant villages
Let this free government go down, and (taking
out from his pocket a few cents) would moi
| give these coppers for all your banks, YOU
bank buildings and bank capital. would moi
give a five-cent piece for the American ex
change bank with its S50O0,000 of capital
| Gentlemen you must take this loan. Either
| take the loan or barbarism" The man who
ultuIoo lhooo SioWius tS Woil ds
words still lives to see the wisdom of hi,
earlier years That man Is George s. Coe, TIT
present president Of the American exchang,
national bank Of this city, and resident il
Engewood in New Jersey. The consequence
of the utterance was, that the bankers unani
mously voted to take the loan, and thus NEE
the exigency in which the government wa
placed at the very outset of the war. Ligh
was instantly poured into the bosoms of thos'
embarrassed and hesitating bankers from tn,
| inspiration Of one great and earnest mind, tina
| grasped the crisis in the fulness of its import
and was at the same time equal to the occasion
| The needed money was furnished and thu
government was hence supplied with the mean
| to begin the war to save the life Of the Union
| All honor to the name OF George S. Coe. III,
| was a bold as well as wise man at the tint
when mems hearts were failing them, and hi
ripper years have simply been the fitting seque
| of the memorable incident to which we hav,
referred The man who is equal to every occa
sion that confronts him Is the man of powe
| wherever he is, whatever he meets, and il
whatever he does. Circumstances will benz
themselves to his WILL and perils will onl.
energize and sharpen his faculties for victory
He rises with emergencies and masters them
These are the men who, whether in church o
state, in peace or in war, in banking or II
trade, stamp themselves upon human affairs il
lasting results. The Independent