Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-08-29
SALMON P. CHASE.
Some Interesting "reminiscences Of
the Great Financial Minister.
A BOOK BY HIS ASSISTANT.
Some Extracts From 1t and From Afr. Chase's
Own Little Dsaries-The Story Of the Eman-
c'patien Proclan,ation-How He Missed the
Presidency.


Written for the Evening Star
MR.. MAUNsELL b. FIELD, WHO WAS
A'A assistant secretary Of the treasury under
Mr. Chase. published in London, in 1874. a
most interesting book. memories of Many
Men, and in it 1 find some Of the inside Incl
dents OF those historic days when the life of
the country hung in the balance. He tells
from his personal knowledge of the financial
struggles, which were no less important than
those on the battlefelds. Soon after Mr. Chase
became Secretary Of the Treasury he sentf for MIR.
Cisco, the assistant treasurer Of the United
States at New York. to come to Washington and
consult with him in regard to a financial policy
for the country. Mr.. Cisco said: ave are going
to have long, bloody and costly war, and the
only possible policy is that of long bonds
and strong taxation" '.Now. sir, are you not
aware that we shall soon have Is. 900 men in the
heiuI MIR. Chase shared in the mistaken i'm
PRECISION of other officials that the war was to be
over In sixty days. .'As to strong taxation, the
people of this country will not stand it. and
there Is no need forit.'' Mr.. Cisco was a demo-
crat and adhered to his expressed opinions. Civ
ing his reasons. Mr.. Chase eyed him curiousiy,
as II medltating whether he could be a seces-
slonlst In disguise. The next mornirg, says
Mr. Field. the conversation was renewed.
Mr.. Chase said he was very much impressed by
MIR. Ciscos views. but that he could not go in
for strong taxation" Without it, replied
MY. Cisco, 1--WE shall inevitably drift
INTO a. suspension OF specie payment"
Never, said Mr.. Chase. $50 long as 1 am Sec
| rotary Of the Treasury" Mr. Cisco adhered
| to AIs views and believed that taxation would
| hasten the Termination of the war. Thus
| commenced. from the very beginning, that
| series OF successful experiments. that hand-to-
| mouth policy which carried Us along go far
without u financial disaster
ME-. cHAsE's CONFERENCE.
On the 9th of August, 1861, Mr.. Chase visited
| New York ard met the leading bank officers
| and capitalists of TINT city and Boston and Phil
| adelpha. There was much discussion at the
beginning, and Mr.. Chase being pushed to the
wall. said he wanted fifty millions in seven
thirty treasury notes, with the option Of the
| subscribers to take fifty millions more and
| again the further sum Of fifty milllons-one
hundred and fifty millions in all. The next day
| a meeting was called at the American Exchange
Banking House, at which Mr.. Chase and MIR.
! Cisco were present A protr acted discussion
took place and there was some earnest OPPOSE
ton to the proposition. Finally. after
| the meeting had lasted several hours, a
resoiut ton was adopted to accept sub
| stantially the terms proposed by the
Secretary. After the adjournment of the meet
| ing Mr.. Chase said to Mr.. Cisco: well. we have
| hIty millions but how about the next fifty!
The banks will take them. answered Mr.. Cisco.
DO you not see they have stepped into the
| same boat with you?' And will they also take
the last tifty?'' asked the Secretary. They will
lend you another fifty millions. but then will
come the suspension OF specie payments. an
swered his subordinate. Never while l am
Secretary of the Treasury" was the confident
| reply.
On the sOth Of December, 1861, the
banks decided to suspend specie payment on
| Monday, January /. 1862. They carried their
| resolution into effect and the government
simultaneously adopted the same course i'll re-
| spect to its ordinary disbursements. During
| this period MIR. Field deputy assistant
| treasurer at New York and remained III that
position until the summer OF 1863, when Mr..
Harrington, the assistant secretary OF the treas
ury. by the advice OF his physicians. deter
mined to seek rcpose and relaxation by with
drawing for time from public affairs and WIS.,
iting Europe, when Mr.. Field became assistant
| secretary of the treasury. From that time Mr..
Field became very closely allied to the admins
| tration and relates some r.iost important move
men's, giving details which had never been
| made public. He became frequent
guest of the Secretary of State during
| the wears OF 1864. Upon one occasion he
remarked to the Secretary that he supposed he
had Aclt a diary or at least Netherlands OF
everything that occurred at cabinet meetings
since the incoming Of the administration. Mr.
| Seward said in reply That during several
| months in the beginning he had faithfully done
so: but that very soon the personal relations be-
tween some of his colleagues became SO in
harmonious and so much unworthy pickering
and even Guarreling was INDUCED in upon
these occasions that he discontinued making q
record and destroyed the notes which lie had
already taken. He said q truthful siatcmeut of
these occurrences, If ever published, would
bring disgrace upon the country, and they had
better be buried in oblivion"
THE STORY OF THE EMANCIPATION PROCLAMATION.
The story OF the emancipation proclamation,
as told by Mr.. Seward, was strkingiy illustrative
OF sir. Lincoln's characteristics. Months be-
fore it issued it was the subject of constant
discussion at the meetings OF the cabinet Day
after day the most earnest and acrimonious de-
bates took place in relation to the propriety or
improperly of the Presidenti issuing such proc
| lamation Although an attentive listener ~ these
| discussions OF his Secretaries, Mr.. Lincoln did
not take an active part lii them. nor was it
known what his views were. So bit
| ter did the controversy grow that it resulted
| after a time not only in d breach of personal
and to some extent even official relations be-
tween certain OF the cabinet officers. but event
| uaIly even in u prolonged discontinuance of
cabinet meetings. This condition of
things lasted until one day Mr. Seward received
| an autograph letter from the President re-
questing him to attend without fail
| a meeting Of the cabinet which he
proposed to hold on the morrow. All the other
| TtceiFeu iCsttIS anu uOt one
| of them knew or entertained any confident
conjecture about the particular purpose for
| which they were called together. At the ap-
| pointed time MIR. Lincoln waited until they
| were all assembled, having been unusually
| reticent to the first corners. He then addressed
| them somewhat as follows: "Iien tlemen, have
| asked you to come here that may have the
opportunity OF reading to you proclamation
1 am about to issue. Before proceeding to
| read it, however, desire to say that not only
| do l not invite any discussion about the
propriety or improperly Of its issue,
but that l am unwilling to listen to
any. My mind is made up. On the
contrary as to matters OF form, |
| wish you all to make any suggestions that may
occur to you" He then drew from Eie pocket
| a manuscript, and to the amazement OF some
if not of all those assembled, proceeded to read
! the emancipation proclamation. When he
finished, for awhile nobody spoke Some YER
| bal alterations were suggested which Mr.. Lin
| coin accepted without u word of objection. and
| then the meeting broke up aud the ministers
| soon dispersed. The next day the emancipation
| OF the 4,U00, 900 of human beings WAS published
| to the world. Mr.. Lincoln had waited until
| the people were ripe for it, and what he had
ut frat looked upon as inopportuDe he had at
last regarded rs expedient and necessary.
| Mr. Field tells how Mr.. Lincoln had de-
] ciled on Mr.. Stanton when Mr.. Cameron was
| named for the mission to Russia. AT the
| time he called to consult Mr.. Seward on the
| subject Mr.. Lincoln and MIR. Stanton had not
| met except upon the occasion. years before
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