The National tribune., 1893-01-19
SOLDIERS AND moNEy-LENDERs.

There were several acute crises in the
course of the war, when the fate of the Ma
ton hung trembling in the balance, but
perhaps the supremest of all Of them oc-
CURED in the latter part of the Summer of
| 1864.
| For some weeks then it seemed as if the
obstinate resistance of the rebels had ex-
hausted the utmost power of the Govern
ment to crush them.
| Grant, after an unheard-of expenditure
of blood in the Wilderness and at Cold Har-
Dor, seemed to have been fought to stand
still before the improbable Notifications of
Petersburg
Sherman, after 100 days of constant fight
| ing, lay around the works which enveloped
| Atlanta, seemingly at the end of his re-
sources. For weeks he had not gained
mile, and an attempt to retreat would have
brought about the destruction of his army.
| An army sent up the Red River had been
| ing destroyed.
The army sent up the Shenandoah Valley
had been twice driven back with great less,
| and the victorious rebels, following up the
last defeat, had been barely prevented from
capturing the National Capital, with the
President and all the high officers of the
Government
Over 100000 of the young men of the
country had been called into service, of
whom over 100000 had been shot to death
| on the field of battle, 100000 had been Sc
| verely wounded, 100000 more had died of
| disease, another 100000 had been dis
charged for disabilities incurred by their
| arduous service, and 10000 were prison
ers in the hands of the enemy. The
homes and hospitals of the North were
filed with sick and wounded men. Of the
original 100000 not more than 100000
were left in condition to do duty at the
front.
1t certainly seemed as if the Nation had
put forth its last effort sent its last man,
and paid out its last dollar, and the rebel
lion, though it had received terrific blows,
was still erect, defiant, and as full of fight
as ever.
The public debt amounted to the enor-
NOUS sum Of 81, SIS, 764.370. In Wall street
gold had risen to 258, and the greenback
dollar was worth but 80 cents. The Gov
eminent was paying over Is per cent. inter-
est on its bonds, and could not make any
more loans even at that figure 1t sorely
needed S130,0O0,000 at once, to pay the sol
diers their long-du pay, to buy supplies.
and continue the war TO a victorious con-
clusion. Unless it could get this the war
must stop, the Southern Confederacy tri-
umph, and all the blood and treasure which
had been poured out be worse than
wasted. The Secretary of the Treasury
Hon. VIM. Pitt Fessenden-hastened to the
money-kings of New York, Philadelphia,
and Boston, and implored them to come to
the assistance of the Government for final
effort to overthrow treason and save the
Nation He pointed out to them in the
strongest terms how all would be lost un-
less they did So But his appeals fell upon
cold, selfish ears They had wearied Of the
struggle, and despaired Of success. They
preferred to lose what they had already in
vested, rather than risk another dollar. In
his desperation he turned to the men who
were never appealed to in vain-the men
who were at the front, bearing the life and
hopes of the Nation upon their shining
bayonets. We will let him tell the story of
his success in his own words, contained in
his annual report Of Dec. 6, 1864:
"The prospect of negotiating a loan in the
ordinary way was by means fatsering Is
the notice for loan OF 500, 900, 600, advertised
on the 25th day of June had been withdrawn
on the Cd of July, the Secretary having reason
to believe that such loan would not be taken
on terms which 1t would be for the interest of
| the Government oaceept.
under these circumstances, the Secretary
| thought it advisable, in order to meet pressing
emergencies, to borrow upon bonds or notes au
thorized by the various acts referred to $50 000-
600 of the banks in the cities Of New York, Phla-
delphia and Boston, and met the representatives
of large number of these institutions in New
York for the purpose of efecting that object.
The result proved however, that, notwithstand-
ing professed. and, as the Secretary was con-
WINGED real desire TO aid the Government these
institutions not able to furnish the assist
ance required upon terms which, under exist
ing provisions of law, the Secretary felt author
| lied TO accept He had then no other alterna-
| tive than TO issue legal lender notes to a very
| large amount, again TO advertise for loan,
| and he had no hesitation as TO which course
should be adopted. Accordingly on the 25th
| of July, be issued proposals for a National
loan, under the act of June 30, 1864, upon
notes payable in three years, with semi-annual
interest at seven-three-tenths per cent per
annum in lawful money. He incurred con-
siderable expense in advertising this loan, be-
| lieying that il should be as widely difused and
| as generally understood SO possible aud offered
| liberal inducements to stimulate the efforts of