The National tribune., 1893-05-04
LENDING GOLD AND GIVING MAN
HOOD.

LENDING GOLD AND GIVING MAN
HOOD.
The Secession conspirators took every
means TO render the Government powerless
TO prevent the contamination of their trea-
sonable designs. They had control of all
the Executive Departments under President
Buchanan, and they used this power most
effectively to cripple the Nation. The ships
of the Navy were sent to the most distant
seas, the Army was mostly concentrated in
the South, under officers carefully selected
for their Secession sentiments, and it was
expected that when they joined the rebel
lion they would bring most of their COM
mands with them. Every fort, arsenal and
military post from the Potomac 10 the Rio
Grande was put under command of officers
upon whom the Secessianists could rely, and
it is astonishing evidence of their careful
preparation that they made mist axes in but
two instances. Those were in the COM
manders of Forts Sumter and Piehens.
Everybody else, from Brighten. Twiggs
down to Second Lieutenants, FASTENED to
surrender their posts and join the Southern
Confederscy.
An essential part of the plot was the
emptyinv of the Treasury, and this was
done with the ,horoughness that marked
every portion of the plotters' work. July ],
1857, there was SIT 710, 1l427 IN the Treas
ury, and the public debt amounted to but
$4,000, $500. But the revenues were eut
down until they were far below the actual
needs of the Government, and the cash on
hand was paid out lavishly on all sorts of
claims- Among these were the notorious
lively sbad"wy, and large portion posi-
lively outrageous. Yet S7,75O.O00 in gald
was paid out on these, larger sum, rel
atively, than an expenditure of S100,093.0e0
would lie now. The result WAS that The
close of Buchanan's Admins ration saw The
Government bankrupt. The public debt
had heen increased to coco, 900, there was
but s. 233 220 in the Treasury, and the Sec
Rotary reported officially that at least
So, 900 600 more would have to be borrowed
to pay off the debts of the retiring Admin
istration.
Thus the new Administration had entered
into power in the face of great civil war,
absolutely without men, money or ships.
Among the earliest duties of President Lin
coin was to call for men and money to sus-
tain the National authority. This call had
to be repeated many times during the
struggle, and it is interesting to note how
differently it was responded to each time by
those who had maney to lend, and those
who had lives To give to the support of the
Government
Lincoln's first call was for 5000 men
To volunteer for three months, and 91Si6
men responded He next called for 100000
men for three gears, and 657 ,e6s men an
swered by putting their names down on en-
listment rolls
Congress authorized the Secretary of the
Treasury to b, rrow $40, 900 600 to carry On
the war, on the best terms he could, at In
terest ranging from to u per cent. He
succeeded IN actually borrowing:
AZ per cent?. l5y 321 80
io'ai--------. sd-5 "a 100
Now mark one notable difference that runs
ali The way through. Every man who an
sWercd the Cove pment's call made a dis
tiact and very large peeuniary sacrifice, to
say nothing as to the harsiships and dangers
wages-at frst sl1 and then sl3 msstii-
were very much lower than those a man
"outu iScciSc az uomc IhiLy at an b.iIU2
be chose to follow The volunteer, filed
with love Of country, started out by making
a large monetary contribution to the country
in the difference between the wages that he
was then receiving and those that il offered
him. On the other hand, the money-leuders,
who ran no personal risk whatever, insisted
on driving bard bargain with the Govern
ment Previous rates of interest had been
about in the neighb,rhoed of per cent.
Now, however, they must have and II
per ceni.-fsom 90 to % per cent more
interest before they would lend dollar
In the Spring of 1862, after The successes
nj Fort DoneIson and elsewhere made it
seem likely that the rebellion weuld soon
be crushed, the Secretary Of the Treasury
was authorized to borrow $500, 900, 900 more
for the purpose Of winding UP the war. He
wisely made this q popular loan, and asked
the fathers and mothers of those who were
fighting for the country to take it. The
bonds were made of small dimensions to en-