Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1894-11-02
WHAT IT COST TO SAVE A NATION
%t4.. = u J., INVOLVED IN WAR.

U0luS MaUo lSbuOuS ny Vu0 SaCIAAOo "
our soldiers. Poets have sung in raptur-
GUS strains, and orators have painted
glowing pictures Of the sublime deeds
of noble souls who rushed into the bat
tie smoke and saved nation in the
hour Of its greatest struggle. The peo-
pie never tire Of recounting the achieve
ments of Grant, Sherman, Sheridan and
the hundreds of thousands Of brave men
they led on many a tiresome march ard
assaulting impregnable fortresses. None
too much has ever been said Of these
men and their heroic work. It is rather
to be regretted that they are now among
the forgotten ones or the neglected ones
in the public mind.
There were those whom fortune smil-
ed upon, whose power of wealth was to
be factor in the problem Of the " ar
that few people have ever investigated
In 1861 the rich men Of the United
States, those who owned the capital,
those who had managed the great finan-
oial enterprises that carried us forward
to the period Of the war, were to stand
in the forefront of the country's great
est danger and decide the future Of the
struggle.
The first battle of Bull Run had been
fought and lost. The treasury Of tho
United States was empty. The soldiers
in the field were unpaid. Means for the
purchase of army supplies were want
ing. Equipments for troops were every.
where being called for without the
means with which to purchase. What
was to be done was the great problem
that met the men who stood for the no
tion's safety.
The secretary Of the treasury, Salmon
P. Chase, by appointment met num-
Der of bankers of New York and Phila-
delphia in New York city on the 18th
Of August, 1861. The government asked
for loan Of $3.50, 100000 and gave
notice that it would need as much more
in very short time The secretary III
this meeting presented the condition
that confronted the country as only Mr..
Chase could do it. After the glowing
picture painted by him Of the country's
needs and the possibilities Of the war
the bankers present replied that the
bank funds were largely in the nature
of trust funds, and duty to the deposit
ors demanded that these funds should
not be jeopardized.
This was the most critical hour in the
national history. Neither before nor
since has there ever been time when
the turning Of few men against the
governments demands would have been
so fatal in results. a Philadelphia
banker, whose name will not mention,
addressed the convention, or the meet
ing, with an eloquence that would have
done honor to Americas great and most
beloved Webster. He spoke for heroic
measures to save heroic country. The
picture painted before these bankers
was one Of unselfish love of country. He
declared in the presence Of the assem-
bled leaders of the wealth Of the nation
that locality and home, city and state,
were nothing.
II am" said he, "a citizen Of no
mean city, but of one that has ever sup
ported the authority of the government
and is now doing its full share to main
tain the integrity Of the nation, but
here today in the presence Of the gov
eminent Of the United States, represent
ed by the secretary Of the treasury, in
view of the Importance Of the crisis
now before us, with due consideration
Of the serious issue depending upon your
action today and regarding the wants
of the soldiers in the field and their
suffering families at home, waiting re-
ceipts of money which the government
owes, but cannot pay-in consideration
of all this and more which it is need
less to mention I am not Of Philadel'
phia. I am of the United States, as I
am sure you all are-not Of Boston, of
New York or Of Philadelphia, but Of
the United States, the security OF
whose government is now imperiled by
assaults of enemies armed to battle for
its destruction.
After the address above referred to
had been concluded he appealed by ask
ing that q vote be taken on the secreta-
rvs proposal, which was unanimously
agreed to. The crisis was passed The
bonds OF the government were accepted
at par in ordss VI :stp& :to tie world
that American :o$pttai 3as loyal :a4f
confident. By this one stroke Of success.
full anancaiesr}pg th6 ACKNOWLEDGEMENTS.
its first &laQ OO0, 00o;. by.vhidR, it 0aas
enabled to carry on the great struggle
and bring back business prosperity again
to the nation we all so much love-
In order that the public today may
know something of the spirit and char
aoter of the men who thus shaped the
nations pathway out of its financial
difficulties, it is but necessary to relate
the following as an incident, which o.
CURED at the time: Secretary Chase
presented to the company assembled
samples of the greenbaok money he In.
tended to issue. As he passed the sam
pies Of this money around he said that
be felt the bills ought to have some
scriptural text upon them to show our
reliance as nation was in God, after
which he asked some Of the bankers
present to suggest some suitable text
from the holy writ to be placed on this
money. One of the humorous men OF
the company suggested. 'silver and
Rold have none, but such as I have
rive / INTO thee" It is q pleasing rem