Evening star., 1898-05-28

be negotiated abroad owing to Ergland's
secret but bitter hostility to the NORTH
and to the mistrust of the Rothschilds.
The late Jay Cooke. a western banker. un-
dertook the sale of these bonds: he placed
the original $50 loan Of five hundred and
thirteen millions-as well as subsequent
loans, which IN the aggregate amounted to
over one billion Of dollars This is said to
have been one Of the most remarkable
achievements in the history of the worlds
nrances His profits from the undertaking
ran up into the millions, but 1t was a
service Of paramount Importance to the
United States.
Fortunes In Whisky Tips.
The placing of the internal revenue tax
"a war measure to. increase the income of
the government-was not without Its op-
portunity for aggrandizement. Certain
grave senators are said to have made
comfortable fortunes by peddhng what
were known as whisky tips" These tips
the standard price for which seems to
have been about $l0OO0-were eagerly
stored large quantities Of whisky. knowing
1t would advance in price the moment the
tax was placed upon 1t.
One year prior to the war cotton sold at
LIZ cents pound in the markets OF the
world; two years later 1t was selling at
AN cents. this rise, and those which fol-
lowed, forcing 1t up to 65 cents and affect
Ing the price Of all dry goods.
Having foreseen the condition that war
would necessarily create in the south, A
T. Stewart, New York's great dry goods
merchant, had bought and stored millions
Of yards OF cotton goods of all descriptions.
In single year from this source he real
lied 100000.
Furnishing Uniforms.
Devlin & Co. of New York. great war;
q time firm Of clothiers, profited in a some
what similar way. When 1T was seen that
war was imminent they purchased all the
cloth they could find in the market suit
able for uniforms. and not even waiting for
the call for troops began the manufacture
or overcCats and army clothes. They had
$4,000 of these packed and ready for ship
ment when the Presidents call for men
came, and these uniforms were worn by
the first troops that marched to the front
1t was during the first year Of the war that
the word "shoddy" came into use. 1t was
applied to the worthless garments furnish
ed the government by dishonest contrac-
tors, but after the first year the giving out
OF contracts was SO well managed that
frauds Of this sort became we'll nigh i'm
possible.
1t was the rise in the price of cotton
that made blockade. running profitable to
Ell giish ship owners The cargoes were
sent out to Bermuda or Nassau and there
transferred to the fast steamers that were
to make the hazardous run to some con-
federate port. The profits were go great
that a single successful run would more
tIsdH pay IOT tne DeSt steamer auOat ana
meet the expenses of the voyage into the
bargain. How 1t flourished and what in
ducements 1t had to flourish may be
judged from the fact that during the war
the blockading feet took or destroyed
more than seven hundred vessels engaged
In the trade.
Questionable Transaction.
1t has been said that the purchase of
arms added greatly to the private means
Of certain officials. The works at Spring
field, where the army muskets were made.
were unable to meet the sudden demand,
and agents were sent abroad to buy rifles
from various European powers. The ag-
gIegate cost of these muskets exceeded
two million dollars. They were in every
way inferior to those made at home and
it was asserted that they were guns which
had been condemned by the governments
from which they were purcha sed.
The moneyed return in war time is not
always in proportion to the actual value
of the service rendered; indeed, 1t would
seem that the man who stays quietly at
hcme and allows his neighbor to go to
the front and do the fighting has every
soldier can only hope for fame-or a pen
sion.
Perhaps there Is no better lilustration
of this seeming unfairness than that Of
fered in the case of Capt. John Ericsson.
who invented and built the famous moni-
tor which defeated the Merrimac in Hamp-
ton Roads and forever stayed the rising
wave of confederate success. He probably
received less from the government than
did many of the contractors who supplied
caps and shoes for the army.