Evening journal., 1910-09-01
NEW NEWS OF YESTERDAY
A Simple Appeal That Got
$5O,OOO,OOO in Gold
By aHOIIand..

The late George S. Coe, of New York
and New Jersey. was one of the great
bankers OF the United States at the
time of the Civil War and for twenty
years thereafter. During the first two
years of the war he was more inti-
mately associated with the Lincoln
administration on the financial side
than any other of the countrys promi-
nent bankers of that period OF course.
he thus came into close and intimate
contact with Salmon p. Chase who
has gone down in history as one of
the country's great Secretaries of the
Treasury
For a number Of years before he
became a member of Lincoln's Cabi-
net had conceived a high admiration
for Mr. Chase" said Mr.. Coe to me
when old-time finance was under dis
cussion, "but not until some months
after he outbreak of the Civil War
was ! privileged to meet him. and
that meeting resulted in one of the
most dramatic incidents in connection
with big finance of which / have per-
sonal knowledge.
you may remember that when
President Lincolns administration be-
gan the Government was almost in a
bankrupt condition Its credit was
very low. and there was practically
no gold in the treasury. Yet. II the
North were to have an army adequate
to cope with the resources and de-
termination of the Confederacy It
was absolutely necessary for the
Government TO have money to pay that
army 20 purchase supplies and equip
ment for It,
"At the height Of the uncertainty
over the Governments financial con-
dition, following the outbreak of war,
the bankers Of the East--New York,
Philadelphia and Boston--received an
intimation that the Secretary of the
Treasury was anxious TO meet them
in confidence, for he had message Of
great importance TO communicate to
them On appointment was at once
made for Secretary Chase to meet us
in the directors room of the bank Of
which l was then president
There, prompt almost to the sec
ond, Mr.. Chase appeared on the day
and hour set and we were introduced
one after the other 10 him. The
gracious dignity of the man. a GER
tain majesty OF manner--I do not
know how better to express 1.-THE
great intellectually revealed in his
face, the noble poise of his head, his
entire personality. greatly impressed
me. and l am certain that every other
banker in that room was equally i'm
pressed.
Soon after the introductions we're
over and a few casual remarks had
been made. Secretary Chase began to
deliver his message. He spoke quiet
", I'm a low tone of voice, but every
word was distinctly uttered; his was
one of the most attractive voices
have ever heard in private converse
ton and then It wase that I under
stood what his great eharm as public
speaker was. And this was the mes
sage he brought TO us, substantially
in these very words;
Gentlemen. the Government of the
United States is in need of gold II
Is IN greater need Of gold than of an
army. This is so because IL VIII not
be difficult TO raise whatever size
army we may find necessary to save
the Union. Enlistments will pro-
ceed, are proceeding. all over the
North. But what are we to do with
an army unless we can feed II, clotht
It, provide It with equipment and
ammunition?
Now, gentlemen, I am no fihan-
cier. II is my duty. under the law
to administer the finances Of the coun.
try. but it is no part of my duty. nol
Is it within my power to raise money
until Congress gives me that power
You are men of finance II is youl
business. to know how to raise money
appeal TO you. having nothing e
offer except the credit of the Govern
ment, and the preservation Of thu
Union for fifty millions in gold Yo'
know how 10 secure that gold. l sha
use of It. This. gentlemen, Is tn
message l had to deliver to you
Mr.. Coe leaned forward in his chair
''He got the gold on the instant" b
said, emphatically.
Copyright. 1910. by E. J. Edwards
All Rights Reserved)
Tomorrow Mr.. Edwards will tel
of aThe Word That Revealed Senate