The National tribune. [volume] (Washington, D.C.) 1877-1917, 1911-02-09
THE MONEY LENDERS ON A
STRIKE

SHINE.
In an editorial in The National Trib-
une of Jan. 5. 1911. we said:
1.-The Secretary of the Treasury and
his agents. who went begging to the
money centers, returned empty-handed
and discouraged. The only undiscour-
aged people in the country seemed to
be the men who were at the front
actually fighting the battles of the coun-
try. while the Copperhead orators in
their rear were bowling about the aw-
fui losses of life. the sanguinary waste
of the Nations blood to no purpose
and the imperative necessity of at once
stopping the war. The men who were
carrying the salvation of the country
upon their bright bayonets and doing
all the fighting and suffering were full
OF hope and confidence and eager for
the war TO be pushed to victory. They
would hear of nothing else
When the Secretary of the Treasury
was repulsed by the fnanciers every
where. happy thought struck him to
appeal to these soldiers. He did so. and
OUT OF their slender pay they at once
sent him S20,000o00, or enough to
temporarily tide over the crisis. 1t was
magnificent exhibition of American
manhood and spirit"
This~statement attracted widespread
attention, it was questioned by many,
and still more have asked for our au-
thority. It is matter that never had
been brought to the attention of the
great mass of the people. and has been
lost sight of among the myriad of other
great deeds of veterans during the war.
Our authority for the statement is con-
tanned in the following extract from
the annual report of Hon. William
Pitt Fessenden, Secretary of the Treas
ury. dated Dec. 6. 1864, and trans
mitted to Congress:
Report of Secretary F'essenden, Dec.
@, 1864.
The prospect of negotiating a loan
in the ordinary way was by no means
fiattering. as the notice for a loan of
80 millions. advertised on the 18th day
of June. had been withdrawn on the
I'd of July, the Secretary having reason
to believe that such loan would not be
taken on terms which it would be for
the interest of the Government to ac-
cept.
Under these circumstances, the Sec
rotary thought it advisable, in order to
meet pressing emergencies, to borrow
upon bonds or notes authorized by the
various acts referred to, 100000 900 of
the banks in the cities of New York
Philadelphia and Boston, and met the
representatives of n large number OF
these institutions in New York for the
purpose of effecting that object The
result proved. however, that, notwith-
standing professed, and, as the Sec
rotary was convinced, a real desire to
aid the Government, these institutions
were not able to furnish the assistance
required upon terms which, under ex-
istirls provisions of law, the Secretary
felt authorized to accept. He had then
no other alternative than to issue legal
tender notes to very large amount or
again to advertise for a loan; and he
had no hesitation as to which course
should be adopted Accordingly, on the
10Th of July, he issued proposals for a
National loan, under the act of June
80, 1854, upon notes payable in three
years. with semi-annual interest at
3-10 per cent per annum in lawful
money. He incurred considerable ex-
pense in advertising this loan, believ-
ing that it should be as widely diffused
and as generally understood as possible
and offered liberal inducements to slim
ulate the efforts of corporations and
individuals to dispose of the notes. His
though not what he hoped for
or anticipated, has been such as not to
diminish his confidence in the DISPOSE
ton and ability of the people to re-
leye the wants of their Government.
serious obstacle to greater success has
been. the Secretary believes, the amount
of other desirable National securities
pressing upon the market and present.
ing more favorable opportunities for
investments.
Failing to raise the means required
in the ordinary mode. and urged by the
conviction that the large amount of
acquisitions, swollen to more
than S130,OOO,O00, should be reduced
the Secretary resolved to use all the
means at his command to pay so much
at least as was due to our brave SOL
delay in satisfying their just claims
but still continuing to serve their coun-
try with unflinching courage and I'M
devotion. To effect this
object he was compelled to replace the
whole amount of per cent notes which
had been cancelled, amounting to more
than $4,000 600, and even slightly to
exceed that sum. More fully to accom-
plish his purpose. the Secretary re-
solved to avail himself of a wish eX-
pressed by many officers and soldiers, |
the Paymasters, and offered to
such as desired TIC receive them seven
thirty notes of small denominations. He |
was gratified to find that these n1tes i
were readily taken in payment 20 a
large amount, our gallant soldiers in
many instances not only receiving them
with alacrity, but expressing their sat
at being able to aid their coun-
try by loanins money to the Govern
ment. The whole amount of notes thus
of exceeded S20,000,009: and
the Secretary has great satisfaction in
stating his belief that the disposal thus