The Winslow mail., 1911-06-10
NEW NEWS or YESTERDAY
Simple Appeal That Got $780,
100000 in Gold.
How the Bankers of the East Re-
sponded Instantly to Secretary
Salmon p. Chase's Call
for Financial Aid
BY {. J. EDWARDS.

The late George 8. Coe of New York
and New Jersey was one of the great
bankers of 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 intimately as
soctated with the Lincoln administra-
ton on the financial side than any
other Of the country's prominent bank
ers 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 coun-
try's great secretaries of the treas
ury
For number of years before he
became member of Lincoln's cabinet
] had conceived a high admiration for
Mr.. Chase" said Mr.. Coe to p1e when
old-time finance was under discussion.
but not until some months after the
outbreak of the civil war was I privi-
legged to meet him, and that meeting
resulted in one of the most dramatic
Incidents in connection with big
finance of which l have personal
knowledge.
you may remember that when
President Lincolns administration be-
gan the government was almost in a
bankrupt condition. It's credit was
very low, and there was practically no
gold in the treasury. Yet, if the north
were to have an army adequate to
cone wit fhn
alton of the confederacy it was abso-
lutely necessary for the government to
nave money to pay that army to pur-
chase supplies and equipment for it.
At the height of the uncertainty
over the governments financial condi-
t1on, following the outbreak of war.
the bankers of the east-New York,
Philadelphia and Boston-received an
lntlmat1on that the secretary of the
treasury was anxious to meet them in
confidence, for he had a message of
great importance to communicate to
them. An appointment was at once
made for Secretary Chase to meet us
In the directors room of the bank of
which | 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 to him. The gra-
cious dignity of the man, a certain
majesty OF manner do not know
how better to express 1.-THE great
intellectually revealed in his face, the
noble poise of his head, his entire per.
sonal1ty, greatly impressed me, and I
am certain that every other banker in
that room was equally impressed.
Soon after the introductions were
over and few casual remarks had
been made, Secretary Chase began to
deliver his message. He spoke quiet
ly, In low tone of voice, but every
word was distinctly uttered; his was
one OF the most attractive voices 7
have ever heard In private converse.
ton, and then it was that I under
stood what his great charm as a pub
lie speaker was. And this was the
message he brought to us, substan-
TALLY 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 1t will not
be difficult to raise whatever size
army we may find necessary to save
the Union. Enlistments will proceed
are proceeding, all over the north. But
what are we to do with an army un-
less we can feed it, clothe it, provide
1t with equipment and ammunition?
Now, gentlemen, | am no finan-
cier 1t Is my duty, under the law. to
administer the finances of the coun.
try, but it is no part of my duty. nor
Is 1t within my power, to raise money
until congress gives me that power.
You are men of finance. It Is vour
business to know how to raise money.
appeal to you. having nothing to Of
fer except the credit of the govern
ment, and the preservation of the
Union for fifty millions in gold. You
know how to secure that gold. I shall
know how to make wise and efficient
use of 1t. This. gentlemen. is the
message l had to deliver to YOU"
Mr.. Coe leaned forward in his chair
He got the gold on the instant" he
said, emphatically.
Copyright. 1910, by E. ]. Edwards. An
Rights Reserved)