Evening journal., 1913-05-21
NEW NEWS OF YESTERDAY
How Federal Credit Was
Strengthened During
the Civil War
By HoLIand

in the spring of 1864 pamphlet
was published bearing the title, Our
Burden and Our Strength" The pub
lication became really a national
sensation. Hundreds of thousands OF
copies were printed. and over 3OO.-
600 were sent to Great Britain and
to the continent of Europe In this
country men who thought themselves
well informed about our natural re-
sources discovered after reading this
pamphlet that they really knew little
about the magnitude and the almost
lneXhaustible nature of the resources
OF the Northern and Western States
and territories. The effect of this
pamphlet upon Europe was immedi-
ately felt by the representatives OF
the government who had been com
missioned to offer government bonds
for sale abroad. Furthermore. one
effect of the pamphlet was greatly to
depreciate the credit of the bonds
which were offered for sale in Europe
by the Confederate government.
The author of this pamphlet was
David A. Wells. It's publication gave
him both a national and an interna-
uonal reputation. He became one
OF the leading economic authorities
OF the United States and was for a
time associated officially with the
treasury department at Washington.
Afterward Mr.. Wells was called into
consultation professionally by many
OF the important corporate and rail-
road interests of the United States.
II was my'good fortune to become
acquainted with. Mr. Wells in 1873.
] had many conversations with him.
Sometimes he seemed absent-minded
and | soon learned that this betok-
ened intense concentration OF his
mind on some important matter. At
other times he was very communi-
cative. | took advantage Of time
when Mr.. Wells seemed disposed to
chat freely to ask him how he came
to write the pamphlet entitled "Our
Burden and Our Strength"
why, he replied, that was almost
accidental. The writing of it can be
directly traced to my business asso-
citation with Mr.. George Putnam, the
publisher, of New York city. When /
was young man | was for a time
in business relations with Mr. Put
nam. He was a very broadminded
and sagacious man.
Mr.. Putnam was informed that a
representative of the Confederate
government whotwas living in Hol-
land had written a pamphlet for the
purpose of showing that the Conted-
crate cotton bonds were as good as
gold, since behind every bond was
the equivalent amount of cotton. The
pamphlet by implication, intimated
that in this respect the Confederate
government was very much stronger
than the Federal government.
Mr.. Putnam was greatly concerned
when he read this pamphlet Almost
instantly his mind turned to me. He
knew that | had made a special study
OF economic questions, and of some OF
the natural resources Of the Northern
and Western States and territories.
He remembered that I had told him
that the natural resources of the
North were sufficient to support an
army of a million men for ten years
and without greatly straining the
credit of the nation and these re-
sILrces, .--.
Mr.. Putnam. therefore, suggested
TO me that | write a pamphlet set
ting forth in detail what the natural
and many of the undeveloped re-
sources of the North were, so that
in this way I could show that the
government of the United States
could rely with confidence upon its
uneXampled resources for the main
tenance of an army of at least mill
lion men year.
Il acted at once upon the sugges-
ton The work did not require a
great deal of labor. | had most of
the material ready at hand.
81 have been told that when Dis
raeli, who, with the exception OF
John Bryce, was the only prominent
statesman who predicted ultimate
victory for the North. read this
pamphlet, he said that it was for
the reason set forth in the pamphlet
that he was confident that the Union
armies would ultimately be triumph
ant"
Copyright, 1918, by f. j. Edwards.
All rights reserved.)
Tomorrow Mr.. Edwards will tell
How General Devens Put Personal
Friendship Before His Ambition"