Evening journal., 1914-05-19
New News Of Yesterday
Why Salmon P. Chase
Resigned From the
Treasury
By Holland.

Ne~0NfA
By Holland.
One summer afternoon, in 1850,
spent an hour or two with the late
Thomas c. Acton on the veranda of
his country place near the mouth Of
the Connecticut River. From that
point there was beautiful vista Of
Long Island Sound and of the purple
hills OF Long Island itself, fifteen
miles distant. Mr.. Acton, in 1868,
gained a national reputation, for he
was the superintendent of the New
York City police force at the time Of
the draft riots and succeeded in at
last quelling the disturbance.
Through the influence of Governor
u. d. Morgan, who was the chairman
Of the Republican National Commit
tee in 1860, which carried on the cam
paign for the election of Abraham
Lincoln, who appointed Mr.. Acton SUI
perintendent of the New York police
force, Mr. Acton became the mana
ger of the United States essay office
OF New York, and a few years later
was appointed Assistant Treasurer of
the United States in charge of the
subtreasury at New York. In this
way Mr. Acton became familiar with
the achievements and character of
some of his predecessors, and par
ticularly John J. Cisco.
I asked Mr.. Acton to tell me some-
thing about Mr.. Cisco, saying that his
name was a familiar one at the time
OF the Civil War, and that l recalled
the Identification of Mr.Cisco with the
flotation of large amounts of govern
ment bonds.
"Cisco was a very able man, Mr..
Acton replied. "He was too able a
man for the government to employ in
such ill-paid service as that of sub
treasurer of the United States at New
York. That is as responsible a finan-
cial post as is any to be found any
where in the world. The bond exact
ed from the sub-treasurer is enor-
nous, and yet for many years he..was
paid only $4,000 a year
''I have good reason for knowing
that II was Mr.. Cisco's determination
TO retire from the office of sub-treas-
urer at New York, which led to a
complication OF circumstances that
resulted in the resignation of Salmon
p. Chase as Secretary Of the Treas
ury. Some of the facts ! obtained from
Mr. Cisco himself.
"Cisco was very anxious to get out
Of the sub-treasury, for he saw
abundant opportunity for making
large amounts Of money in a highly
honorable way, and in the services OF
the United States, principally in the
flotation of government bonds,
"He therefore sent his resignation
to Washington. and Secretary Chase
Immediately asked for the appoint
ment of as charming man as ever
lived, Maunsell B. Field, as sub-treas.
urer at New York.
1T wasn't fortunate choice. FielC
did not possess the qualifications fol
that very responsible service. lie haS
held a place In the Treasury Depart
ment under Mr.. Chase at Washington
but his duties there were chiefly per
functory.
"Mr Cisco and others thought tina
Secretary Chase had been influenced
by the personal charm and very higl
cultivation of Mr.. Field He was
man of fine literary attainments, and
I believe, wrote several books. / neye
shall forget seeing him at the oper'
in New York one evening. although
that was long after the resignation
OF Secretary Chase. He stood up 4
take off his overcoat. The operi
house was packed with the wealtl
and culture Of New York, and to al
most all the leaders of society. Mr
] Field was well known. In stripping
! off his overcoat. his dress coat Wen
I with IL, and there he stood befOr
/ that great and brilliant audience 70
/ a moment or two in his shirt sleeves
! But il was with infinite grace am
without any embarrassment that h
extricated himself from this predica
/ ment.
"Well. to go on with story, Pres
! ident Lincoln would not listen TO IN
appointment of Mr. Field as Assistan
! Treasurer OF the United States i
charge OF the sub-treasury at Ne'
/ York He put his foot down firml.
Secretary Chase was greatly annoye
at the refusal of Lincoln to appoin
Mr. Field, and on the impulse of th
moment sent In his resignation. Lin
! N0An AnhAonNAf o'NNHANn IT, anu OAAAA
ed the place to Governor Tod, of Obi,
He declined It. Then he offered it [
Senator William Pitt Fessenden {
Maine. who accepted il. Mr.. Cisc
told me that Secretary Chase wa
greatly annoyed that President Lii
coin had so speedily accepted hi
resignation. nor was he comforte
until Lincoln nominated him as Chi'
Justice of the United States Suprem
Court"
asked Mr.. Action how the matt,
was finally settled.
IL am glad you asked me that"
said. Mr.. Cisco was persuaded
withdraw his resignation, with Il
understanding that he should not I
1 called upon TO serve longer than OF
year more. He afterward became OF
of the leading private bankers Of a
United States.n
Copyright. 1914. by f. ]. Edward
All rights reservedl
Tomorrow Mr. Edwards will tell
THE Real Founder of the Republica