abraham lincoln and the union-第26节

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ses　of　praise　and　sympathy　〃began　to　pour　into　the　Legation　of　the　United　States　in　a　steady　and　ever　swelling　stream。〃　　An　immense　popular　demonstration　took　place　at　Exeter　Hall。　　Cobden；　writing　to　Sumner；　described　the　new　situation　in　British　politics；　in　a　letter　amounting　to　an　assurance　that　the　Government　never　again　would　attempt　to　resist　the　popular　pressure　in　favor　of　the　North。

On　the　last　day　of　1862　a　meeting　of　workingmen　at　Manchester；　where　the　cotton　famine　was　causing　untold　misery；　adopted　one　of　those　New　Year　greetings　to　Lincoln。　　Lincoln's　reply　expressed　with　his　usual　directness　his　own　view　of　the　sympathetic　relation　that　had　been　established　between　the　democratic　classes　of　the　two　countries：

〃I　know　and　deeply　deplore　the　sufferings　which　the　workingmen　at　Manchester；　and　in　all　Europe；　are　called　to　endure　in　this　crisis。　It　has　been　often　and　studiously　represented　that　the　attempt　to　overthrow　this　Government；　which　was　built　upon　the　foundation　of　human　rights；　and　to　substitute　for　it　one　which　should　rest　exclusively　on　the　basis　of　human　slavery；　was　likely　to　obtain　the　favor　of　Europe。　　Through　the　action　of　our　disloyal　citizens；　the　workingmen　of　Europe　have　been　subjected　to　severe　trials；　for　the　purpose　of　forcing　their　sanction　to　that　attempt。　　Under　the　circumstances；　I　cannot　but　regard　your　decisive　utterances　upon　the　question　as　an　instance　of　sublime　Christian　heroism　which　has　not　been　surpassed　in　any　age　or　in　any　country。　　It　is　indeed　an　energetic　and　reinspiring　assurance　of　the　inherent　power　of　truth；　and　of　the　ultimate　triumph　of　justice；　humanity；　and　freedom。　　I　do　not　doubt　that　the　sentiments　you　have　expressed　will　be　sustained　by　your　great　nation；　and；　on　the　other　hand；　I　have　no　hesitation　in　assuring　you　that　they　will　excite　admiration；　esteem；　and　the　most　reciprocal　feelings　of　friendship　among　the　American　people。　　I　hail　this　interchange　of　sentiment；　therefore；　as　an　augury　that　whatever　else　may　happen；　whatever　misfortune　may　befall　your　country　or　my　own；　the　peace　and　friendship　which　now　exists　between　the　two　nations　will　be；　as　it　shall　be　my　desire　to　make　them；　perpetual。〃



CHAPTER　X。　THE　SECRETARY　OF　THE　TREASURY

Though　the　defeat　of　the　Democrats　at　the　polls　in　1863　and　the　now　definitely　friendly　attitude　of　England　had　done　much　to　secure　the　stability　of　the　Lincoln　Government；　this　success　was　due　in　part　to　a　figure　which　now　comes　to　the　front　and　deserves　attentive　consideration。　　Indeed　the　work　of　Salmon　Portland　Chase；　Secretary　of　the　Treasury；　forms　a　bridge；　as　one　might　say；　between　the　first　and　second　phases　of　Lincoln's　administration。

The　interesting　Englishman　who　is　the　latest　biographer　of　Lincoln　says　of　Chase：　〃Unfortunately；　this　imposing　person　was　a　sneak。〃　But　is　Lord　Charnwood　justified　in　that　surprising　characterization？　　He　finds　support　in　the　testimony　of　Secretary　Welles；　who　calls　Chase；　〃artful　dodger；　unstable；　and　unreliable。〃　And　yet　there　is　another　side；　for　it　is　the　conventional　thing　in　America　to　call　him　our　greatest　finance　minister　since　Hamilton；　and　even　a　conspicuous　enemy　said　of　him；　at　a　crucial　moment；　that　his　course　established　his　character　〃as　an　honest　and　frank　man。〃

Taking　these　contradictory　estimates　as　hints　of　a　contradiction　in　the　man；　we　are　forced　to　the　conclusion　that　Chase　was　a　professional　in　politics　and　an　amateur　in　finance。　　Perhaps　herein　is　the　whole　explanation　of　the　two　characteristics　of　his　financial　policyhis　reluctance　to　lay　taxes；　and　his　faith　in　loans。　　His　two　eyes　did　not　see　things　alike。　　One　was　really　trying　to　make　out　the　orthodox　path　of　finance；　the　other　was　peering　along　the　more　devious　road　of　popular　caprice。

The　opening　of　the　war　caught　the　Treasury；　as　it　caught　all　branches　of　the　Government；　utterly　unprepared。　　Between　April　and　July；　1861；　Chase　had　to　borrow　what　he　could。　　When　Congress　met　in　July；　his　real　career　as　director　of　financial　policy　beganor；　as　his　enemies　think；　failed　to　begin。　　At　least；　he　failed　to　urge　upon　Congress　the　need　of　new　taxes　and　appeared　satisfied　with　himself　asking　for　an　issue　of　240；000；000　in　bonds　bearing　not　less　than　seven　per　cent　interest。　　Congress　voted　to　give　him　250；000；000　of　which　50；000；000　might　be　interest…bearing　treasury　notes；　made　slight　increases　in　duties；　and　Prepared　for　excise　and　direct　taxation　the　following　year。　　Later　in　the　year　Congress　laid　a　three　per　cent　tax　on　all　incomes　in　excess　of　800。

When　Congress　reassembled　in　December；　1861；　expenditures　were　racing　ahead　of　receipts；　and　there　was　a　deficit　of　143；000；000。　It　must　not　be　forgotten　that　this　month　was　a　time　of　intense　excitability　and　of　nervous　reaction。　　Fremont　had　lately　been　removed；　and　the　attack　on　Cameron　had　begun。　　At　this　crucial　moment　the　situation　was　made　still　more　alarming　by　the　action　of　the　New　York　banks；　followed　by　all　other　banks；　in　suspending　specie　payments。　　They　laid　the　responsibility　upon　Chase。　　A　syndicate　of　banks　in　New　York；　Boston；　and　Philadelphia　had　come　to　the　aid　of　the　Government；　but　when　they　took　up　government　bonds；　Chase　had　required　them　to　pay　the　full　value　cash　down；　though　they　had　asked　permission　to　hold　the　money　on　deposit　and　to　pay　it　as　needed　on　requisition　by　the　Government。　　Furthermore；　in　spite　of　their　protest；　Chase　issued　treasury　notes；　which　the　banks　had　to　receive　from　their　depositors；　who　nevertheless　continued　to　demand　specie。　　On　January　1；　1862；　the　banks　owed　459；000；000　and　had　in　specie　only　87；000；000。　　Chase　defended　his　course　by　saying　that　the　financial　crisis　was　not　due　to　his　policyor　lack　of　policy；　as　it　would　now　seembut　to　a　general　loss　of　faith　in　the　outcome　of　the　war。

There　now　arose　a　moral　crisis　for　this　〃imposing　person〃　who　was　Secretary　of　the　Treasurya　crisis　with　regard　to　which　there　are　still　differences　of　opinion。　　While　he　faced　his　problem　silently；　the　Committee　on　Ways　and　Means　in　the　House　took　the　matter　in　hand：　Its　solution　was　an　old　one　which　all　sound　theorists　on　finance　unite　in　condemningthe　issue　of　irredeemable　paper　money。　And　what　did　the　Secretary　of　the　Treasury　do？　　Previously；　as　Governor　of　Ohio；　he　had　denounced　paper　money　as；　in　effect；　a　fraud　upon　society。　　Long　after；　when　the　tide　of　fortune　had　landed　him　in　the　high　place　of　Supreme　Justice；　he　returned　to　this　view　and　condemned　as　unconstitutional　the　law　of　1862　establishing　a　system　of　paper　money。　　But　at　the　time　when　that　law　was　passed　Chase；　though　he　went　through　the　form　of　protesting；　soon　acquiesced。　　Before　long　he　was　asking　Congress　to　allow　a　further　issue　of　what　he　had　previously　called　〃fraudulent〃　money。

The　answer　to　the　question　whether　Chase　should　have　stuck　to　his　principles　and　resigned　rather　than　acquiesce　in　the　paper　money　legislation　turns　on　that　other　questionhow　were　the　politician　and　the　financier　related　in　his　make…up？

Before　Congress　and　the　Secretary　had　finished；　450；000；000　were　issued。　　Prices　naturally　rose；　and　there　was　speculation　in　gold。　Even　before　the　first　issue　of　paper　money；　the　treasury　notes　had　been　slightly　below　par。　　In　January；　1863；　a　hundred　dollars　in　paper　would　bring；　in　New　York；　only　69。00　in　gold；　a　year　later；　after　falling；　rising；　and　falling　again；　the　value　was　64。00；　in　July　and　August；　1864；　it　was　at　its　lowest；　39。00；　when　the　war　closed；　it　had　risen　to　67。00。　　There　was　powerful　protest　against　the　legislation　responsible　for　such　a　condition　of　affairs。　　Justin　Morrill；　the　author　of　the　Morrill　tariff；　said；　〃I　would　as　soon　provide　Chinese　wooden　guns　for　the　army　as　paper　money　alone　for　the　army。　　It　will　be　a　breach　of　public　faith。　It　will　injure　creditors；　it　will　increase　prices；　it　will　increase　many　fold　the　cost　of　the　war。〃　　Recent　students　agree；　in　the　main；　that　his　prophecies　were　fulfilled；　and　a　common　estimate　of　the　probable　increase　in　the　cost　of　the　war　through　the　use　of　paper　money　and　the　consequent　inflation　of　prices　is　600；000；000。

There　was　much　more　financial　legislation　in　1862；　but　Chase　continued　to　stand　aside　and　allow　Congress　the　lead　in　establishing　an　excise　law；　an　increase　in　the　income　tax；　and　a　higher　tariffthe　last　of　which　was　necessitated　by　the　excise　law　which　has　been　described　as　a　bill　〃that　taxed　everything。〃　To　enable　American　manufacturers　to　bear　the　excise　duties　levied　upon　their　business；　protection　was　evoked　to　secure　them　the　possession　of　their　field　by　excluding　foreign　competition。　　All　these　taxes；　however；　produced　but　a　fraction　of　the　Government's　revenue。　　Borrowing；　the　favorite　method　of　the　Secretary；　was　accepted　by　Congress　as　the　main　resource。　　It　is　computed　that　by　means　of　taxation　there　was　raised　in　the　course　of　the　war　667；163；247。00；　while　during　the　same　period　the　Government　borrowed　2；621；916；786。00。

Whatever　else　he　may　think　of　Chase；　no　one　denies　that　in　1862　he　had　other　interests　besides　finance。　　Lincoln's　Cabinet　in　those　days　was　far　from　an　harmonious　body。　　All　through　its　history　there　was　a　Chase　faction　and　a　Seward　faction。　　The　former　had　behind　them　the　Radical　Republ