abraham lincoln and the union-第27节

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story　there　was　a　Chase　faction　and　a　Seward　faction。　　The　former　had　behind　them　the　Radical　Republicans；　while　the　latter　relied　upon　the　support　of　the　moderates。　　This　division　in　the　Republican　party　runs　deep　through　the　politics　of　the　time。　　There　seems　to　be　good　reason　to　think　that　Chase　was　not　taken　by　surprise　when　his　radical　allies　in　Congress；　in　December；　1862；　demanded　of　Lincoln　the　removal　of　Seward。　　It　will　be　remembered　that　the　elections　of　the　autumn　of　1862　had　gone　against　Lincoln。　　At　this　moment　of　dismay；　the　friends　of　Chase　struck　their　blow。　　Seward　instantly　offered　his　resignation。　　But　Lincoln　skillfully　temporized。　　Thereupon；　Chase　also　resigned。　　Judging　from　the　scanty　evidence　we　have　of　his　intention；　we　may　conclude　that　he　thought　he　had　Lincoln　in　a　corner　and　that　he　expected　either　to　become　first　minister　or　the　avowed　chief　of　an　irresistible　opposition。　　But　he　seems　to　have　gone　too　fast　for　his　followers。　Lincoln　had　met　them；　together　with　his　Cabinet；　in　a　conference　in　December；　1862；　and　frankly　discussed　the　situation；　with　the　result　that　some　of　them　wavered。　　When　Lincoln　informed　both　Seward　and　Chase　that　he　declined　to　accept　their　resignations；　both　returnedSeward　with　alacrity；　Chase　with　reluctance。　　One　of　the　clues　to　Lincoln's　cabinet　policy　was　his　determination　to　keep　both　these　factions　committed　to　the　Government；　without　allowing　himself　to　be　under　the　thumb　of　either。

During　the　six　months　following　the　cabinet　crisis　Chase　appears　at　his　best。　　A　stupendous　difficulty　lay　before　him　and　he　attacked　it　manfully。　　The　Government's　deficit　was　276；900；000。　Of　the　loans　authorized　in　1862the　〃five…twenties〃　as　they　were　called；　bringing　six　per　cent　and　to　run　from　five　to　twenty　years　at　the　Government's　pleasure…the　sales　had　brought　in；　to　December；　1862；　only　23；750；000；　though　five　hundred　million　had　been　expected。　　The　banks　in　declining　to　handle　these　bonds　laid　the　blame　on　the　Secretary；　who　had　insisted　that　all　purchasers　should　take　them　at　par。

It　is　not　feasible；　in　a　work　of　this　character；　to　enter　into　the　complexities　of　the　financial　situation　of　1863；　or　to　determine　just　what　influences　caused　a　revolution　in　the　market　for　government　bonds。　　But　two　factors　must　be　mentioned。　　Chase　was　induced　to　change　his　attitude　and　to　sell　to　banks　large　numbers　of　bonds　at　a　rate　below　par；　thus　enabling　the　banks　to　dispose　of　them　at　a　profit。　　He　also　called　to　his　aid　Jay　Cooke；　an　experienced　banker；　who　was　allowed　a　commission　of　one…half　per　cent　on　all　bonds　sold　up　to　10；000；000　and　three…eighths　of　one　per　cent　after　that。　　Cooke　organized　a　countrywide　agency　system；　with　twenty…five　hundred　subagents　through　whom　he　offered　directly　to　the　people　bonds　in　small　denominations。　　By　all　manner　of　devices；　patriotism　and　the　purchase　of　bonds　were　made　to　appear　the　same　thing；　and　before　the　end　of　the　year　400；000；000　in　five…twenty　bonds　had　been　sold。　　This　campaign　to　dispose　of　the　five…twenties　was　the　turning…point　in　war　finance；　and　later　borrowings　encountered　no　such　difficulties　as　those　of　1862　and　1863。

Better　known　today　than　this　precarious　legislation　is　the　famous　Act　of　1863；　which　was　amended　in　the　next　year　and　which　forms　the　basis　of　our　present　system　of　national　banks。　　To　Chase　himself　the　credit　for　this　seems　to　be　due。　　Even　in　1861　he　advised　Congress　to　establish　a　system　of　national　banks；　and　he　repeated　the　advice　before　it　was　finally　taken。　　The　central　feature　of　this　system　which　he　advocated　is　one　with　which　we　are　still　familiar：　permission　to　the　banks　accepting　government　supervision　to　deposit　government　bonds　in　the　Treasury　and　to　acquire　in　return　the　right　to　issue　bank…notes　to　the　amount　of　ninety　per　cent　of　the　value　of　the　bonds。

There　can　be　no　doubt　that　Chase　himself　rated　very　highly　his　own　services　to　his　country。　　Nor　is　there　any　doubt　that；　alone　among　Lincoln's　close　associates；　he　continued　until　the　end　to　believe　himself　a　better　man　than　the　President。　　He　and　his　radical　following　made　no　change　in　their　attitude　to　Lincoln；　though　Chase　pursued　a　course　of　confidential　criticism　which　has　since　inspired　the　characterization　of　him　as　a　〃sneak；〃　while　his　followers　were　more　outspoken。　　In　the　summer　of　1863　Chase　was　seriously　talked　of　as　the　next　President；　and　before　the　end　of　the　year　Chase　clubs　were　being　organized　in　all　the　large　cities　to　promote　his　candidacy。　　Chase　himself　took　the　adroit　position　of　not　believing　that　any　President　should　serve　a　second　term。

Early　in　1864　the　Chase　organization　sent　out　a　confidential　circular　signed　by　Senator　Pomeroy　of　Kansas　setting　forth　the　case　against　Lincoln　as　a　candidate　and　the　case　in　favor　of　Chase。　Unfortunately　for　Chase；　this　circular　fell　into　the　hands　of　a　newspaper　and　was　published。　　Chase　at　once　wrote　to　Lincoln　denying　any　knowledge　of　the　circular　but　admitting　his　candidacy　and　offering　his　resignation。　　No　more　remarkable　letter　was　written　by　Lincoln　than　his　reply　to　Chase；　in　which　he　showed　that　he　had　long　fully　understood　the　situation；　and　which　he　closed　with　these　words：　〃Whether　you　shall　remain　at　the　head　of　the　Treasury　Department　is　a　question　which　I　do　not　allow　myself　to　consider　from　any　standpoint　other　than　my　judgment　of　the　public　service；　and；　in　that　view；　I　do　not　perceive　occasion　for　change。〃

The　Chase　boom　rapidly　declined。　　The　deathblow　was　given　by　a　caucus　of　the　Union　members　of　the　legislature　of　his　own　State　nominating　Lincoln　〃at　the　demand　of　the　people　and　the　soldiers　of　Ohio。〃　　The　defeat　embittered　Chase。　　For　several　months；　however；　he　continued　in　the　Cabinet；　and　during　this　time　he　had　the　mortification　of　seeing　Lincoln　renominated　in　the　National　Union　Convention　amid　a　great　display　of　enthusiasm。

More　than　once　in　the　past；　Chase　had　offered　his　resignation。　　On　one　occasion　Lincoln　had　gone　to　his　house　and　had　begged　him　to　reconsider　his　decision。　　Soon　after　the　renomination；　Chase　again　offered　his　resignation　upon　the　pretext　of　a　disagreement　with　the　President　over　appointments　to　office。　　This　time；　however；　Lincoln　felt　the　end　had　come　and　accepted　the　resignation。　Chase's　successor　in　the　Treasury　was　William　Pitt　Fessenden；　Senator　from　Maine。　　During　most　of　the　summer　of　1864　Chase　stood　aside；　sullen　and　envious；　watching　the　progress　of　Lincoln　toward　a　second　election。　　So　much　did　his　bitterness　affect　his　judgment　that　he　was　capable　of　writing　in　his　diary　his　belief　that　Lincoln　meant　to　reverse　his　policy　and　consent　to　peace　with　slavery　reestablished。



CHAPTER　XI。　NORTHERN　LIFE　DURING　THE　WAR

The　real　effects　of　war　on　the　life　of　nations　is　one　of　those　old　and　complicated　debates　which　lie　outside　the　scope　of　a　volume　such　as　this。　　Yet　in　the　particular　case　of　the　Northern　people　it　is　imperative　to　answer　two　questions　both　of　which　have　provoked　interminable　discussion：　Was　the　moral　life　of　the　North　good　or　bad　in　the　war　years？　　Was　its　commercial　life　sound？

As　to　the　moral　question；　contemporary　evidence　seems　at　first　sight　contradictory。　　The　very　able　Englishman　who　represented　the　〃Times〃；　William　H。　Russell；　gives　this　ugly　picture　of　an　American　city　in　1863：

〃Every　fresh　bulletin　from　the　battlefield　of　Chickamauga；　during　my　three　weeks'　stay　in　Cincinnati；　brought　a　long　list　of　the　dead　and　wounded　of　the　Western　army；　many　of　whom；　of　the　officers；　belonged　to　the　best　families　of　the　place。　　Yet　the　signs　of　mourning　were　hardly　anywhere　perceptible；　the　noisy　gaiety　of　the　town　was　not　abated　one　jot。〃

On　the　other　hand；　a　private　manuscript　of　a　Cincinnati　family　describes　the　〃intense　gloom　hanging　over　the　city　like　a　pall〃　during　the　period　of　that　dreadful　battle。　　The　memories　of　old　people　at　Cincinnati　in　after　daysif　they　had　belonged　to　the　〃loyal〃　partycontained　only　sad　impressions　of　a　city　that　was　one　great　hospital　where　〃all　our　best　people〃　worked　passionately　as　volunteer　assistants　of　the　government　medical　corps。

A　third　fact　to　be　borne　in　mind　in　connection　with　this　apparent　contradiction　in　evidence　is　the　source　of　the　greater　fortunes　of　Cincinnati；　a　large　proportion　of　which　are　to　be　traced；　directly　or　indirectly　to　government　contracts　during　the　war。　　In　some　cases　the　merciless　indifference　of　the　Cincinnati　speculators　to　the　troubles　of　their　country　are　a　local　scandal　to　this　day；　and　it　is　still　told；　sometimes　with　scorn；　sometimes　with　amusement；　how　perhaps　the　greatest　of　these　fortunes　was　made　by　forcing　up　the　price　of　iron　at　a　time　when　the　Government　had　to　have　iron；　cost　what　it　might。

Thus　we　no　sooner　take　up　the　moral　problem　of　the　times　than　we　find　ourselves　involved　in　the　commercial　question；　for　here；　as　always；　morals　and　business　are　intertwined。　Was　the　commercial　management　of　the　North　creditable　to　the　Government　and　an　honor　to　the　people？　　The　surest　way　to　answer　such　questions　is　to　trace　out　with　some　fullness　the　commercial　and　industrial　conditions　of　the　North　during　the　four　years　of　war。

The　general　reader　who　looks　for　the　first　time　into　the　matter　is　likely　to　be　stagge