ury notes which I shall have power to use after the expiration of the
thirty days advertisement of the loan of June 1860, it seems to me that
the interests of the country require that I shall avail myself of the offers
for Treasury notes at par instead of accepting bids for bonds at any
rates likely to be offeredWill you be good enough to see the Committee of the Chamber of
Commerce charged with the duty of obtaining subscriptions to a Treasury note loan, and ascertain their views. Consult also other leading financial gentlemen in whom you have confidence.Will it not be best to avail myself now of the subscriptions obtained
by the Committee and especially of the offers from Boston, Providence
and Philadelphia, and defer the acceptance of bids for bonds until
after the meeting of Congress, when undoubtedly a larger discretion
will be given to the Department than is now allowed.2Cannot offers for Treasury notes be made, either at the same time,
or as alternatives to offers for bonds? Cannot bids be made, say a specified rate for bonds, and for the same amount at another specified rate
not below par for Treasury notes, with the assurance from the Department that the highest bids so made will be accepted either for bonds or
Treasury notes at its option? To afford an opportunity for such bids will
it be useful to extend the time for opening say till Saturday next?It is thought very important by leading Senators and Representatives
that no loan be negotiated before the meeting of Congress, below par;
and if this end is to be accomplished it will be absolutely necessary to
accept offers for Treasury notes.I am not insensible to the disadvantage of this course, and shall prefer,
if entirely at liberty to consult my own judgment, to accept bids for
bonds at any reasonable rates. Still under all the existing circumstances,
as I have already said, it seems to me best to place Treasury notes at par
rather than accept bids for bonds at any rates now likely to be obtained.I enclose to you a Notice to be appended to the advertisement for
the 9.000.000 Loan, unless after consultation with our best informed
friends, you shall think it clearly unadvisable to publish it.3Yours truly S. P. CHASE. John J Cisco Esqr Assistant Treasurer.Telegraph to me tomorrow briefly the result of your consultation with
our friends. If no serious objections appear have the notice appended
to the advertisement in each paper publishing it on Sunday and every
following day till Saturday that full information may be given.
| 1. | Chase intended to offer a $9 million loan authorized by the act of February 8, 1861, as discussed in his letter to Samuel Hooper, April 27, 1861 (above). |
-65-
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: The Salmon P. Chase Papers.
Volume: 3.
Contributors: John Niven - Editor, James P. McClure - AssociateEditor, Leigh Johnsen - AssociateEditor, Salmon Chase - Author.
Publisher: Kent State University Press.
Place of publication: Kent, OH.
Publication year: 1993.
Page number: 65.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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