The Salmon P. Chase Papers - Vol. 3

By John Niven; James P. McClure et al. | Go to book overview
Writing from Grafton, Va., on June 26, McClellan had defended the actions of Ohio governor William Dennison relative to the war. McClellan also discussed his own military situation and the quality of his troops. McClellan to Chase, June 26, 1861, in Sears, Papers of McClellan, 36-38.
The orders were issued to William Nelson on July. 1. Lovell Harrison Rousseau ( 1818-69), later a brigadier general of volunteers, was a former Indiana and Kentucky state legislator noted for his efforts to raise troops for the Union. OR, ser. 1, v. 4:251-52; DAB, 16:194-95.
In a telegraphed reply, McClellan indicated that he considered the movement suggested by Chase "as the most important that can be undertaken. I have been engaged in maturing its details in my mind & intended preparing for it as soon as through with Western Virginia." McClellan to Chase, [ July 10, 1861 ] ( George B. McClellan Papers, L.C.); Sears, Papers of Mc Clellan, 50-51.

FROM JAY COOKE

Autograph letter on letterhead stationery. Jay Cooke Papers, Historical Society of Pennsylvania (micro 16:0122).

JAY COOKE & CO. Bankers, No. 114 South Third Street, Philadelphia, July 12th 1861

Honl S. P. Chase

Dear Sir,

After some days negotiation I have to submit the following for your consideration-- --

Messrs Drexel & Co of this city are willing to join our house in opening a first class Banking Establishment in Washn. at once1--trusting to our energy capital & credit for success, as well as those natural advantages that would legitimately & honestly flow towards us from your personal friendship & the fact that our firm was ardently & fully with the Administration

Drexel & Co & ourselves would represent at least 2 1/2 to 3 millions of capital not all in cash, nor all immediately available but still good as a basis without referring to our own standing & credit, which we may say, is, after 22 years active business in this city, now on a firmer basis than ever--we would refer to Drexel & Co as the heaviest house in Philada. with correspondents all over this land & doing also a heavy business in Germany, Mr Reed their New York partner & active agent there has probably transacted more business in Gov loans & Treasy notes than any other N York firm & is the particular frd of Mr Cisco & stands very high as a business man,2

We propose to give personal attention to the business at Washn. with a view of making our services valuable to yourself during the coming 3 or 4 years, Mr A. J. Drexel ( the head of the house of Drexel & Co) & myself will reside in Washn. most of the time & in this arrangement we shall include my Bro H D 3 who will have a share in the profits-- -- -- We would wish to make our business mostly out of the Treasury operations, & we

-76-

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