The Salmon P. Chase Papers - Vol. 3

By John Niven; James P. McClure et al. | Go to book overview
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the city.3 There is a considerable drawing of Specie, and the Banks holding drafts against the Treasury have presented them all for payment. Our total payments today over receipts have been about Two Millions Dollars; and the Treasurer's account with me is in such a condition that it will be necessary to replenish it immediately. I, therefore, repeat my request verbally made that Drafts on the Associated Banks be at once sent to me.4&c &c &c(SIGNED) JOHN J. CISCOHon. S. P. Chase, Washington--
NaN. News reports claimed that the RMS Europa, sailing from Liverpool, brought news of British outrage and preparations for war due to the U.S. seizure of Confederate diplomats in the Trent affair. "The effect of the war policy of the Government upon the markets has been striking," claimed the New York times. "The funds have fallen three percent; American securities have fallen six, and Canadian securities ten percent." New York Times, Dec. 16, 1861
NaN. "The Bank meeting has unanimously resolved that there is neither reason Justification or necessity to suspend specie payments," Cisco telegraphed on the seventeenth. The bankers reconsidered the matter on December 28, and the decision to halt specie payments took effect on the thirtieth. Cisco to Chase, Dec. 17, 1861 (Letters Received from Asst. Treasurers, Gen. Recs. Treasury Dept., Nat. Arch.); New York Times, Dec. 30, 1861.
NaN. Observers at the time feared that the rising price of gold in Europe would trigger a flight of specie from the U.S. and deprive the country of adequate reserves. Hammond, Sovereignty, 132.
NaN. A $50 million loan that Chase had negotiated in November with banks in New York, Philadelphia, and Boston, like similar loans announced in August and October, enabled the assistant treasurers to draw funds from the banks. Report of the Secretary of the Treasury, on the State of the Finances, for the Year ending June 30, 1861, 37th Cong., 2d sess., 1861, S. Ex. Doc. 2, 8-10; Schuckers, Chase, 225-31; Hammond, Sovereignty, 112, 115.

TO JOHN J. CISCO

Letterbook copy in clerk's hand. Letters Sent, Loan Division, Records of the Bureau of the Public Debt (Record Group 53), National Archives (micro 18:0749).

Treasury Department Dec 29 1861.

My Dear Sir,

The warrants sent you by todays mail are for the payment of interest & principal of public debt. I have already notified you by telegram of this date to discontinue payments in coin & coin redemptions of U.S. notes, but to receive & pay out the notes as usual.1 Of course they are receivable in payment of subscriptions to 73/10% Bonds 2 as well as for all public dues. The U.S. notes & past due Bonds including the notes of the loan of December last bearing interest from 3 to 12% will furnish a sufficient medium for payment of duties without material inconvenience.

-113-

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The Salmon P. Chase Papers - Vol. 3
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