The Salmon P. Chase Papers - Vol. 3

By John Niven; James P. McClure et al. | Go to book overview

TO JAY COOKE

Autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 20:0137).

Treasury Dept. April 11, 1862

Sir,

It is important to the Government as well as to the contractors and others who have recd. certificates of indebtedness in payment of claims 1that persons obliged to sell shall find a market, without being compelled to sacrifice; and it is believed that the judicious employment of (say) a million of dollars in purchases will bring them up to par or nearly.

If you concur in this opinion you are authorized to make purchases at any rate up to 99⅞ and all you purchase will be taken of you at the rate actually paid & (one eighth) of one per cent addition as compensation

This authority is limited to one million of dollars and you will report from day to day the amount purchased & the number of certificates & the rates paid.

You will be allowed interest on the certificates purchased from date of purchase to redemption by the department.

This authority is given in strict confidence.

With great respect S: P: CHASE
Secy. &c &c

Jay Cooke Esq
Legislation signed into law on March 1 authorized the secretary of the Treasury to issue the certificates, payable in one year at the rate of 6 percent. Statutes at Large, 12:352-53.

FROM LOVELL H. ROUSSEAU

Letter in clerk's hand, signed by Rousseau. Chase Papers, Historical Society of Pennsylvania (micro 20:0186).

Battle Field of "Shiloh" Tenn,
April 15th. 1862.

My Dear Sir:

Before this reaches you many versions of the terrific battle fought here on Sunday and Monday, the 6th. & 7th. inst. will have been given you--I see already that the papers are filled with reports as fabulous as any of the vagaries of Don Quixote.1 I do not desire, nor is it necessary to my purpose to give you a full and detailed account of the events and incidents of these two bloody days, but I I do desire to speak of several

-171-

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