|On April 17, Chase wrote that Edwin M. Stanton was leaning toward the appointment of a quartermaster and commissary for Port Royal instead of a military governor. "He will give you either place," Chase told Pierce, "and I do hope you will accept one." Chase to Pierce, Apr. 17, 1862 ( Chase Papers, L.C.).|
|Austa Malinda Winchell French ( 1810-80). On the reverse of the last leaf of this letter Chase penned an endorsement to Stanton, referring the letter to Stanton's attention. After noting that Pierce had "written freely . . . and frankly, " Chase wrote: "What he says about acceptance of a position in reference to the suggestion that he might be made military governor, I have advised him that this idea is abandoned & that he can only be made commissary with the best rank you can lawfully give him. It wd. be a pity to lose him." French, Ancestors and Descendants, 107.|
Letterbook copy in clerk's hand. Letters Sent, Loan Division, Records of the Bureau of the Public Debt (Record Group 53), National Archives ( micro 20:0342).
Treasury Department April 26. 1862
On the 7th of March, 1862, you were appointed a Subscription Agent for the National Loan, and $250.000 in Three Years Bonds, dated Oct. 1 1861, were sent you.1
On the 22d of March you were authorized to dispose of $750.000, additional at par, and on the 25th the Bonds for that amount, bearing date as above, were sent you. In my letter giving you this authority,2 I said "It is desirable in order to make immediate provision for payment of some troops going into the field to obtain the money as soon as possible".
Under this authority you sold the whole amount of Bonds sent you, and it was expected that you would deposit the proceeds at once, in the Treasury.
I was not aware that a balance was remaining in your hands, until the date of my recent letter to you, directing it to be deposited immediately with the Assistant Treasurer in Philadelphia or in New York."3 However useful to the Government the employment of the funds in your hands may have been, such consideration would not justify a departure from the regular course requiring prompt payments into the Treasury.
At the same time that you were authorized to sell $750.000. the Assistant Treasurer at New York was authorized to sell $3.000.000: and the whole am't was taken by the New York Banks, the proceeds of these Bonds were paid into the Treasury within a very few days; and you will see at once, that it would be impossible for me to allow such a discrimination, as would sanction any greater delay on your part.
With great respect
S. P. CHASE
Jay Cook Esq