tion shall have been accomplished will, from one occasion to another, prove of great utility.
I have never contemplated loans at great discount or at high interest, or unless, at very low interest, for long time. The United States Notes are a good protection against such loans. When however loans can be obtained at such rates as par for the Five Twenties I think that fact indicates a condition in which it is expedient to borrow.
It is natural that gentlemen in New York interested in the Secured Banking System of that state, gentlemen in Ohio similarly circumstanced, and gentlemen from other parties of the country interested in local banks whose profits may suffer some abridgement in transition from a State to a National System, should incline to look with disfavor on the plan proposed in my report.
But my conviction is clear that they exaggerate the inconveniences even to their own interests & lose sight of the great & permanent advantages to flow from the system even to the Capitals of those very institutions. [Were] the case as they think it however should not public considerations prevail.
I was not aware when I wrote formerly that I was writing to a political opponent. I am a democrat--devoted to the Union, to Progress & to Freedom with order & under law--and therefore a Democratic Republican. But in the financial, as well as in the civil crisis now upon us I desire to take counsel of Love to Country more than of Zeal for Party.
Yours very truly, S P CHASE
S. DeWitt Bloodgood Esq
Autograph letter on letterhead stationery. Rosecrans Papers, Department of Special Collections, University Research Library, University of California, Los Angeles (micro 24:0161).
Treasury Department. Decr. 11, 1862
My dear General,
All I could do for you I have gladly and cheerfully done, not merely from personal regard but for the sake of our country. Were our relations hostile instead of being as I trust cordial my action would not be much changed--for in this trial hour of our institutions my worst enemy is to me more than my best brother, if he serves the country best.
Now I am going to prove the sincerity of my friendship by a few words which I fear will prove not very pleasant. I have heard a good deal of complaint about your long tarrying at Nashville. Perhaps there are those in high quarters who think you should not have gone to Nashville at all, but have pushed directly for East Tennessee through