Of the millions required to pay the armory how many are [received] & keep out of circulation by the wives and families of soldiers, &c &c Mr. Stevens Bill as printed caused many anxious enquiries on Wall Street yesterday4 He does not seem to consider with the necessary care what he writes on this very delicate subject. I was asked again & again whether The Government intend to disregard their engagement with their creditors as to the payment of interest in Gold on the Bonds already issued. By the way The Eveng Post some time ago advised that the sect'y should not pay the Interest in Gold.--
The News of this evening that there is to be a battle in Tennessee & of an advance on The Rapahn is considered by me as The Begining of the end.5 Go grant it may be so.
I hope the President will not hesitate to issue The Proclan on the 1t Proximo / To loose such an opportunity to place himself foremost on the Roll of Fame would be,-- -- --
Truly your friend & sert JAMES A HAMILTON
To The Hon S. P. Chase &c &c Washington.
|Chase had thanked Hamilton for sending an unidentified article from the Banker's Magazine. Chase to Hamilton, Nov. 27, 1862, in Hamilton, Reminiscences, 547.|
|"It is simply an impossibility," claimed the Post. "We regard it with favor," wrote the Tribune, "but do not place much reliance on it as a present resource." The Times considered Chase "entirely consistent" and "candid" in making the proposal. New York Evening Post, Dec. 8; New York Tribune, Dec. 10; New York Times, Dec. 6, 1862.|
|Hamilton evidently meant to write determining, but neglected to complete the word after hyphenation at the end of a line.|
|The "Loan and Currency Bill" proposed by Stevens included provisions "to suspend the payments of the Public Interest in Gold, and to tax the State Bank Circulation of the country." In January, Stevens continued to promote his own draft legislation as an alternative to a large finance bill favored by the majority of the Committee on Ways and Means. Chase to William P. Fessenden, Jan. 11, 1863 (below); New York Times, Dec. 10, 1862.|
|Hamilton referred to the Federal advance at Fredericksburg, Va. (on the Rappahannock River) and, apparently, to a reconnaissance toward Franklin, Tenn. Long, Civil War Day by Day, 295.|
Letterpress copy of autograph letter. Chase Papers, Historical Society of Pennsylvania (micro 24:0207).
Wash Decr. 13, 1862
My dear Mr Medill
It is a strange thing for me to write in explanation or vindication of any recommendation of mine. I prefer to leave them to stand or fall by the judgments of those to whom they are presented.