The Salmon P. Chase Papers - Vol. 3

By Salmon Chase; John Niven et al. | Go to book overview
1. A wealthy New York merchant, Aspinwall had agreed to visit England with Forbes to encourage British confiscation of two ironclad "rams," warships with underwater spikes on their prows, under construction for the Confederacy in the Laird shipyards of Liverpool. The pair had also agreed to assist in raising funds in Europe. Forbes sailed from Boston on March 18. Aspinwall waited a week for the Treasury to prepare bonds to be used as collateral for a temporary loan in England, then left from New York. DAB, 1:396; MacPherson, Ordeal by Fire, 342-44; Aspinwall to Chase, Mar. 19, [25], 1863, Chase to Aspinwall, Mar. 20, 21, 1863 ( Chase Papers, Hist. Soc. of Pa.).
2. Aspinwall and Forbes had authority to perform two tasks for the Treasury. The first was to negotiate a one-year loan of five million dollars from the English banking house of Baring Brothers, to be secured by ten million dollars' worth of 5-20 bonds. Sentiment in Britain did not favor strong support of the U.S., and in April 1863 the Baring firm agreed only to a six-month loan of five hundred pounds sterling, with the option to extend both the amount and the term depending on relations between the U.S. and England in the coming months. Chase also authorized Forbes and Aspinwall to negotiate for the sale of bonds to the value of ten million pounds sterling or fifty million U.S. dollars. The pair sounded financial opinion in England and elsewhere, and in May they reported to Chase that European financiers distrusted the financial condition of the U.S.: prospects of raising large sums in Europe at the time seemed weak. Chase replied optimistically that he was now meeting the country's demands with current means and there was no immediate need for a big European loan: "My financial measures have thus been crowned with more than expected success." Chase to Aspinwall and Forbes, Mar. 16 (three letters), Mar. 21, May 14, Chase to Baring Bros., Mar. 16, Aspinwall to Chase, Mar. 20, Aspinwall and Forbes to Chase, Apr. 18, May 2, 1863 ( Chase Papers, Hist. Soc. of Pa.).
3. Chase evidently referred to the retirement of the debt during Andrew Jackson's presidency and to the strides made by Albert Gallatin, as secretary of the Treasury, 1801-14, in eliminating the debt. William J. Schultz and M. R. Caine, Financial Development of the U.S. ( New York, 1937), 112, 165, 218; DAB, 7:106-7.
4. See Chase to Walker, March 30 (below).
5. If one considered the compounding of interest along with initial purchase cost, Aspinwall argued, 5 percent bonds could be appealing to investors. The 5-20 bonds were fixed by law at 6 percent interest, but the March 1863 act that authorized issue of 10-40 bonds allowed them to carry annual interest "not exceeding" 6 percent. Aspinwall to Chase, Mar. 21, 22, 1863 ( Chase Papers, Hist. Soc. of Pa.); Statutes at Large, 12:345, 532, 710.
6. Joseph M. Price, Interest Tables, at Five, Six, and, Seven Per Cent. Per Annum . . .( New York, 1863).
7. Inventor and shipbuilder Ross Winans ( 1796-1877) sympathized with the Confederacy. DAB, 20:371-72.
8. Shipbuilder John Laird ( 1805-74), a member of Parliament, 1861-74. DNB, 11:406.
9. CSS Alabama and CSS Florida, noted Confederate raiders, were wooden propeller-driven steamers constructed by the Laird and Miller shipyards, respectively, of Liverpool. ORN, ser. 2, v. 1:252, 297.
10. The article, written by Massachusetts orator and politician Edward Everett, criticized secession as an "arch-blunder" that insured the Confederacy's fragmentation and thus threatened the European balance of power by inviting British and French intrigue in the western hemisphere. New York Ledger, Mar. 28, 1863.

TO ROBERT J. WALKER

Letter in clerk's hand on letterhead stationery, signed by Chase. Misc. Mss. Walker, The New-York Historical Society (micro 25:0988).

Treasury Department.
March 30, 1863.

Sir

It is thought by many whose judgments are entitled to great consideration, that much good may flow from clear and statements,1 in Europe, in relation to American Affairs, made by persons whose

-412-

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The Salmon P. Chase Papers - Vol. 3
Table of contents

Table of contents

  • Title Page iii
  • Editorial Advisory Board v
  • Contents vii
  • Acknowledgments ix
  • Chronology xi
  • Introduction by John Niven xv
  • Editorial Procedures xxiii
  • The Correspondence of Salmon P. Chase, 1858-March 1863 3
  • From Theodore Parker 4
  • To Gerrit Smith 7
  • From Joseph Medill 8
  • From Joseph Medill 11
  • To Abraham Lincoln 13
  • To Edward L. Pierce 14
  • To Charles Sumner 16
  • To James Monroe 18
  • To Joseph H. Barrett 20
  • To Thomas Spooner 22
  • To Richard C. Parsons 23
  • To Abraham Lincoln 27
  • From Edward I. Chase 28
  • To Robert Hosea 29
  • To Charles A. Dana 32
  • To John Greenleaf Whittier 33
  • To Ruhamah Ludlow Hunt 35
  • To George G. Fogg 37
  • To Benjamin F. Wade 40
  • To Winfield Scott 42
  • To George Opdyke 43
  • To Abraham Lincoln 46
  • To Norman B. Judd 48
  • To Abraham Lincoln 52
  • To William H. Seward 53
  • To Abraham Lincoln 54
  • From Richard Ela 55
  • From Henry W. Hoffman 56
  • To Hiram Barney 59
  • To Abraham Lincoln 60
  • To Samuel Hooper 61
  • To Alphonso Taft 62
  • To John J. Cisco 63
  • To William P. Mellen 65
  • To Jacob D. Cox 66
  • From Hiram Barney 67
  • To John Austin Stevens, Sr. 68
  • From Thomas M. Key 71
  • To George B. Mcclellan 73
  • From Jay Cooke 74
  • From Green Adams 76
  • To William P. Mellen 77
  • From William Nelson 79
  • From Green Adams 80
  • To John C. Frémont 83
  • To Charles P. Mcilvaine 89
  • To William Nelson 90
  • From Joshua F. Speed 91
  • From Garrett Davis 92
  • To Green Adams 94
  • From Joseph Medill 95
  • To William Tecumseh Sherman 97
  • To William Tecumseh Sherman 100
  • To Kate Chase 101
  • To James H. Walton 102
  • To Hiram Barney 103
  • To Abraham Lincoln 105
  • To Richard Smith 106
  • To Simon Cameron 107
  • To Cornelius S. Hamilton 110
  • From John J. Cisco 111
  • To John J. Cisco 112
  • From Edward L. Pierce 113
  • From William H. Reynolds 115
  • To John Austin Stevens, Sr. 118
  • From Edward L. Pierce 119
  • To Kate Chase 120
  • To Thaddeus Stevens 124
  • From William Sprague 129
  • From Mansfield French 132
  • To M. D. Potter 135
  • From Edward L. Pierce 136
  • To Hiram Barney 138
  • To James Monroe 141
  • From Edward L. Pierce 142
  • From Mansfield French 143
  • From Edward L. Pierce 146
  • To William P. Mellen 148
  • To Bradford R. Wood 151
  • From Edward L. Pierce 158
  • To Edwin M. Stanton 159
  • From William Nelson 166
  • To Jay Cooke 171
  • To Thomas M. Key 171
  • From Alexander Hays and James W. Hays 176
  • From Ormsby M. Mitchel 177
  • From Edward L. Pierce 178
  • To Jay Cooke 181
  • From Mary Peabody Mann 183
  • To Janet Chase 184
  • From Edward L. Pierce 185
  • To Janet Chase 188
  • From Edward L. Pierce 191
  • To Janet Chase 192
  • From Edward L. Pierce 197
  • To Edward L. Pierce 200
  • To David Hunter 202
  • To Murat Halstead 204
  • To Edwin M. Stanton 205
  • From Joseph Medill 206
  • To Irvin Mcdowell 207
  • To John Murray Forbes 209
  • To Edward L. Pierce 211
  • To Benjamin F. Butler 217
  • From George S. Denison 220
  • To William P. Fessenden 225
  • To Thaddeus Stevens 226
  • To Richard C. Parsons 228
  • To Edward Haight 229
  • To Benjamin F. Wade 233
  • To Benjamin F. Butler 234
  • To Edward L. Pierce 235
  • From William S. Rosecrans 239
  • To William Cullen Bryant 242
  • To Jay Cooke 246
  • From George Bancroft 249
  • From Robert Dale Owen 251
  • To William M. Dickson 254
  • From John Q. Smith 256
  • To William Cullen Bryant 258
  • To George S. Denison 261
  • From John Sherman 261
  • To John J. Cisco 265
  • To Horace Greeley 266
  • From John E. Williams 268
  • From Horatio G. Wright 270
  • To Alexander Sankey Latty 273
  • To Zachariah Chandler 275
  • To John Sherman 276
  • From Ormsby M. Mitchel 279
  • To Oran Follett 283
  • From William P. Mellen 284
  • From John Sherman 285
  • To John Jay 286
  • To William P. Mellen 287
  • To Ormsby M. Mitchel 288
  • To Napoleon Bonaparte Buford 289
  • From William Sprague 294
  • To Winfield Scott 297
  • To Jay Cooke 298
  • To Abraham Lincoln 299
  • From Hiram Barney 301
  • To William S. Rosecrans 302
  • To Hiram Barney 304
  • To Benjamin F. Butler 305
  • To Ezra Lincoln 307
  • To Richard C. Parsons 309
  • To George Opdyke 314
  • To Joseph H. Geiger 316
  • To Benjamin F. Butler 317
  • To Abraham Lincoln 318
  • From Benjamin F. Butler 320
  • From James A. Hamilton 331
  • To Joseph Medill 333
  • To Benjamin F. Butler 334
  • From George Opdyke 338
  • From Abraham Lincoln 340
  • To William H. Seward 341
  • To Thaddeus Stevens 342
  • From Simon Cameron 343
  • To Abraham Lincoln 344
  • To Abraham Lincoln 347
  • From Mansfield French 350
  • To William P. Fessenden 363
  • To Valentine B. Horton 366
  • To Elbridge G. Spaulding 368
  • To William P. Mellen 372
  • To Horace Greeley 374
  • From Horace Greeley 375
  • From John Sherman 379
  • To David Hunter 381
  • To Richard C. Parsons 382
  • To Galusha A. Grow 384
  • To Abraham Lincoln 385
  • To James A. Garfield 388
  • To Cuthbert Bullitt 389
  • To Abraham Lincoln 390
  • From George Opdyke 391
  • To George S. Denison 392
  • From George S. Denison 394
  • From Edward Bates 395
  • From George Opdyke 396
  • From Rufus Saxton 397
  • From Andrew Johnson 404
  • To William H. Aspin Wall and John Murray Forbes 407
  • To Robert J. Walker 408
  • From George S. Denison 412
  • From George S. Denison 414
  • Bibliography 421
  • Index 425
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