Willard's Hotel, Washington,
February 13,
1862.
Mr. Gray has gone home not very well and rather discouraged.
I gave him your message. . . .
Suppose the stain of bad faith hurts the eight hundred and
fifty millions of bonds five per cent. by discrediting it at home, and keeping
out of our reach the great reservoirs of European capital (which in my opinion
is a very small estimate of the pecuniary damage), the nation loses by the
operation five per cent. on eight hundred and fifty millions, say $42,500,000.
But this low and mean view of the case only discloses a
small part of its mischief. We shall have the stain and irritation of
repudiation of the many millions due to foreigners which we promised in specie
and are to pay in paper, and if we are not successful during the few weeks for
which time we purchase ease by this expedient, we may in consequence of it find
such obstacles to our next financial move (beyond the one hundred and fifty
millions) that the legal tender clause may terminate the war, a consummation
which some of the bankers and others advocating it will not weep for!
I must say I shall consider it our financial Bull Run.
With our strong constitution we may get over this astounding
quackery, but it is a trial I hope we may be spared.
On the other hand with Napoleon holding back from
interference, with England reacting in our favor, with the navy pushing the war
into the interior, and with Stanton waking up the army, and putting out a
declaration of Independence of the Satanic Press, it only needs good
Anglo-Saxon pluck in this the very pinch of the game of finance, to put us on
firm ground.
The Senate bill, with the legal tender struck out, and with
a good tax bill, will do this as surely as there is a sun in heaven.
I hope to get off this afternoon, having done my best
against the monsters.
SOURCE: Sarah Forbes Hughes, Letters and
Recollections of John Murray Forbes, Volume 1, p. 279-81
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