Monday, May 11, 2015

John M. Forbes to William Henry Aspinwall, January 21, 1862


Boston, January 21, 1862.

My Dear Mr. Aspinwall, — Some of our infernally weak-backed bank men as soon as they had got back here went to overturning all the work they had done (under Gray's inspiration) in Washington, telegraphing in favor of the hundred millions legal tender. Many of the House committee were in favor of it before, Chase only half fixed in its favor, the horde of contractors, speculators, and debtors, headed by your Satanic “Herald,” pressed for it. It is my conviction that the Senate committee is the chief safeguard against its being passed, and they cannot stand alone. You must back them up by private letters and public opinion! Here our bankers are troubled by the demand notes, and, not content with having them made practically good by their restriction, want them made a legal tender under the delusion that this will make them better! Once abandon the sound principle, and the pressure will soon sink the restriction.

Cannot you rally the “Evening Post” and some other sound papers and get them to stand by their guns? I still wish you and Mr. Minturn and Green felt like going to Washington. It looks as if all our labor is likely to be thrown away unless some more is put in.

Truly yours in haste,
J. M. Forbes.

SOURCE: Sarah Forbes Hughes, Letters and Recollections of John Murray Forbes, Volume 1, p. 286-7

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