washington, December 13, 1862
The kind and liberal appreciation which my public conduct
has always received from the “Evening Post” makes me more than ordinarily
solicitous to avoid its just censure. Of course, I was not a little pained to
read the article entitled “The Financial Views of Mr. Chase.”
A public man, in times of terrible trial, must often adopt
expedients, not inherently immoral, which he would, in a normal condition of
things, avoid. This would, I think, justify my support of a national system of
banking associations, even were the plan intrinsically defective. The support
of the demand, which will be created by the enactment of the plan, for bonds,
will enable the Government to borrow at reasonable rates. Without that support,
I confess I see nothing less than the Serbonian bog before me for our finances.
In the conflict of opinions concerning it, I almost despair.
The choice is narrow. National credit supported by the
organization of capital under national law, or limitless issues of notes, and —
what beyond? I don't wish to look at it, or to administer the finances with no
other road than that open before me.
Is it quite right, when I am struggling with almost
overwhelming difficulties; when — shall I be bold to say it? — after having
achieved results which, at the outset, I thought impossible, I just reach the
point where not to be sustained is, perhaps, to be utterly defeated; is it
quite right to say of my “central idea” that it is impossible because gold is
not of uniform value at Chicago and at New York? Who ever thought of value not
being uniform because not capable of sustaining such a test? Why not take my
language in its common-sense acceptation, that uniform value means that value
which is practically uniform — paying travelling bills everywhere, and debts
everywhere in the country, having everywhere substantially equal credit founded
on equal security?
Again, is it quite right to say that no aid to the Treasury
is to be expected from the plan when, in the very same article, a like plan in
New York is said to have advanced the bonds of New York some ten per cent above
other bonds? In the report I admit frankly that I do not expect from it direct
aid in money; that is, no such direct aid as is afforded by issues of
circulation, or by loans. Such aid can only come when bonds are paid for in
coin or notes, and no necessity exists for retiring the notes to prevent
inflation. But indirect aid is not less valuable than direct, and the indirect
will be immediate and immense; and it will be derived from the imparting of
that strength to national bonds which the similar New York plan imparts to New
York bonds. It will facilitate immediate and future loans, and be of vast
advantage to every interest.
I am obliged to prepare this letter very hurriedly, but you will
get my ideas.
My country engages all my best earthly thoughts and
affections. Most willingly will I sacrifice all for her. To serve her, my
labors have been incessant. Must I fail for the want of concord among her most
devoted lovers?
Most truly yours,
S. P. Chase.
SOURCE: Parke Godwin, A Biography of William Cullen
Bryant, Volume 1, p. 185-6
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