Diary of Gideon Welles: Tuesday, June 28, 1864

We have bad news from Sherman to-day. Neither Seward, Chase, nor Stanton was at the Cabinet-meeting. The President, like myself, slightly indisposed.

Mrs. General Hunter was at our house this evening and has tidings of a favorable character from her husband, who is in the western part of Virginia. Has done great mischief to the Rebels, and got off safely and well. This small bit of good news is a relief, as we are getting nothing good from the great armies.

Gold has gone up to 240. Paper, which our financiers make the money standard, is settling down out of sight. This is the result of the gold bill and similar measures, yet Chase learns no wisdom. We are hurrying onward into a financial abyss. There is no vigorous mind in Congress to check the current, and the prospect is dark for the country under the present financial management. It cannot be sustained.

SOURCE: Gideon Welles, Diary of Gideon Welles, Secretary of the Navy Under Lincoln and Johnson, Vol. 2: April 1, 1864 — December 31, 1866, p. 61