For some weeks I have been unable to note down occurrences daily. On the evening of the election, the 8th, I went to the War Department about nine o'clock by invitation of the President. Took Fox with me, who was a little reluctant to go lest he should meet Stanton, who had for some days been ill. The Department was locked, but we were guided to the south door. The President was already there, and some returns from different quarters had been received. He detailed particulars of each telegram which had been received. Hay soon joined us and, after a little time, General Eaton. Mr. Eckert, the operator, had a fine supper prepared, of which we partook soon after 10. It was evident shortly after that the election had gone pretty much one way. Some doubts about New Jersey and Delaware. We remained until past one in the morning and left. All was well.
The President on two or three occasions in Cabinet meeting alluded to his message. It seemed to dwell heavy on his mind, — more than I have witnessed on any former occasion. On Friday, the 25th, he read to us what he had prepared. There was nothing very striking, and he evidently labors in getting it up. The subject of Reconstruction and how it should be effected is the most important theme. He says he cannot treat with Jeff Davis and the Jeff Davis government, which is all very well, but whom will he treat with, or how commence the work? All expressed themselves very much gratified with the document and his views. I suggested whether it would not be well to invite back not only the people but the States to their obligations and duties. We are one country. I would not recognize what is called the Confederate government, for that is a usurpation, but the States are entities and may be recognized and treated with. Stanton, who was present for the first time for six weeks, after each had expressed his views, and, indeed, after some other topic had been taken up and disposed of, made some very pertinent and in the main proper and well-timed remarks, advising the President to make no new demonstration or offer, to bring forward his former policy and maintain it, to hold open the doors of conciliation and invite the people to return to their duty. He would appeal to them to do so, and ask them whether it would not have been better for them and for all, had they a year since accepted his offer.
Each of the members of the Cabinet were requested to prepare a brief statement of the affairs of their respective Departments. Seward had already handed in much of his. I told the President I would hand him my brief the next day.
At this meeting on the 25th, Mr. Usher made some allusion to the gold that was forthcoming in the Territories.
The President interrupted him, saying he had been giving that matter a good deal of attention and he was opposed to any excitement on the subject. He proposed that the gold should remain in the mountains until the War was over, for it would now only add to the currency and we had already too much currency. It would be better to stop than 1 to increase it.
Mr. Fessenden said something must be done, for he could not any longer negotiate on the basis of paying interest in coin. We cannot, he says, get the specie and must stop paying it out. I was amused. Neither of them appeared to have even the rudiments of finance and currency. Gold is no longer a currency with us. It is merchandise, and all that may be got from Idaho, Nevada, Arizona, and California will not swell the volume of currency. Our banking and irredeemable paper issues are legal tenders and made currency not based on specie, and of course it is an inferior currency.
Our Secretary of the Treasury must learn that if he does not demand and pay out gold he will have none. If he will reduce the volume of paper currency, so as to create a demand for gold, he will get it, but he will never have it if he slights it. He has schemes for getting out cotton to relieve him and the Treasury in making payments, and the blockade is to be indirectly violated in order to get cotton from the Rebels with which to purchase gold. Of course we shall have to pay the Rebels if not in gold, in its equivalent, for all the cotton we get of them, and shall thus furnish them with the sinews of war.
It cannot be otherwise than that the country will become impoverished with such ideas pervading the government. There will be devastation and ruin, if not corrected, before us. Fessenden is of the old Whig school of folly on finance and currency; is resorting to flimsy expedients, instead of honest, hard truth. Gold is truth; irredeemable paper and flimsy expedients are not.
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