History of the United States of America, Volume 6 (of 9) : $b During the first administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 6 (of 9) : $b During the first administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
If the war party hesitated in its allegiance to Madison, its doubts
regarded his abilities rather than his zeal. Whatever might be
Madison’s genius, no one supposed it to be that of administration.
His health was delicate; he looked worn and feeble; for many years
he had shown none of the energy of youth; he was likely to succumb
under the burden of war; and, worst of all, he showed no consciousness
of needing support. The party was unanimous in believing Secretary
Eustis unequal to his post, but Madison made no sign of removing him.
So general was the impression of Eustis’s incapacity that when, April
24, the President sent to Congress a message asking for two Assistant
Secretaries of War to aid in conducting the Department, the request
was commonly regarded as an evasion of the public demand for a new
Secretary of War, and as such was unfavorably received. In the House,
where the subject was openly discussed, Randolph defended Eustis in the
style of which he was master: “I will say this much of the Secretary
of War,--that I do verily believe, and I have grounds to believe it
to be the opinion of a majority of this House, that he is at least as
competent to the exercise of his duties as his colleague who presides
over the Marine.” The Senate, wishing perhaps to force the President
into reconstructing his Cabinet, laid aside the bill creating two
Assistant Secretaries of War; and with this action, May 6, ended the
last chance of efficiency in that Department.
While Eustis ransacked the country for generals, colonels, and the
whole staff of officers, as well as the clothing, arms, and blankets
for an army of twenty-five thousand men who could not be found,
Gallatin labored to provide means for meeting the first year’s
expenses. Having no longer the Bank to help him, he dealt separately
with the State Banks through whose agency private subscriptions were
to be received. The subscriptions were to be opened on the first and
second days of May. The Republican newspapers, led by the “National
Intelligencer,”[162] expressed the hope and the expectation that
twice the amount of the loan would be instantly subscribed. Their
disappointment was very great. Federalist New England refused to
subscribe at all; and as the Federalists controlled most of the
capital in the country, the effect of their abstention was alarming.
In all New England not one million dollars were obtained. New York and
Philadelphia took each about one and a half million. Baltimore and
Washington took about as much more. The whole Southern country, from
the Potomac to Charleston, subscribed seven hundred thousand dollars.
Of the entire loan, amounting to eleven million dollars, a little more
than six millions were taken; and considering the terms, the result was
not surprising. At a time when the old six-per-cent loans, with ten or
twelve years to run, stood barely at par, any new six-per-cent loan to
a large amount, with a vast war in prospect, could hardly be taken at
Public-domain text, read in full here on John Shaqi.
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