The Continental Monthly, Vol. 1, No. 4, April, 1862: Devoted To Literature And National PolicyVarious
History
The Continental Monthly, Vol. 1, No. 4, April, 1862: Devoted To Literature And National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
In seeking aid of the money power, we go beyond the line where
patriotism gives us all we need, promptly and liberally, into the cold
region of selfishness, whose people are too much absorbed in adding to
and counting up their gains to be able to spare much time or thought on
country or freedom. No voluntary sacrifices to be expected here. What we
want we must buy, and pay for; it is only to see that we do not pay too
much for it. Selfish, timid, grasping, these people are a skittish set
to deal with. Nobody understands better the game of 'the spider and the
fly,' and they are as ready to play it with the state as with smaller
opponents, if the state will but let them. From his first visit to this
region, to the present time, our able Secretary of the Treasury was, and
continues to be, '_master of the position_.'
When the Secretary held his first sociable with the representatives of
the money power, neither he nor they had a very keen perception of what
they wanted of each other; the rebellion was not then developed in the
gigantic proportions it has since assumed; and it was hoped and
expected, with some show of reason, that two or three hundred millions
would be enough to put it down. This amount the power could and would
willingly furnish for a 'consideration,' the half presently, on
condition that it should be allowed the refusal of the other half when
it should be wanted; and so a bargain was quickly struck, to the mutual
content of both parties. But, as the thunder grew louder and the storm
fiercer, it became evident that our wants would soon be doubled, at
least. The money power hung back; the 7-3/10 remained in the banks. The
representatives said they were only agents, the agents stopped payment,
and the whole circulation of gold fell to the ground at once, not only
putting a sudden check upon all business operations, but leaving the
Treasury without any sort of currency to pay out: a sad state of things
enough. The money power drew in its head, pretending not to see
anything, waiting for propositions, expecting to reap a rich harvest out
of the state's necessities, by making its own terms. How could it be
otherwise? must not the state have several hundred millions? must not
the astute Secretary sell the state's promises to pay, _secured by a
first mortgage on all Uncle Sam's vast possessions_, on their own terms?
Public-domain text, read in full here on John Shaqi.
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