DEAR SIR: The ability of our Government to carry on this war
depends upon its being able to continue to obtain the enormous
amounts of money requisite. Of late, within a week or so, an
alarming falling off in the bond subscriptions has taken place.
Now it is upon these private subscriptions that the ability of
the banks to continue to lend the Government money depends, and
unless a change takes place they will be unable to take the
fifty millions remaining of the one hundred and fifty millions
loan. A member of the committee informed me lately that the
banks had positively declined to pledge themselves before the
1st of December, notwithstanding Mr. Chase's desire that they
should do so.
This sudden diminution of subscriptions arises from the course
taken by some of our friends in the West. Even suppose that
Gen. Frémont is treated unfairly by the Government (and I think
he is fairly termed incapable)--but suppose there should be
injustice done him--you might disapprove it, but the moment
there is any serious idea of _resisting_ the act of the
President, _this_ war is ended. For the bare suggestion of such
a thing has almost stopped subscriptions, and the serious
discussion, much more the attempt, would instantly put an end
to them.
I beg to remind you that in what I say I have no prejudice
against Frémont. I voted for him and have always concurred in
opinions with the Republican party, but we have now reached a
point where, if we look to _men_ and not to _principles_, we
are shipwrecked. Frémont is not more anti-slavery in his views
than Lincoln and Seward, and if he were in their place would
adopt the same cautious policy. The state of affairs must be my
excuse for intruding upon you these views. We _all_ have _all_
at stake and such a crisis leads those to speak who are
ordinarily silent. I remain, my dear Sir,
Yours respectfully,
M. CAREY LEA.
To this weighty communication Trumbull made the following reply:
WASHINGTON, Nov. 5th, 1861.
Public-domain text, read in full here on John Shaqi.
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