Zachariah Chandler: An Outline Sketch of His Life and Public Services — John Shaqi
Zachariah Chandler: An Outline Sketch of His Life and Public Services
History
Zachariah Chandler: An Outline Sketch of His Life and Public Services
Chandler, Zachariah, 1813-1879; United States -- Politics and government
His business instincts he never relaxed except for well-considered
reasons. The ditching of the marsh farm he regarded as an experiment
of far-reaching public importance, and he paid its cost cheerfully for
the sake of settling the question of the possibility of reclaiming such
lands. Some of his "imprudences" of this deliberate and well-weighed
sort proved profitable. During the war and when the credit of the
United States was at an alarmingly low ebb as shown in the ruling
prices of its bonds, he visited the city of New York in company
with Representative Rowland E. Trowbridge, of his State. On the way
there he spoke, in private, in a tone of unusual depression of the
financial difficulties of the government, and lamented the absence of
any available remedy. The next day there was a decided improvement in
the rates for "governments" on Wall street, and the firmer feeling
it created never wholly disappeared but was followed by a gradual
appreciation in this class of securities. Mr. Trowbridge called
his attention to the advance on the day following, and the Senator
answered, "I know all about it. I gave my broker orders to buy heavily
and the street, finding that out, said 'Chandler is just over from
Washington and knows something,' and so they followed my lead, and
there was a rush which sent the market up." Years afterwards, Mr.
Chandler was reminded by Mr. Trowbridge of the permanent character
of the improvement in the government's credit which attended his
speculation and of his own profit in the matter. He replied that while
he had sold many of his bonds bought during the war, he still held
those which came into his possession at that time, cherishing them
for their associations with an investment which he made at some risk
to help the treasury in its difficulties and which had proved very
remunerative.
Public-domain text, read in full here on John Shaqi.
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