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“I appear before you only for the possibility that a necessity may arise in At Harrisburg. a very few brief remarks, in this country for the use of the military arm.

response to what has been said while I am exceedingly gratified to see the manto me. I thank you most sincerely for this reception, ifestation upon your streets of your military force and the generous words in which support has been here, and exceedingly gratified at your promise here promised me upon this occasion. I thank your great to use that force upon a proper emergency--while Commonwealth for the overwhelming support it re- I make these acknowledgments, I desire to repeat, cently gave, not to me personally, but the cause, in order to preclude any possible misconstruction, which I think a just one, in the late election. Allusion that I do most sincerely hope that we shall have no has been made to the fact--the interesting fact, per use for them; that it will never become their duty haps we should say-that I, for the first time, appear to shed blood, and most especially never to shed at the Capital of the great Commonwealth of Pennsyl- fraternal blood. I promise that, so far as I may vania upon the birthday of the Father of his Country, have wisdom to direct, if so painful a result shall in in connection with that beloved anniversary con- any wise be brought about, it shall be through no nected with the history of this country. I have al. fault of mine. Allusion has also been made by one ready gone through one exceedingly interesting of your honored speakers to some remark recently scene this morning in the ceremonies at Philedelphia. made by myself at Pittsburg, in regard to what is Under the high conduct of gentlemen there, I was, supposed to be the especial interests of this great for the first time, allowed the privilege of standing Commonwealth of Pennsylvania. I now wish only in Old Independence Hall [enthusiastic cheering,] to say in regard to that matter, that the few remarks to have a few words addressed to me there, and which I uttered on that occasion were rather careopening up to me an opportunity of expressing, fully worded. I took pains that they should be so. with much regret, that I had not more time to I have seen no occasion since to add to them or sub. express something of my own feelings, excited tract from them. I leave them precisely as they by the occasion, somewhat to harmonize and give stand, adding only now, that I am pleased to have shape to the feelings that had been really the an expression from you, gentlemen of Pennsylvania, feelings of my whole life. Besides this, our friends significant that they are satisfactory to you. And there had provided a magnificent flag of the coun. now, gentlemen of the General Assembly of the Comtry. They had arranged it so that I was given monwealth of Pennsylvania, allow me to return you the honor of raising it to the head of its staff. again my most sincere thanks." And when it went up I was pleased that it went to its

The afternoon was spent place by the strength of my own feeble arm; when, in the usual reception, in

The Hegira. according to the arrangement, the cord was pulled, which all classes of citizens and it faunted gloriously to the wind without an ac- mingled. Retiring, at six o'clock, to his cident, in the bright glowing sunshine of the morning, private apartment, the President-elect was I could not help hoping that there was in the entire soon on a special train, disguised in a Scotch success of that beautiful ceremony at least something plaid cap and cloak, en route for Washington, of an omen of what is to come. Nor could I belp where he arrived safely Saturduy morning, feeling then, as I often have felt, in the whole of 1 to be received at the depot by a few friends that proceeding, I was a very humble instrument. I had not provided the flag, I had not made the ar- who were in the secret of his unceremonious rangements for elevating it to its place. I had movement. applied but a very small portion of my feeble This "flight by night, at the time, created strength in raising it. In the whole transaction I a most remarkable excitement, even for a was in the hands of the people who had arranged it, people accustomed to surprises; and the vaand if I can have the same generous cooperation of rious stories afloat as to the cause—the widely the people of the nation, I think the flag of our differing opinions as to the judiciousness of country may get be kept flaunting gloriously, the step-—the sarcasm and joke which grew [Loud, enthusiastic, and continued cheering.] out of it at the President's expense, served I recur for a moment but to repeat some words ut for a seven days' wonder. tered at the hotel in regard to what has been said about the military support which the General

Without recurring to the many inventions Government may expect from the Commonwealth of the reporters and letter-writers, we may of Pennsylvania in a proper emergency. To guard simply state that the step was taken by adagainst any possible mistake do I recur to this. It vice of General Scott and Mr. Seward. Balis not with any pleasure that I contemplate timore had resolved to receive the President

courteously; but it was as- / thronged-all anxious for a The Hegira. certained that some of the word with him who was to The Hegira.

most vicious elements of direct the destiny of the Rethat turbulent city had been incited by unprin- public, for good or for evil. But he remained cipled men to raise a mob on the occasion of in private to all visitors. At eleven o'clock, in his appearance-at once endangering life and company with Mr. Seward, he called upon the city's honor. To avoid this, and frustrate Mr. Buchanan. The surprise of the occupant whatever plans for mischief might have been of the White House was great; but he gave matured, were the secret of that precipitate his successor a very cordial greeting. The movement. There was neither courage nor a Cabinet being in session, Mr. Lincoln passed want of it shown in the step. It was one of pru- into its chamber, to the surprise and the dedence merely; and, though a large portion light of its members. A call was made upon of the public, at the time, thought the Presi- General Scott, but the veteran was not on dent should have gone through the Baltimore duty. Thus, dispensing with all formality, reception because of the threatened danger, it the Republican President set a good example soon was felt that his course had been one of of Republican simplicity of manners and wisdom. The violent tone of the Baltimore kindness. papers of “Southern" proclivities gave the During the day he received visitors freely. friends of the President good reason to feel All partisan feeling seemed to be forgotten, that he had escaped humiliation, if not injury, and Democrats vied with Republicans in at the hands of his implacable political ene- their really genial welcome. Only the es mies. *

treme Southern men stood aloof; they had Mr. Lincoln's unexpected advent at the no word of welcome for a man who, it was Capitol took all by surprise. Preparations felt, would rule without fear, and prove on a large scale had been made for his recep- faithful to his oath to sustain the Constitution tion; the Mayor had written an address of and the laws. congratulation and welcome; the military In the evening, by appointment, Mr. Linhad prepared new uniforms and reburnished coln received the “Peace Congress” members. their arms; the two Houses of Congress were The entire body was presented to him, and a in for an early adjournment, and the "coming cordial hour passed in an informal greeting. man" was the theme of general remark. All After the interview, the President was called preconcerted arrangements were frustrated, upon to confront the ladies of Washington, for he came in their midst an unheralded and who had congregated in the parlors of the unexpected guest. When it became known hotel to be introduced to a man of whose that he was in the city, his hotel was ugliness of feature and ungainliness of form

* The Albany Evening Journal published a detailed they had heard so much. Mr. Lincoln re account of the existence of a conspiracy for the ceived them in a manner at once graceful and President's assassination, of which a well-known de possessed. This closed his first day at the tective had been apprised. Its plan embraced a riot Capital. Thereafter he was to enter upon at Baltimore, on the arrival of the Presidential train, the thorny field of Administration. A Cabiduring which Mr. Lincoln was to be stabbed or shot. net was to be chosen, Ministers to be selected, This account was understood to have been furnished

a settled policy to be drawn out of that fearby Frederick A. Seward, who was the special mes- ful distraction. The brief interval of ten senger sent from Washington to arrange for the days, prior to his inauguration, was to be night flight. The New York Times repeated this story, only adding to its exciting detail by asserting the claims of persons to posts of honor—the

among the most trying of his experience ; for that eminent statesmen, bankers, and others, were in the secret of the conspiracy for the assassination. rights of sections—the harmonization of conWithout presuming to pronounce upon the credibility

flicting interests--the disposition of places of this reputed conspiracy, we think a sufficient demanding a peculiar fitness-all were among apology--if such were needed--for the incognito en

those minor annoyances of administration trance to the Capital will be found in the fact that which rendered the yoke anything but easy to Mr. Lincoln acted by advice of General Scott. bear.

CHAPTER XXIX.

THE TREASURY. ITS CONDITION IN FEBRUARY. THE TWENTY

FIVE MILLION LOAN. GUARANTEES OF THE STATES. HOWELL COBB'S CRIMINALTY. THE HOUSE REPORT ON FLOYD'S CASE, THE EX-SECRETARY'S DISGRACE. STATE OF THE COUNTRY FEBRUARY 15 TI.

THE financial condition January 18th he sent to Financial Condition of

The Twenty-five the Treasury. of the National Treasury, in Mr. Sherman, Chairman of

Million Loan. the early part of February, the Committee of Ways and was such as to excite no little uneasiness in Means, an exhibit of the state of the Treasthe mind of the Secretary. Of the twenty- ury, and asked for twenty-five millions of million loan authorized the previous June, dollars to meet the wants of Government up but a little more than seven millions had been to June. February 1st, Mr. S. introduced, in taken. Mr. Cobb's financiering had shaken the House, his Loan bill, calling for twentythe credit of Government so far, that its paper five millions. The representations made, and not only no longer commanded a premium, the good management used, crowded the bill nor even touched par, but was only disposed through without delay. February 2d it went of at ruinous rates. The act authorizing the to the Senate, which returned it to the House loan restricted its sales at par, and capitalists slightly modified. A conference soon conrefused to take it. This refusal left the de- summated its final passage, but it did not repartment nearly bankrupt, at the moment ceive the President's signature until Feb. 9th. of Mr. Cobb's withdrawal, “ to lend the force Pending its passage, Mr. Dix had addressed of his great financial genius to the construc- the Governors of the loyal States, advising tion of a new Government.” He assumed the that the Legislatures should endorse the loan keys of a plethoric chest—he left the keys of to the extent of the special deposits held by an empty one.

them of the surplus fund. To this propoMr. Dix, upon assuming charge of the sition several States answered promptly—the Treasury Department, set about recuperating loyal-hearted Ohio being first. She, holding its exhausted finances. He was chosen for $2,097,000 of that fund, would guarantee the his fitness. In that hour of calamity, it be- Government loan to that amount. Pennsylhooved the President to call to his side men vania next voted to endorse for her quota of reputation for integrity, who would, in -$2,800,000. These endorsements were not, some degree, restore the confidence of an out- however, accepted by the terms of the actraged people. Devotion to “Southern inter- hence the loan went forth offering only the ests” had ruined his Administration, and he Government's faith as security. This so far could only save his memory from being writ- weakened the prospect for favorable bids, that ten Odious by rising above a partisan's ambi- Mr. Dix sought to obtain a special act authortion at the last hour. Mr. Dix, as the repre- izing the acceptance of the proffered State sentative of Northern sentiment, and having guarantees, to the extent of the eight millions the confidence of the magnates of Wall first to be put on the market. In possession street, was a wise choice; and if the brief pe- of these, he felt that the offers would be of a riod of Mr. Buchanan's term would not allow very satisfactory character. He communiof a full restoration of public credit, it would, cated his wishes in the matter to Mr. Sherat least, permit him to stay the decline which man, under date of February 12th, in the threatened a fatal issue,

following exhibit:

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“SIR-I deem it my duty to “ I have discharged my duty to them and to the The Secretary's

call your attention to the press-country, by making this exhibit of the public wants, Exhibit.

ing demands on the Treasury, and in pointing out the only mode by which, in my and to suggest the only mode of meeting them with judgment, they can be met without the most serious out seriously impairing the public credit. The lia-consequences to the interest of the Government, and bilities due and to fall due before the 4th of March individuals to whom it is indebted. The short time next, are as follows:

to elapse before the close of the present session of For the State Department.

$ 101,868 Congress renders it indispensable that I should For the Interior Department..

1,302,327 advertise for a loan on the 13th or 14th inst., at the For the War Department..

1,521.131 farthest. For the Navy Department...

1,560,000 For the Post-Office Department....

" I am, very respectfully, your obedient servant,

700,000 For Requisitions on War and Navy Depart

JOHN A. DIX, ments, not complied with............ 1,853,000

" Secretary of the Treasury." Treasury Notes falling due before 4th

1

Mr. Sherman immediately introduced a March.......

.1,803,000 For Treasury Department.

bill covering the acceptance of the guaran

501,423 For Light-House Board..

73,220 tees, when Garnett, (Dem., ) of Virginia, For Fishing Bounties.........

485,522 refused, by his objection, to allow the introNOTE.—These are the round numbers, making a total of duction of the resolution of enactment. His $9,901,118. “ The accruing revenue will, it is estimated, net

words and demeanor were violent. He said: about $1,900,000 of the amount, leaving but eight

“After the recent declaration of war by millions to be borrowed.

the President-elect of the United States, “ There is in the Treasury, subject to draft of the (referring to Mr. Lincoln's Indianapolis Treasurer of the United States, but little more than speech--see page 373,] I deem it my duty half a million, and there are requisitions in the to interpose every obstacle to the tyranniçal Treasury Department amounting to nearly ten mil and military despotism now about to be inlions of dollars unanswered. In the present con- augurated.” Mr. Dix again wrote, under dition of the country it would be impossible to date of February 13th, to warn the Commitborrow the money needed to meet the wants of the tee of what must be the result of the refusal Treasury, unless at a discount which would seriously to sanction the acceptance of the State guarimpair the public debt, without some pledge in antees. He said: addition to that of the faith of the Government.

“SiR---It is indispensable that Several of the States, in accordance with a sugges- I should give to-day notice of

The Secretary's tion contained in my letter to the Committee of

Second Letter.

a loan of $8,000,000, in order Ways and Means, of the 18th January last, have that the Government may be in funds to meet indisoffered to superadd the pledge of their faith to that pensable payments on the 1st proximo. of the United States, for the redemption of any bonds " The obstacles unexpectedly thrown in the way of it may issue, to the amount of the public moneys the passage of the bill reported by your Committee deposited with them, respectively, for safe keeping, yesterday, authorizing the acceptance of the guerunder the act of 230 June, 1836.

antee proffered by several of the States, compel me “ If Congress will authorize these offers to be ac- reluctantly to ask for the loan on the usual terms; cepted, the money required to meet the liabilities for, in the present distracted state of the country, due and to fall due before the 4th of March can be should it continue, I fear there must be a loss of obtained at par. If the authority is not granted, I $800,000. Under all the circumstances, however, am satisfied it can only be procured on terms which instead of calling for $2,000,000, as I suggested in would be exceedingly disadvantageous to the Gov- my letter to you of the 11th inst., I have thought it ernment, and in the highest degree detrimental to advisable to ask for $8,000,000, reserving the right of its credit. I should not venture to ask for a loan declining to accept bids which may be deemed disexceeding $2,000,000, and nearly the whole of this advantageous to the United States, and taking the amount would be required to meet the redemption chance of a favorable change in the political conof Treasury notes to fall due before the 4th of dition of the country within the next ten days, at March. There would be due on that day about the end of which proposals for the loan will be re$6,000,000 to public creditors, whose demands could ceived. Allow me to remind you that the Loan not remain unsatisfied without subjecting them to bill, under which I ask for proposals, was not premost serious inconveniences, and in some cases to sented for the approval of the President until the serious losses.

8th inst.; and that, on the 9th inst., Saturday, there

EVIDENCE OF

MR. COBB'S CRIMINALTY.

391

Evidence of Mr.

was not a quorum of your Com- award is a luminous illusThe Secretary's

mittee to act on the bill report tration of the devices and Second Letter.

Cobb's Criminality. ed yesterday, accepting the desires of the then Secreguarantee of the States.

tary's heart. The pressure he applied to "I advert to these circumstances to exonerate my. Wall Street to influence the election became self in the judgment of those who have an interest evident at a late day, when a number of the in the discharge of the liabilities pressing upon the bidders asked Congress for relief. To show Treasury from any want of diligence on my part. what politicians sometimes do, and what Your Committee, I believe, all understand that more than five millions of Treasury notes have been re

recklessness reigned in some departments of deemed out of the current revenues, and that about the Government, we have, but to give the two millions more fall due before the 4th of March, petition of the bankers to Congress. After less the amount to be paid in for public dues, mak stating that they were subscribers to that ing nearly the eight millions now required to meet portion of the loan, authorized by the act the public wants before that day ; that more than of June 22d, 1860, which was offered in one-third of the revenue derived from the customs October, the petitioners added : is paid in Treasury notes due at a future day; and

“That on the 22d of October of that year their that the present embarrassed state of the Treasury offers were accepted for a portion of such loan, of arises from the operation of a paper system which which on that day they were notified. compels the Government to anticipate the payment " That your petitioners had previously, upon enof its debts out of its current receipts. As I have tering their bids, made their deposit of one per cent. decided to issue the notice for a loan to-day, I am and after notice of such acceptance, made a deposit constrained to request that the bill reported yester- of their premtum thereon, and ordered coupon bonds day may not be acted on, as the expectation of a simultaneously therewith, when, to their great surcall for a loan at a future day on guaranteed stock prise and astonishment, they were informed by the could not fail to have a very disadvantageous effect then Secretary of the Treasury that his Department on the proposals to be made for that now asked for. had no coupon bonds ready for delivery.

“JOHN A. DIX."

“ That although your petitioners received notice The advertisement, proposing for the loan, of the acceptance of their offers on the 22d of Octoappeared in the New York papers of February ber last, no orders reached the engravers in New 18th. It was taken, with unexpected avidity York to prepare such coupon bonds until the 26th --the amount bid for being $14,355,000, of the same month, being four days after such notice

and the bids ranging from of acceptance, and the first blank coupon bonds did The Bids obtained for

75 to 96·10 per cent. The not leave this city for Washington until the 3d day the Loan. allotment was: $4.915.000 of November, eleven days after the notice of the

award. at 90-15 per cent., and the remainder, (up

" That in consequence of the delay, orders for to the eight millions offered) at figures rang- these bonds were withdrawn from your petitioners, ing up to 96·10 per cent. Had the State and even sales made by them, in various instances, guarantees been accepted, the average would canceled by the purchasers, owing to the failure have been, in all probability, about 96. As of delivery and in other instances, to retain their it was, it fell below 92—for which the “gen- customers, your petitioners were obliged to purtleman from Virginia” had to assume the chase for them United States bonds of 1874 as a subresponsibility. Considering the aspect of stitute for these coupon bonds.” political affairs, and the state of the country, Thus much in exposition of Mr. Cobb's that the loan should have been taken at such way of doing business with Northern men. rates is an incontrovertible evidence of the The petitioners further stated that they were faith which capitalists reposed in the incom- bidders chiefly for other parties — that, in ing Administration. Something may have consideration of the non-compliance of the been due to a patriotic desire to sustain the Secretary with his duty in the delivery of the Government, in its hour of need; but, confi- bonds and coupons, the parties for whom dence was the secret of the terms obtained. they bid refused to take the amount award

The last loan negotiated by Mr. Cobb was ed, urging as a justification the following for ten millions of five per cents, awarded on specific reasons, to which the reader's attenthe 22d of October, 1860. The history of that | tion is directed :

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