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Edward Alfred Pollard, The lost cause; a new Southern history of the War of the Confederates ... Drawn from official sources and approved by the most distinguished Confederate leaders., Chapter 8 : (search)
The Daily Dispatch: July 14, 1862., [Electronic resource], The effect of the news in Wall street . (search)
Yankees looking "the Situation" in the face.
The Yankee Secretary of the Treasury, the Yankee Congress, and the Wall street gamblers, are beginning to look the condition of Yankee Government credit and Yankee prospects a little more fully in the face.
Mr. Chase writes to Senator Fessenden, Chairman of the Finance Committee, sending him a bill to check speculation in gold.
He had previously sent him one to check the issues of State banks — to the two causes he having attributed the depreciation of Federal greenbacks.
But while communicating these bills he expresses no great confidence in their efficacy.
He would be glad to infringe the rights of the States by shutting up their banks, and he would be more pleased to stop speculation in gold; but he plainly confesses he despairs of seeing this done by legislation.
In short, he sees no hope for "financial success to the Government," but "taxation to one half the amount of" its "current expenditures, and a reduction of those expe