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was rated at ten million dollars a week. Besides this, Congress was to be called upon to make a current annual appropriation for ordinary expenditures and interest on the debt, of at least one hundred and fifty millions of dollars, which indispensable estimate-however the war might be pushed for a time on credit — there could be no possible way of meeting unless by modes of direct taxation, in income taxes, excises, etc. The Northern Government had the most serious reasons to distrust the Wall street combination, and to put itself out of the power of capitalists, who were plainly aggrieved by the prospect, that was now being steadily developed, of a long and expensive war. A Cabinet council was called, and Mr. Secretary Chase proposed a new plan of national loan. It was to make a direct appeal to the people to provide means for the prosecution of the war. Outside of the Cabinet, at whose board the plan was reported to have been well received, it met with the most strenuous object