CHAP. XV. to 12 per cent. Dix awarded $3,230,000 at rates Financial of interest under 11, and the remainder at 11 "Tribune," per cent. The public liabilities, maturing and Article, N. Y. Jan. 21, 1861. Ibid., Feb. 25, 1861. current, were now, however, accumulating with such rapidity that he was compelled to recommend a new loan. An act of February 8, 1861, authorized him to issue twenty-five millions of six per cent. ten to twenty years' bonds. Eight millions were advertised and awarded to bidders on February 23. Financial courage had so far returned that fourteen millions were bid for and at rates which enabled him to sell the whole eight millions at an average of a trifle over 9 per cent. discount.1 These financial struggles of the Government, which occurred before the revolutionary crisis had fairly set in, are related to show that a measure of legislation grew out of them which had an important influence in sustaining its power when the storm of war soon after burst. The free-trade doctrines of the Democratic party had, with the success of that party in electing Presidents Pierce and Buchanan, also resulted in the enactment by Congress of the low tariff of March 3, 1857. The Republicans had long alleged that the policy of this act would impoverish the treasury, and now when the Government revenues had steadily fallen behind its expenditures, at the rate of about twenty millions a year, their complaint appeared to be well founded. Whatever difference of views might exist about financial cause and effect, there could be none that 1 In exact figures the bonds were sold at an average of 90.47f. See Bayley, "U. S. National Loans, Tenth Census," p. 151. some radical measure to replenish the treasury was CHAP. XV. imperative. The Morrill Tariff Bill, as it was called, was pending in Congress. A year before it was passed by the House, but defeated in the Senate. It was now urged by its friends with new zeal. The members from the seceding States had been among its sturdiest opponents; but when in January they retired from their seats in the House and Senate, the adoption of the measure became practicable. The Morrill Tariff Act was accordingly passed and signed by President Buchanan on March 2, 1861. It was a comprehensive measure, raising the duties on imported merchandise from an average of nineteen to an average of thirty-six per cent., and had the double effect of materially increasing the customs receipts and stimulating the productive energies of the country. It went into operation on the 1st of April, and thus its quickening and strengthening help came just at the opportune moment, when the nation was compelled to gird up its loins for a gigantic war. 1861. Bayley, "Ü. S. National But the law was not alone confined to the subject of the tariff. Two important financial provisions were embodied in it: one gave the President authority to borrow ten millions additional, either in the form of bonds or treasury notes, and another permitted him to "substitute treasury notes for the whole, or any part of the money which he was authorized to borrow by previous acts." When sus," p. 77. a few days later Lincoln became President, and Chase Secretary of the Treasury, they could look with a little less dizziness into the financial gulf already open, and constantly widening before their vision, remembering that by the terms of this act Loans, Tenth Cen CHAP. XV. they had power to issue about forty millions of treasury notes without further legislation, namely, a balance of $13,000,000 under the act of June 22, 1860; a balance of $17,000,000 under the act of February 8, 1861; and the $10,000,000 directly provided for in the Morrill Tariff Act. CHAPTER XVI THE PRESIDENT-ELECT AMONG MONG the first congratulations which poured CHAP. XVI. in upon Mr. Lincoln after his election was a terse greeting from ex-Governor Chase, dated November 7, that admirably expressed the prevalent feeling. "You are President-elect. I congratulate you and thank God. The great object of my wishes and labors for nineteen years is accomplished in the overthrow of the slave power. The space is now clear for the establishment of the policy of free- R. B. Wardom on safe and firm grounds. The lead is yours. The responsibility is great. May God strengthen you for your great duties." Day after day confirmed the completeness of the Republican victory, and two weeks after election the city of Springfield was in the blaze and glory of a great celebration to signalize the result. Projected merely as a local jubilee, it called to the city crowds of rejoicing strangers. Though he had not said a public word during the campaign, Mr. Lincoln could not on this occasion refuse the sound of his voice to the huge torch-light procession and the crowds of his neighbors and friends whose shouts called him to the door of his modest home. Chase to Lincoln, Nov. 7, 1860. den, "Life CHAP. XVI. It was not the voice of partisan exultation, however, but of patriotic liberality. He said: Friends and fellow-citizens, please excuse me on this occasion from making a speech. I thank you in common with all those who have thought fit by their votes to indorse the Republican cause. I rejoice with you in the success which has thus far attended that cause. Yet in all our rejoicings, let us neither express nor cherish any hard feelings towards any citizen who by his vote has differed with us. Let us at all times remember that all American citizens are brothers of a common country, and should dwell together in the bonds of fraternal feeling. We will perceive hereafter how in this simple utterance of his opening Presidential career he struck the key-note of blended firmness and charity, which was to become the characteristic of his Administration. Springfield now became, for some months, the Mecca of American politics. Casual visitors tarried for a few hours to shake hands with the newly chosen chief; correspondents of leading newspapers established temporary headquarters from which to send their readers pen-pictures of his personal appearance, his daily habits, his home and public surroundings, and to catch the flying and often contradictory rumors of his probable intentions. Artists came to paint his portrait, ambitious politicians to note new party currents, and veteran statesmen to urge the adoption of favorite theories or the advancement of faithful adherents. To all appearance Lincoln remained unchanged. In the unpretending two-story frame house which constituted his home, his daily routine continued as before, except that his door was oftener opened |