New York, March 28th, 1861.
My Dear Sir:—
I intended to have sent you long ere this a copy of my letter to Major Anderson, and his reply. Mine was written on the evening of the inauguration, after the consultation at Mr. Ould’s; and it was intended to encourage him if he was true, or to cut him to the heart if he was false. You know, however, that I would not doubt his honor and good faith. I should have sent the correspondence last week, but I was urged to go to Washington to see Mr. Chase in regard to the new loan. The request came from the Government, and I could not decline it. I found the Secretary well informed in regard to the condition of the finances, and think he will acquit himself with credit.
When I left (on Saturday last), I do not think the administration had any settled policy. It was merely drifting with the current, at a loss to know whether it were better to come to an anchor, or set sail. There had not been at that time a full cabinet meeting; and I know that the foreign appointments had been made without consulting the Secretary of the Treasury. I believe Mr. Lincoln is acting on the theory of advising, in regard to appointments, with the head of the Department under which they properly fall, and with none of the others.
Will you please to say to Miss —— that I have the assurance she desired in regard to her nephew.
My wife and daughters are in Boston, and I am very desolate.
I think it is decided to withdraw Major Anderson, without holding your administration to any responsibility for it. The attempt, as must be seen, would not only be fruitless, but absurd.
The loan of eight millions will be taken next week on favorable terms. If the bids for the stock are not satisfactory, Mr. Chase has the alternative of issuing Treasury notes, payable in two years, and convertible into stock. This privilege of convertibility will enable him to place them at par. But it would be better, if he can get a fair price for the stock, to take it, and get the eight millions out of the way for twenty years.
I beg to be kindly remembered to Miss Lane, and am, my dear sir, with sincere regard,
Faithfully yours,