“As respects events in this country, they have brought about for me a great and personally not an unacceptable change. I have always desired earnestly that the closing period of my life might be spent in freedom from political commotion, and I have plenty of work cut out for me in other regions of a more free and open atmosphere.
“As respects the political position, it has been one perfectly honorable for us, inasmuch as we are dismissed for or upon having done what we undertook or were charged to do; and as respects the new ministry, they show at present a disposition to be quiet.
“Believe me, my dear Mr. Field,
“Yours very faithfully,
“W. E. Gladstone.”
The following extract is taken from Mr. Field’s private papers:
“The bill for the expansion of the currency, which at this period passed both houses of Congress, after exhaustive debates, created much alarm among the leading financial men of New York and the Eastern States. Meetings were held at various places to protest against it, and to request the President to exercise his veto.”
A number of the leading bankers, capitalists, and merchants of New York assembled on April 15th at Mr. Field’s house on Gramercy Park to consider what action should be taken in the matter. A petition very extensively signed was read, and the following resolutions were adopted:
“Resolved, That the following gentlemen be appointed a committee to take charge of and present the foregoing petition to the President, bearing the signatures of all the 2500 leading bankers and business firms of the City of New York, asking him to interpose his veto to prevent the enactment of the Senate currency bill, which has recently passed both houses of Congress; or any other bill having in view the increase of inconvertible currency.
“Resolved, That the Senators from the State of New York, and such members of the House of Representatives from this State as entertain the views indicated in the foregoing resolution, be added to the committee, and their co-operation invited. The members of this committee are:
“J. J. Astor, Rev. Dr. Adams, Ethan Allen, W. H. Aspinwall, W. A. Booth, James M. Brown, August Belmont, S. D. Babcock, S. B. Chittenden, E. C. Cowdin, George S. Cole, John J. Cisco, W. B. Duncan, W. M. Evarts, Cyrus W. Field, Wilson G. Hunt, B. W. Jaynes, J. T. Johnston, A. A. Low, W. J. Lane, C. Lanier, C. P. Leverich, W. H. Macy, C. H. Marshall, R. B. Minturn, Royal Phelps, Howard Potter, M. O. Roberts, A. T. Stewart, J. H. Schultz, Isaac Sherman, Jonathan Sturges, Moses Taylor, J. A. Agnew, J. D. Vermilye, G. C. Ward, etc.”
Mr. Field, with many influential members of this committee, proceeded to Washington with the petition, and had an interview with the President, who promised to give the subject his mature consideration. It is thought that the arguments adduced by the committee on this occasion had great weight with the President, and, combined with other influences, finally determined him to veto the bill, which he did shortly afterwards in a message in which he committed himself strongly against any further inflation of the currency. Had this bill passed into a law it would have been the first step towards national repudiation, for the wedge once inserted, it is impossible to predict how far it would eventually have been driven, and what effect even a moderate addition to the inconvertible currency would have had, not only on commerce, but on the moral conscience of the nation. A return of government bonds held in foreign countries would have been the inevitable result, and all values would have been unsettled. Reasoning and thoughtful men foresaw the crisis that was impending, and the country owes a debt of gratitude to the Chamber of Commerce for its prompt action, and to President Grant for listening attentively to the arguments of the committee for saving the country from threatened disaster.