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.

[136] position; but a volley of musketry put them to flight, and the officer who led them, Major Winthrop, was killed by the bullet of a North Carolina rifleman, as he in vain attempted to rally his men to the charge. The loss of the Confederates in this affair was one man killed and seven wounded; that of the enemy, by their own acknowledgment, was thirty killed and more than one hundred wounded. In the little experience of war on both sides the action of Bethel was rated as a famous battle, and was paraded through many columns of the newspapers. The contemporary estimate of its importance is ludicrous enough in the light of subsequent events, and in comparison with those monuments of carnage, which were hereafter to appear on the fields of Virginia.

The comparative pause of warlike excitement after the affair of Bethel, and the apparent lull of hostilities, while, in fact, both Governments were making active preparations for the contest, was marked by some interesting demonstrations of public opinion in the North. It might have been noticed in this time, that public attention in the North was measurably turned from military movements to the financial aspects of the war, and to the provisions which the Northern Congress was so soon to be called upon to make, in order to meet present exigencies. A considerable portion of the Northern press appeared to show the same diversion of attention; and their tone might have been noticed to have become decidedly more healthy and prudent in leaving for a time the grosser excitements of war to ponder the vital concerns of the debts, taxes, burdens, and losses consequent upon hostilities.

Some time ago, an ominous growl from Wall street had reached the car of the Government at Washington. The discontent had since slowly and steadily manifested itself. Combinations were spoken of among Northern capitalists to terminate the war; to grant no more loans or aids to the Government; and to overrule the programme of the politicians at Washington by the superiour power of their money and their commercial interest. The estimates of the Government had indeed become frightful. The cost of the war 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