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Benson J. Lossing, Pictorial Field Book of the Civil War. Volume 1., Chapter 6: Affairs at the National Capital.--War commenced in Charleston harbor. (search)
entatives, February 12, 1861. These acceptances were so manifestly illegal, that they could with difficulty be negotiated. The contractors became embarrassed by the difficulty, and hit upon a scheme for raising money more rapidly. Russell had become acquainted with Goddard Bailey, a South Carolinian and kinsman of Floyd, who was the clerk in the Interior Department in whose special custody were the State bonds composing the Indian Trust-Fund. He induced Bailey to exchange these bonds July, 1860. for Floyd's illegal acceptances. These were hypothecated in New York, and money raised on them. When, as we have observed, the financial affairs of the country became clouded, late in 1860, See page 115. these bonds depreciated, and the holders called on Russell for additional security. Bailey supplied him with more bonds, December 13. until the whole amount was the sum of eight hundred and seventy thousand dollars. When the time approached for him to be called upon by the Indian B