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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 prosecution of the war. Outside of the Cabinet, at whose board the plan was reported to have been well received, it met with the most strenuous object
Medford Historical Society Papers, Volume 14., Trinity Methodist Episcopal Church. (search)
, during that time gather seven more members while holding no public service (for lack of place) until its dedication, was certainly in itself a novel situation. But this is just what was done. The entire cost of the property was between eight and nine thousand dollars. Four thousand five hundred dollars was raised by mortgage, and for a time two hundred and fifty dollars was floated. While the chapel was in construction came the great tidal wave of financial depression that followed the Wall street panic known as Black Friday. The Boston City Missionary Society, that had given encouragement to the enterprise and promise of financial help, in the stringency was unable to redeem its promise and we were left to our own resources. Nevertheless, the work went on and the chapel was completed on time, and the prophecy of the tenement house still remains unfulfilled, though in its reconstructed form it has housed the Baptists, the Roman Catholics and Congregationalists. On Sunday m
week. The assault on Gen. Montgomery. Capt. Chapman and Lieut McHenry, who committed the murderous assault on Gen. Montgomery, at Alexandria, on Saturday, are to be tried by court-martial immediately. There is no doubt, as it is a plain case, but that they will be sentenced to be shot. They may escape the death penalty through the intercession of Gen. Montgomery. U. S. Senator from Missouri. St. Louis, Jan. 20. --John B. Henderson has been appointed, by Lieut. Gov. Wall, U. S. Senator, to fill the vacancy occasioned by the expulsion of Truston Polk. Mr. Henderson is a Douglas Democrat, and an uncompressing Union man. He was a member of the State Convention, and a Brigadier General in the State service. Late from the Rio Grande — important movement of the Mexicans. The Houston Telegraph, of the 10th, contains the following important item: Our Brownsville correspondent gives unimportant piece of information regarding the movements across the Rio G
The Daily Dispatch: July 14, 1862., [Electronic resource], The effect of the news in
Wall street
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ibal of McClellan below Richmond as a masterly strategic movement Wall street is a little credulous, and on the there was a rise in the price of gold to stated and a quarter premium, and of foreign exchange to one hundred and twenty-two and a half. Sonnell attributes this rise to the late disasters in Virginia and adds that it is now evident that this war must last at least another year. So that Mr. Sew. act shope of impressing the rebellion in ninety days is not shared by Bennett and the Wall street brokers. The Herald further says that foreign "mediation, and perhaps intervention, are imminent, and that still war expenses must now be urred, and predicts that if "this war should continue two states longer gold will be at twenty or twenty-five per cent premium." From this admission it may be inferred that the fullest confidence is not felt in the new Government currency. "Those who caused the Virginia disasters have caused the therefore, " concludes the to rest upon the Confed
Yankees looking "the Situation" in the face. The Yankee Secretary of the Treasury, the Yankee Congress, and the Wall street gamblers, are beginning to look the condition of Yankee Government credit and Yankee prospects a little more fully in the face. Mr. Chase writes to Senator Fessenden, Chairman of the Finance Committee, sending him a bill to check speculation in gold. He had previously sent him one to check the issues of State banks — to the two causes he having attributed the depreciation of Federal greenbacks. But while communicating these bills he expresses no great confidence in their efficacy. He would be glad to infringe the rights of the States by shutting up their banks, and he would be more pleased to stop speculation in gold; but he plainly confesses he despairs of seeing this done by legislation. In short, he sees no hope for "financial success to the Government," but "taxation to one half the amount of" its "current expenditures, and a reduction of those expe