![CHASE, Salmon P. (1808-1873). Autograph draft letter signed ("S. P. Chase"), as Secretary of the Treasury, to Sen. William P. Fessenden, no date [ca. January 1864]. 6 pages, 4to (9¾ x 7¾in.)](https://www.christies.com/img/LotImages/2011/NYR/2011_NYR_02514_0009_000(chase_salmon_p_autograph_draft_letter_signed_as_secretary_of_the_treas080617).jpg?w=1)
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CHASE, Salmon P. (1808-1873). Autograph draft letter signed ("S. P. Chase"), as Secretary of the Treasury, to Sen. William P. Fessenden, no date [ca. January 1864]. 6 pages, 4to (9¾ x 7¾in.)
"THE FIRST DUTY OF THE REPUBLIC TO ITS SOLDIERS & SAILORS IS PROMPT PAYMENT & SURE SUPPLIES"
A fascinating draft letter to the head of the Senate Finance Committee on how to pay for new conscripts and volunteers following Lincoln's call for an additional 300,000 troops (Chase's final version went to Fessenden on 11 January 1864). Congress contemplated a plan for awarding re-enlisting veterans an extra $102 on top of the normal $300 enlistment bounty and Fessenden asked Chase for his thoughts for its likely impact on the Treasury. Chase responds here with a detailed summary of anticipated costs, and adds a spirited plea to raise taxes to pay for it: "twenty one millions of dollars will probably be wanted for bounties to Veterans. The same likely to be required for recruits to fill up old regiments in the states; but if the number be assumed as equal to the number of veterans expected to reenlist, the amount required for the bounties will be 15.750.000. If one hundred thousand men are then obtained and the remainder of the three hundred thousand men called for be filled up by Volunteers for new organizations, the further sum of twelve millions will be needed..." Chase does not think the measure poses any dangers from a fiscal point of view. But "I must not omit, however, to observe that every addition to the appropriations demanded by existing estimates enhances the difficulty of obtaining the vast sums required to satisfy them. The first duty of the Republic to its soldiers & sailors is prompt payments & sure supplies. Payment cannot be brought or supplies be sure if appropriations exceed the probability of certain provision... If vigor & decision & earnestness in the work of suppressing the rebellion shall be attended by marked progress toward its consummation then large sums and the additional sums now required for bounties can, I think, be obtained at reasonable rates. But the whole of this additional sum...should be raised by taxation. No uncertainty can be safely allowed to attend to the question of prompt payment..."
"THE FIRST DUTY OF THE REPUBLIC TO ITS SOLDIERS & SAILORS IS PROMPT PAYMENT & SURE SUPPLIES"
A fascinating draft letter to the head of the Senate Finance Committee on how to pay for new conscripts and volunteers following Lincoln's call for an additional 300,000 troops (Chase's final version went to Fessenden on 11 January 1864). Congress contemplated a plan for awarding re-enlisting veterans an extra $102 on top of the normal $300 enlistment bounty and Fessenden asked Chase for his thoughts for its likely impact on the Treasury. Chase responds here with a detailed summary of anticipated costs, and adds a spirited plea to raise taxes to pay for it: "twenty one millions of dollars will probably be wanted for bounties to Veterans. The same likely to be required for recruits to fill up old regiments in the states; but if the number be assumed as equal to the number of veterans expected to reenlist, the amount required for the bounties will be 15.750.000. If one hundred thousand men are then obtained and the remainder of the three hundred thousand men called for be filled up by Volunteers for new organizations, the further sum of twelve millions will be needed..." Chase does not think the measure poses any dangers from a fiscal point of view. But "I must not omit, however, to observe that every addition to the appropriations demanded by existing estimates enhances the difficulty of obtaining the vast sums required to satisfy them. The first duty of the Republic to its soldiers & sailors is prompt payments & sure supplies. Payment cannot be brought or supplies be sure if appropriations exceed the probability of certain provision... If vigor & decision & earnestness in the work of suppressing the rebellion shall be attended by marked progress toward its consummation then large sums and the additional sums now required for bounties can, I think, be obtained at reasonable rates. But the whole of this additional sum...should be raised by taxation. No uncertainty can be safely allowed to attend to the question of prompt payment..."