in fact very often at fault. He came into early and unnecessary conflict
with his chief and he found there a will stronger than his own. The
respect of the two men for each other grew into a cordial regard. Each
recognised the loyalty of purpose and the patriotism by which the
actions of both were influenced. Lincoln was able to some extent to
soften and to modify the needless truculency of the great War Secretary,
and notwithstanding a good deal of troublesome friction, armies were
organised and the troops were sent to the front.

The management of the Treasury, a responsibility hardly less in
importance under the war conditions than that of the organisation of the
armies, was placed in the hands of Senator Chase. He received from his
precursor an empty treasury while from the administration came demands
for immediate and rapidly increasing weekly supplies of funds. The task
came upon him first of establishing a national credit and secondly of
utilising this credit for loans such as the civilised world had not
before known. The expenditures extended by leaps and bounds until by the
middle of 1864 they had reached the sum of $2,000,000 a day. Blunders
were made in large matters and in small, but, under the circumstances,
blunders were not to be avoided and the chief purpose was carried out. A
sufficient credit was established, first with the citizens at home and
later with investors abroad, to make a market for the millions of bonds
in the two great issues, the so-called seven-thirties and
five-twenties. The sales of these bonds, together with a wide-reaching
and, in fact, unduly complex system of taxation, secured the funds
necessary for the support of the army and the navy. At the close of the
War, the government, after meeting this expenditure, had a national war
debt of something over four thousand millions of dollars. The gross
indebtedness resulting from the War was of course, however, much larger
because each State had incurred war expenditures and counties as well as