Following the American Civil War Sesquicentennial with day by day writings of the time, currently 1863.

Post image for Diary of Gideon Welles.

Diary of Gideon Welles.

February 25, 2014

Diary of Gideon Welles

February 25, Thursday. I called at the Treasury Department this morning relative to funds to pay the hands in the Navy Yard at Broooklyn (sic). Chase appeared very well and calm. We talked of many difficulties. He wants the bank circulation suppressed. I told him we could not have two currencies, for the baser would always expel the better. He said the banks and individuals were hoarding the government paper and there must be some legislation to prevent the banks from circulating their paper, arid it was desirable there should be a public sentiment in that direction. I do not think he has any sound, well-matured, comprehensive plan of finance, or correct ideas of money and currency, but he is quick of apprehension and has mental resources, and is fertile in expedients not always sound but which have been thus far made available.

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