May 21, Saturday. Last night I was at a party at Mr. Chase’s, or his daughter Mrs. Sprague’s, and late in the evening he spoke to me of the great abuses in cotton speculations. It was a new and singular theme for him, and I said it could not be otherwise than demoralizing. He said, “Yes, your whole fleet out West is infected; Porter devotes his attention to getting cotton and has a boat to himself, with a piano and his pipe, on these cotton raids.” I replied this could not be so. The naval men could capture and retain nothing, which the courts do not adjudge to be good prize. We were interrupted at this point. I conclude the Committee on Commerce have notified Chase that they disapprove of his “Trade Regulations,” and this outburst on the Navy is to turn off attention from his officials. But we shall see.
Lieutenant-Commander S. L. Phelps has been with me this evening and given me many interesting details concerning the Red River expedition and the incompetency of General Banks. Among other matters he relates some facts in regard to cotton speculations by persons connected with General Banks — some of his staff — that are exceedingly discreditable. Among others whom he specially mentions is one Clark from Auburn, New York, who appears to be managing director of the cotton operations.
Our gunboats are detained above the falls at Alexandria and we may lose them, though it is possible there yet may be a rise before June. The expedition has many bad features, of which we shall be better informed hereafter.
