Reply #60: Yes And No, Sir

[The Magistrate]

The attempt to link the sentiment to the authority of the revered President Lincoln must be rejected, since he did not say this. The statement must then stand or fall on its own. It is therefore necessary to examine somewhat the actual historical background.

Mr. Lincoln was no particular friend of the large corporation. In the later stages of his career as a lawyer, a large railroad he did some work for attempted to short him on his fee; he sued, and on receiving a judgement of five thousand dollars remarked on the pleasure of having such a corporation put into his hands for the fleecing. Mr. Lincoln also expressed himself frequently on the primacy of labor over capital, and in support of the right of workers to strike.

In regard to the Civil War, the question of Mr.Lincoln's relation to and attitude towards banks and bankers is complex. It is certainly true that some banking and mercantile interests at the North did not wish prosecution of the war, as it interfered with what had been peace-time sources of profit in lending to, and trade with, the South. This was particularly true in New York City, where early in the war there was actually talk of the city seceding. However, the Federal government had no difficulty raising funds for the war, particularly after the Treasury Secretary's early threat to 'print money till it takes a thousand dollars to buy a breakfast' if funds could be got no other way. The money of the north backed the war, and profited from doing so. President Lincoln's administration set up, as a war finance measure, a system of national banks. His administration also sold, through Jay Cooke, a leading banker, tremendous sums of government bonds, bringing in funds essential to successful prosecution of the war. You are free to draw your own conclusions, but it does not seem to me a good case could be made for President Lincoln regarding 'the money power' as a dangerous enemy arrayed against him during the Civil War.