North Carolina’s State Flag

The original North Carolina Republic flag of 1861 was altered in 1885 with only the red and blue colors rearranged, and the lower date announcing the date of secession changed to “May 20th, 1775,” the date of the Halifax Resolutions.

This mattered little as both dates, 1775 and 1861, “places the Old North State in the very front rank, both in point of time and in spirit, among those that demanded unconditional freedom and absolute independence from foreign power. This document stands out as one of the great landmarks in the annals of North Carolina history.”

Militarily invaded and conquered in 1865, North Carolinians were forced to forever renounce political independence, and thus written in a new State constitution imported from Ohio.

North Carolina’s State Flag

“The flag is an emblem of great antiquity and has commanded respect and reverence from practically all nations from earliest times. History traces it to divine origin, the early peoples of the earth attributing to it strange, mysterious, and supernatural powers.

Indeed, our first recorded references to the standard and the banner, of which our present flag is but a modified form, are from sacred rather than from secular sources. We are told that it was around the banner that the prophets of old rallied their armies and under which the hosts of Israel were led to war, believing, as they did, that it carried with it divine favor and protection.

Since that time all nations and all peoples have had their flags and emblems, though the ancient superstition regarding their divine merits and supernatural powers has disappeared from among civilized peoples. The flag now, the world over, possesses the same meaning and has a uniform significance to all nations wherever found.

It stands as a symbol of strength and unity, representing the national spirit and patriotism of the people over whom it floats. In both lord and subject, the ruler and the ruled, it commands respect, inspires patriotism, and instills loyalty both in peace and in war.

[In the United States], each of the different States in the Union has a “State flag” symbolic of its own individuality and domestic ideals. Every State in the American Union has a flag of some kind, each expressive of some particular trait, or commemorative of some historical event, of the people over which it floats.

The constitutional convention of 1861, which declared for [North Carolina’s] secession from the Union, adopted what it termed a State flag. On May 20, 1861, the Convention adopted the resolution of secession which declared the State out of the Union.

This State flag, adopted in 1861, is said to have been issued to the first ten regiments of State troops during the summer of that year and was borne by them throughout the war, being the only flag, except the National and Confederate colors, used by the North Carolina troops during the Civil War. The first date [on the red union and within a gilt scroll in semi-circular form], “May 20th, 1775” refers to the Mecklenburg Declaration of Independence . . . The second date appearing on the State flag is that of “May 20th 1861 . . .”

(The North Carolina State Flag, W.R. Edmonds, Edwards & Broughton Company, 1913, excerpts pp. 5-7)

May 2, 2019 - Enemies of the Republic, Historians on History, Historical Accuracy, Newspapers, Propaganda    Comments Off on Journalists Versus Plodders

Journalists Versus Plodders

The eminent historian J.G. Randall writes of journalists masquerading as historians who easily reveal themselves, such as when “one of the best magazines of the country palmed off some forged Lincoln and Ann Rutledge letters whose fraudulent character could have been detected by a beginner in historical method.” Newspaper writers and their insatiable need for sensationalism and “breaking news stories” to sell papers or corner viewers takes precedence over facts and evidence. The piece below was written in 1939 when fake history in newspapers and magazines was not unknown.

Journalists Versus Plodders

“It has been said that in the journalism of our day the reporting function is better performed than the interpretive function. In other words, given the limitations of news gathering in a world of censorship and propaganda, news writers of today are less unsatisfactory than columnists and editorialists.

The historian may easily be tempted to turn commentator or, if you please, columnist. Editorializing or column writing is easy. It usually takes less effort than research. It offers a cue for easy writing. It satisfies a literary impulse. It finds a demand in the minds of many readers. It is popular to spread one’s story on a broad canvas, to deal with generalization or prediction, to deliver over-the-counter a consignment of impressive pronouncements and omniscient finalities.

Such writers get reputations as thinkers; research men are too likely to appear as plodders. Research is tied down; it is the editorialist who soars and sparkles.

Along with this there is another tendency – the inclination to speak slightingly of that individual who is pityingly referred to as the “professional historian.” At times this term seems almost to connote something suspicious or discreditable, as if amateur standing in the historical field constitutes in itself a kind of superiority.

One does not consider amateur standing desirable in chemistry, nor does one often hear the term “professional chemists.” Similarly it might be enough to speak of historians and let it go at that. The competent historian does not need to pay much heed to it, merely making sure that he justify himself at that point where his essential function lies, i.e., in historical investigation, in the discovering and testing of evidence, and the formulating of conclusions that tie up with reliable and adequate proof.”

(The Civil War Restudied, J.G. Randall, Journal of Southern History, University of Louisiana Press, November 1940, Volume VI, Number 4, excerpts pg. 440)

Results of Confederate Independence

War against the South commenced in April 1861 was not the only option open to Lincoln. He could have followed his predecessor’s view that he had no constitutional authority to wage war against a State – which is treason. The proper option would have been for a president to facilitate peace and call a convention of States to iron out differences, and find compromises all considered best. This is how the federation of States was created by the Founders.

Neither was war the only solution to African slavery in the United States – recall that Lincoln offered Southern States no interference with slavery if they would return to the Union. The South was seeking independence, and wanted to solve the riddle of slavery within State boundaries as the Northern States had done – in their own time, and at their own pace.

Results of Confederate Independence

“It is legitimate to inquire, in view of all the facts discussed, what would have been the effect on our condition, our institutions, and our future relations if the Confederate States had established their independence. I can, of course, only give my opinion, founded on certain physical features of the country, on certain racial characteristics of the people North and South, and on the sentiments of other nations, as well as on the fundamental principles for which we contended.

Emancipation. – There would have been certainly the gradual emancipation of the slaves on the following grounds:

The sentiment of the civilized world was opposed to slavery; and though our system was misunderstood and misjudged, yet no nation can hold out against a universal moral sentiment.

There was a feeling throughout the South from the beginning of the republic favorable to emancipation as soon as it could be done without danger to all concerned. If the abolition propaganda had not aroused opposition by its unjust misrepresentations and denunciations of slaveholders, the Border States would have brought it about several years before the war. A

s it was, throughout the South there was a growing effort to correct to confessed evils of the system. The example of the Border States would have necessitated some form of emancipation, some modification of the system in the States farther south that would have preserved the white man’s control, while giving the Negro freedom. The conduct of the slaves during the war while left in charge of the master’s family was without parallel in history; and this not only deserved freedom, but it called forth the sentiment of the Southern people favoring it.

Gen. R.E. Lee freed his slaves in 1863.

I believe that emancipation would have come in such a way as to avoid the dangers of race conflict, of social equality, and of giving the Negro a political franchise to which he was not fitted. The South would have given him his liberty and every right necessary to the development of his manhood, and it would have secured him the hearty interest and help of the white man. No doubt political rights would have been granted gradually as the Negroes became prepared for their exercise.

A Restored Union – There would have been ultimately a restoration of the Union on terms that would leave no ground of misunderstanding as to the several spheres of Federal and State sovereignty. The rights of the States would have been thoroughly and clearly guarded. The rights of the central government would have been definitely marked and limited. This would have been the old Union as originally intended by the fathers. The Constitution could not have been set aside by the interpretation of a majority of a Supreme Court appointed by a partisan executive.

The Taxing Power Guarded. – The Constitution of the new Union would have so guarded the taxing powers of the central government that it would not have been possible for it by tariffs to build up one section of the country at the expense of the others, nor to build up great trusts to levy tribute on the whole country for the benefit of the few.

The Confederate Constitution was simply a revision of the old, or rather the clear statement of the real meaning of the old.”

(Results of Confederate Independence: The Failure of the Confederacy – Was it a Blessing? James H. M’Neilly, D.D., Confederate Veteran, April 1916, excerpts pp. 164-165)

Tampering with New England’s Slave Trade

Much of Britain’s difficulty with its American colonies came from New England smuggling and dependence upon French West Indies molasses which it distilled into rum, which in turn fueled its slave trade. In his last years, Boston’s John Adams “saw the Revolution, at least in part, as a struggle over molasses. He said “I know not why we should blush to confess that molasses was an essential ingredient in American independence.

It takes no great imagination to conclude that without British and New England populating the American colonies with African slaves, and perpetuating this into the mid-nineteenth century, the war which destroyed the American republic in 1861 might not have occurred.

Tampering with New England’s Trade in Slaves

“[The Molasses Act of 1733 enacted by the British Parliament] was introduced as a result of complaints from the British islands in the West Indies, whose economy was based on the production of sugar, against the competition of the French sugar islands – St. Dominique, Guadeloupe and Martinique. The British West Indies – Antigua, Barbados, Jamaica, Monserrat and St. Christopher – were such an immense source of wealth that they were considered at the time to be more important to the empire than the North American colonies.

Molasses, a by-product of the islands’ sugar mills, was turned into rum in New England. There were so many distilleries in Rhode Island, Massachusetts, and Connecticut that they were known as the Rum Coast. Rum, to a degree hard to believe in a later and much different world, was essential to the New England economy.

It was one of the main means of profitable exchange for furs from the Indians and slaves and ivory from Africa. Some of the greatest early New England fortunes were based on the rum trade, most of which was carried on illegally. Boston alone was said to have about fifty distilling houses. Nothing could set off a panic in New England more surely than tampering with this trade.

The trouble arose because the British islands could not supply all the molasses needed by the North American distilleries or supply them as cheaply as the French islands. The French West Indian molasses manufacture and the New England rum production were as if made for each other. By [Sir Robert] Walpole’s time, an immensely important trade had developed between the French islands and the New England colonies. Everyone benefited, except the British sugar islands.

The result was the Molasses Act, which was designed to cut off the [French-New England] trade by putting a 100 percent duty upon non-British sugar. The agent of Massachusetts and Connecticut in London foretold funereally that the act was bound to ruin “many thousand families there.” Richard Partridge, the New York agent in London, brought up the argument of nonrepresentation in Parliament to denounce the act . . .”

By passing the act, [Walpole] legally appeased the British East West Indian planters. By doing little or nothing to enforce it, he appeased New England rum merchants. Smuggling was not a particularly American vice. Even when Secretary at War he had been engaged in smuggling his wines up the Thames.”

(The Struggle for Power: The American Revolution, Theodore Draper, Vintage Books, 1997, excerpts pp. 95-96)

Many “American” Flags

The wide range of what can be referred to as “American” flags is seen in all Territorial & State flags, as well as the Bennington, Betsy Ross, Gadsden, Texas Republic, California Bear, Maine Pine and Star, Bonnie Blue – and all flags of the American Confederacy, 1861-1865. The Stars & Stripes is one of the “American” flags noted above, but not the only one. It is properly referred to as the flag of the United States.

The Gen. Wm. J. Hardee headquarters flag, dark blue with a large white circle is an “American” flag. So is Gen. Robert E. Lee’s headquarters flag, and North Carolina Republic flag of 1861.

What are called “Confederate” flags include not only the First National, which is the actual Stars & Bars, but also the Second and Third National, as well as regimental and unit flags – all “American” flags. It is noteworthy that the “X” pattern of the Battle Flag is drawn from St. Andrews Cross, which makes the Second and Third National flags of the American Confederacy the only national flags in the Western Hemisphere to incorporate a Christian symbol.

To Southern soldiers 1861-1865, their flags symbolized all the reasons they fought: defense of their families, home, community, and their efforts to preserve a heritage of liberty they traced back to their forefathers and the American Revolution.

Especially in the South, the unit flags were sewn by the mothers, aunts, daughters and sisters of those who went off to defend their country. Consider this from the presentation of the Desoto Rifle’s unit flag in 1861 New Orleans:

“Receive from your mothers and sisters, from those whose affections greet you, these colors woven by our feeble but reliant hands; and when this bright flag shall float before you on the battlefield, let it not only inspire you with the patriotic ambition of a soldier aspiring to his own and his country’s honor and glory, but also may it be a sign that cherished ones appeal to you to save them from a heartless and fanatical foe.”

What those mothers and sisters spoke of as they presented the colors to their men is best captured by Brigadier-General Lewis Armistead as his 53rd Virginia Regiment began the long walk toward enemy lines on Gettysburg’s third day:

“Men, remember your wives, your mothers, your sisters and your sweethearts! Armistead walked down the line to the men of the Fifty-seventh Virginia, to whom he yelled:

“Remember men, what you are fighting for. Remember your homes and firesides, your mothers and wives and sisters and your sweethearts.”

All was nearly ready now. He walked a bit farther down the line, and called out: “Men, remember what you are fighting for! Your homes, your firesides, your sweethearts! Follow me.”

(Sources: The Returned Battle Flags, Richard Rollins, editor, 1995; The Damned Flags of the Rebellion, Richard Rollins, 1997. Rank and File Publications)

The Slave State of New Jersey

African slavery flourished in New Jersey prior to the Revolution while Rhode Island flourished as the center of the transatlantic slave trade, surpassing Liverpool by 1750. It was not until 1804 that the New Jersey Legislature passed an act for gradual emancipation, though like New York’s later act, the law held a hidden subsidy for New Jersey slave owners. The latter could free the slave children and place them under State care, while selling the parents in Southern States. Additionally, free blacks could not vote by an 1807 law limiting the franchise to free, white males.

Read more at: http://slavenorth.com/newjersey.htm

The Slave State of New Jersey

“Slavery had obtained legal sanction in New Jersey under the [English] proprietary regimes of Berkeley and Carteret. In 1702, when New Jersey became a crown colony, Gov. Edward Cornbury was dispatched from London with instructions to keep the settlers provided with “a constant supply of merchantable Negroes at moderate prices.” He likewise was ordered to assist slave traders and “to take especial care that payment be duly made.”

“These instructions became settled policy, and the slave traffic became one of the preferred branches of New Jersey’s commerce. In rejecting a proposed slave tariff in 1744, the Provincial Council declared that nothing would be permitted to interfere with the importation of Negroes. The council observed that slaves had become essential to the colonial economy, since most entrepreneurs could not afford to pay the high was commanded by free workers.”

But while slaves were encouraged, free blacks were not. Free blacks were barred by law from owning land in colonial New Jersey. Slaves were especially numerous around Perth Amboy, which was the colony’s main port of entry.

“By 1690, most of the inhabitants of the region owned one or more Negroes.” From 2,581 in 1726, New Jersey’s slave population grew to nearly 4,000 in 1738. Slaves accounted for about 12 percent of the colony’s population up to the Revolution.

From 1713 (after a violent slave uprising in New York) to 1768, the colony operated a separate court system to deal with slave crimes [and] special punishments for slaves remained on the books until 1788 . . . [and] New Jersey narrowly escaped a violent slave uprising in 1743.

The 1800 census counted 12,422 New Jersey slaves . . . [and] in the same year New Jersey banned importing of slaves it also forbid free blacks from entering the State with intent to settle there.”

Apr 28, 2019 - Black Slaveowners, Historical Accuracy, Slavery in Africa    Comments Off on Moslem Slave Trade Dominance in Africa

Moslem Slave Trade Dominance in Africa

When Europeans traders first encountered Africa at the end of the Fifteenth century, the slave trade in West Africa was already in the experienced hands of Moslem slave traders. Through Islamic jihads during the eighteenth and nineteenth centuries, new Moslem states were created in West Africa “which in turn promoted enslavement on a larger scale.” The Moslems were also the dominant slave traders in North and East Africa, easily dwarfing the Europeans entering the trade.

Moslem Slave Trade Dominance in Africa

“Slavery was not unique to Africa or Africans, but was in fact common on every inhabited continent for thousands of years. As recently as the eighteenth century, it existed in Eastern Europe, and it continued to exist in the Middle East after the Second World War. What was unusual about the Africa was the magnitude of the trade in human beings within recent centuries.

[One end of the slavery spectrum in Africa] included brutal subjugation and using slaves as human sacrifices. In some parts of Africa, such as Egypt, the Sudan and Zanzibar, Africans were in fact plantation slaves on a large scale. Even where they were not plantation slaves, however, they often nevertheless lived separately from the free population, rather than in the kinds of paternalistic domestic living arrangements that existed elsewhere. In these other non-domestic occupations, mortality rates could be very high, as in Tanganyika and Zaire.

The proportions of slaves in the general population varied, ranging from a minority to a majority, even in a given region, such as the Sudan or Nigeria. Most African slaves remained in Africa – indeed, those captured in the Sudan remained in the Sudan and those captured in Nigeria remained in Nigeria – but the numbers exported were still enormous.

The magnitude of the slave exports from Africa are particularly striking in view of the relatively thin population of the continent then, as now.

The Arabs took more women than men, partly to fill the harems of the Ottoman Empire and other Islamic lands, so that the societies left in the African savanna tended to have an excess of men and children.

The Atlantic slave trade took more men than women, using slaves principally for plantation labor, so that the West African societies from which slaves were taken had an excess of women and children.

In both places the resulting sex imbalance in African societies led to a revision of traditional sex roles, including an increase in polygamy in West Africa.

Inland tribes were such as the Ibo were regularly raided by their more powerful coastal neighbors and the captives led away to be sold as slaves. European merchants who came to buy slaves in West Africa were confined by rulers in these countries to a few coastal ports, where Africans could bring slaves and trade as a cartel, in order to get higher prices.”

(Conquests and Cultures: An International History, Thomas Sowell, Basic Books, 1998, excerpts pp. 109-111)

Emancipator and Confederate Naval Officer

The Wilmington Journal editorialized on 25 September 1863 that: “It is a curious fact, for those who maintain the civil war in America is founded upon the slave question, that [John Newland Maffitt] should be the very man who has distinguished himself actively against the slave trade.”

Maffitt, born of Irish parents at sea on the Atlantic on 22 February 1819, was said to be “born to command a ship.” He was “cultivated and gentlemanly,” blessed with a magnetic personality, and his seagoing exploits during the war are legendary.

The slave ship Echo noted below was originally built and registered in Baltimore in 1845 as the Putnam, for the New York City merchants Everett and Brown. The latter sold the ship in 1857 to “New York slave traders.”

New York City at the time “proved to be an ideal port for launching illegal slave voyages at this time: it boasted an abundance of available vessels and seafarers, it was overseen by overstretched and often corrupt port officials, and it even offered a legitimate trade in West African palm oil that could serve as a legitimate cover for illegal human trafficking.”

The newly purchased Putnam was sent on its first slaving voyage in 1857, the first of fifteen to leave New York City docks in that year alone.

Emancipator and Confederate Naval Officer

“Maffitt had captured a beautiful clipper named Echo, originally from Baltimore. It had a crew of eighteen, several of whom were Americans. It carried – stowed in a false lower deck only forty-four inches high – some three hundred African slaves. They were separated by sex and almost entirely naked. Maffitt ordered [two officers with a prize crew] to sail the Echo to Charleston to be turned over to the US marshal for disposition in court.

From orders dated 11 June 1859, he learned his new command was to be the USS Crusader [to be used] again cruising for slavers. (His earlier capture of the Echo had touched off great interest in the enterprise and led to a series of captures by other US naval vessels).

[On May 23rd, 1860] off the northern coast of Cuba [Maffitt stopped and boarded a suspicious square-rigger flying a French flag]. At this moment, hundreds of blacks broke open the hatches and, with a great shout, swarmed on board. When they saw the American flag over the Crusader, they became frantic with joy. The men danced, shouted, and climbed into the rigging. The women’s behavior was quite different. Totally nude, and some with babies in their arms, they withdrew to sit upon the deck, silent tears of appreciation in their eyes.

The crew of the slaver . . . stated their ship had no name, but it subsequently was found to be the bark Bogota out of New York. The cargo master spoke English and “might be taken for a Yankee galvanized into a Frenchman or Spaniard, as circumstances might dictate.”

Maffitt escorted the Bogota to Key West. The blacks, between four and five hundred of them, had been on passage in the Bogota for forty-five days from Ouida, a slave trading base in the People’s Republic of Benin (Kingdom of Dahomey). They, like many others, had been prisoners of war sold by the king.

At Key West, the blacks joined others who had been recaptured by the navy. Buildings had been erected to house them at Whitehead Point. At the time, there were some fourteen hundred Africans in the complex awaiting government disposition.”

(High Seas Confederate: The Life and Times of John Newland Maffitt, Royce Shingleton, University of South Carolina Press, 1994, excerpts pp. 26-30)

Targeting Key West Civilians

The State of Florida withdrew from the Union on January 10, 1861 – three days afterward a US Army captain moved his troops into the nearly-complete Fort Zachary Taylor at Key West, a fortress built specifically to protect the city and State from invasion.

Though then-President James Buchanan admitted no authority to wage war against a State — which was the very definition of treason in Article III, Section 3 – his actions with regard to reinforcing US forts were viewed as hostile and intended to precipitate a conflict.

The economic reality of an industrial North seeking protectionist tariffs and an agricultural South seeking the opposite would eventually lead to separation. A local newspaper had editorialized its concern over Northern sectionalism in 1832 during the heat of the discussion over the National Tariff Act of that year. It read:

“We have always thought that the value of the union consisted in affording equal rights and equal protection to every citizen; when, therefore, its objects are so perverted as to become a means of impoverishment to one section, whilst it aggrandizes another, when it becomes necessary to sacrifice one portion of the States for the good of the rest, the Union has lost its value to us; and we are bound, by a recurrence to first principles, to maintain our rights and defend our lives and property.”

Targeting Key West Civilians

“Construction of Fort [Zachary] Taylor [at Key West] was nearly complete when Florida seceded from the Union. On the night of January 13, 1861, Capt. [John] Brannan marched his [44] men from the barracks to Fort Taylor – taking possession of the fort while the city slept.

While the majority of the citizenry was for the Confederacy, there were some Union supporters on the island. Throughout the war, pro-Union supporters, white and black, tattled on the doings of their pro-Confederate neighbors, but island life in general remained calm.

One incident in February 1863, however, united all the residents against the Union army. The commander of the fort was ordered to round up “all persons who have husbands, brothers or sons in Rebel employment, and all other persons who have at any time declined to take the oath of allegiance, or who have uttered a single disloyal word, in order that they may all be placed within the Rebel lines.”

Six hundred citizens, including some staunch Union supporters whose sons had joined the Confederate army, fell into these categories. They were ordered to pack up and board ships that would take them to Hilton Head, S.C. According to one citizen:

“. . . The town has been in the utmost state of excitement. Men sacrificing their property, selling off their all, getting ready to be shipped off; women and children crying at the thought of being sent off among the Rebels. It was impossible for any good citizen to remain quiet and unconcerned at such a time.”

At the last moment, orders arrived superseding the operation. The protests of the “good citizens” had been heard.”

(Key West, Images of the Past, Joan & Wright Langley, Belland & Swift Publishers, 1982, excerpts pp. 20-21)

Apr 25, 2019 - America Transformed, Economics, Lincoln Revealed, Lincoln's Patriots, Northern Culture Laid Bare, Republican Party, Sharp Yankees    Comments Off on White House Insider Information

White House Insider Information

William O. Stoddard of upstate New York was one of three personal secretaries utilized by Lincoln, joined by John Hay and John Nicolay. Stoddard had an adventurist personality and became one of the office-seeking multitude looking for appointment in Lincoln’s new Republican administration.

White House Insider Information

“Stoddard was high-spirited . . . “And almost every man who can discover means for doing so is gambling in stocks and gold.” This game is fascinating, he says, because of “the sudden and unaccountable jumps and falls of what are called its prices, meaning the price of greenbacks. They are rather the pulsations of the public hope and fear concerning the national credit.”

To put the case as simply as possible, the new greenbacks the government issued in 1862 were not backed by gold, but they were placed on par value with bonds that were. The Union had not coin enough to pay its bills . . . It was patriotic to hold greenbacks, but even the truest patriot had himself and his family to feed. So rumors of distant battle, another Union defeat or embarrassment, would set many citizens scrambling for gold and speculators selling paper money short – or buying it in the belief a Union victory would send it soaring again.

The speculation that year was running insanely wild in New York and other financial centers, and I formed the idea that it was almost true patriotism to be what is called a “bear” in gold. I therefore went in, a little at first and then deeper . . . I had not the least idea that there was anything wrong in it for a fellow in my position . . .”

Stoddard had noted, as he did every day, the price of gold, selling at $132 per ounce, and it would go even higher if [General Ambrose] Burnside failed in Virginia. He had his eye on the stock exchange, especially the gold and currency markets, where he hoped to make his fortune.

Rumors of Lee’s rapid advance [into Pennsylvania] spread panic in the mid-Atlantic cities from Baltimore to Harrisburg, Pennsylvania. The price of gold had been rising as the result of Union defeats; now the fear of a Confederate invasion spread to the financial markets as well. The price of gold was soaring, and Stoddard – the shrewd gambler – was “shorting” the metal and piling up greenbacks . . . [and] had made a killing in the gold market.  

“Does the President take any interest in Wall Street gambling operations?” Stoddard asked rhetorically in his memoirs. “Of course he does, for the currency is the life of his policies.”

Over dinner one evening, they were discussing precious metals. “What is the price of gold this morning? Is it up or down? Lincoln asked his secretary. “Up Mr. Lincoln. The street is wild.”

“Well now,” the president replied, “they don’t know everything. If I were a bear on Wall Street, and if I were short of gold, I’d keep short. It’s a good time to sell.”

New York financier Clinton Rice testified that he made Stoddard’s acquaintance in 1862, when he told Rice “he enjoyed superior facilities for obtaining in advance all information of a political, official and diplomatic character likely to affect gold, stocks and other commodities. I entered into an arrangement with him [Stoddard] to furnish me telegraphic cipher dispatches.” Rice would use the information to invest in stocks or gold, and divide profits with Stoddard “share and share alike.”

As soon as there was “any important action of the Cabinet, or on receipt by the President or heads of departments of any important military or naval . . . operation” or diplomatic development, the secretary would wire Rice at once in cipher and the financier would place his bets. [Stoddard referred] to the “hollow” Union victory at Bristoe Station three weeks earlier, and how much the press had exaggerated the importance of the event. “I think I could run a gold line here better than anywhere else . . .”

(Lincoln’s Men: The President and His Private Secretaries, Daniel Mark Epstein, HarperCollins, 2009, excerpts pp. 100; 133; 135; 152; 172-173)

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