. Taney,
who died on the 12th of October (1864). William Pitt Fessenden
succeeded Mr. Chase in the Treasury, and entered upon his duties
on the fifth day of July. He was admirably fitted by every mental
and moral quality for the position, but he did not possess the
physical strength necessary for the arduous labor which it imposed.
He consented in response to the very earnest request of Mr. Lincoln
to accept the trust for a brief period. It was of great importance
to the country, to the Administration, and to Mr. Lincoln personally
that Mr. Chase should be succeeded by a man of no less eminent
character.

In his report of December 6, 1864, Mr. Fessenden discussed the
financial situation with comprehensive ability. He urged additional
taxation, some plan for making the public lands available as a
source of revenue, and arrangements for carrying out the laws for
a sinking-fund. He opposed the suggestion of resorting to foreign
loans for any part of the money needed. He said, "This nation has
been able thus far to conduct a domestic war of unparalleled
magnitude and cost without appealing for aid to any foreign people.
It has chosen to demonstrate its power to put down insurrection by
its own strength, and furnish no pretense for doubt of its entire
ability to do so, either to domestic or foreign foes. The people
of the United States have felt a just pride in this position before
the world. In the judgment of the secretary it may well be doubted
whether the national credit abroad has not been strengthened and
sustained by the fact that foreign investments in our securities
have not been sought by us, and whether we have not found a pecuniary
advantage in self-reliance." Reciting the steps which he had taken
for placing loans, he declared; "These negotiations have afforded
satisfactory evidence not only of the ability of the people to
furnish at a short notice such sums as may be required but of the
entire confidence felt in the national securities. After nearly
four years of a most expensive and wasting war, the means to continue
it seem apparently undiminished, while the determination to prosecute
it with vigor to the end is unabated."

Liberal response was made by Congress to Mr. Fessenden's request
for enlarged power to borrow money. The internal revenue was made
more stringent, the tariff was amended and made still more protective,
and to facilitate the raising of troops the Conscription Act was
made mo