Gray, William H., 1810-1889 to Justin Morrill
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Gilder Lehrman Collection #: GLC03806 Author/Creator: Gray, William H., 1810-1889 Place Written: Boston, Massachusetts Type: Autograph letter signed Date: 4 December 1862 Pagination: 4 p. : envelope ; free frank; 25.9 x 20.3 cm. Order a Copy
Discusses country's current financial position, per Morrill's request. Details poor state of U.S. finances, explains the "very grave objections" to President Lincoln's recommendation of a general banking law, and offers possible alternatives. "Our present debt is about 700 millions…The Government requires large additional sums…To place the whole security for the circulation of the country in the hands of a bureau at Washington, subject to the political changes to which it must be subject, is a matter to cause most serious apprehension." Morrill, a Republican Congressman from Vermont, was the author of the Tariff Act of 1861. Gray was a member of one of Boston's wealthiest families. Envelope free franked by Gray. Docketed by Morrill.
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