1 p.; 3 x 4 in. (76 x 101 mm); old residue on verso from when mounted; light soiling to recto.

LINCOLN CALLS ON A TREASURY DEPARTMENT OFFICIAL WHO WAS INVOLVED WITH THE FEDERAL WARTIME TRADING OF SOUTHERN COTTON.

In full: "Will Mr. Risley please see & hear the bearer, Mr. Ruby. A. Lincoln Oct 17. 1864".

Despite the blockade of all Confederate ports by the Union Navy that President Lincoln called for at the outset of the war (see lot 62), there was still a system of trade in Northern states to acquire Southern cotton, their most desirable product. The Lincoln administration knew that an outright ban of the cotton trade would encourage illegal smuggling, and therefore employed a permit system hoping it would allow the product to reach Northern textile factories without monopolies developing. The bureaucracy was imperfect and rife with corruption. Treasury Agent officials such as Risley were lax about regulations, and often issued trade permits to friends, or those with political connections.

Economist David D. Surdam describes how Lincoln "...was at least sensitive to the potential scandal from the cotton trade. In some instances, he refused to issue permits because of the impropriety involved. Still, the cotton trade, with its attendant profitability, probably posed too great a temptation for any set of men to avoid some sinful behavior; Lincoln was not surrounded by saints." (Traders or Traitors: Northern Cotton Trading During the Civil War, p. 310). Not in Basler.

Provenance:

Louise Taper, Beverly Hills, California