per cent.; and the Eighteenth Mississippi, 45 per cent. Some of the losses at Chickamauga were equally appalling. The Tenth Tennessee lost 68 per cent.; the Fifth Georgia, 61 per cent.; the Second and Fifteenth Tennessee, 60 per cent.; the Sixteenth Alabama and the Sixth and Ninth Tennessee, each 58 per cent.; the Eighteenth Alabama, 56 per cent.; the Twenty-second Alabama, 55 per cent.; the Twenty-third Tennessee, 54 per cent.; the Twenty-ninth Mississippi and the Fifty-eighth Alabama, each 52 per cent.; the Thirtyseventh Georgia and the Sixty-third Tennessee, each 50 per cent.; the Forty-first Alabama, 49 per cent.; the Twentieth and Thirty-second Tennessee, each 48 per cent.; and the First Arkansas, 45 per cent.; and these losses include very few prisoners. At Gettysburg, besides the regiments already mentioned, the heaviest losers among the Confederates were: the Second North Carolina, 64 per cent.; the Ninth Georgia, 55 per cent.; the Fifteenth Georgia, 51 per cent.; and the First Maryland, 48 per cent. At Shiloh the Sixth Mississippi lost 70 per cent. At Manassas the Twentyfirst Georgia lost 76 per cent.; the Seventeenth South Carolina, 67 per cent.; the Twenty-third South Carolina, 66 per cent.; the Twelfth South Carolina and the Fourth Virginia, each 54 per cent.; and the Seventeenth Georgia, 50 per cent. At Stone River the Eighth Tennessee lost 68 per cent.; the Twelfth Tennessee, 56 per cent., and the Eighth Mississippi, 47 per cent. At Mechanicsville the Forty-fourth Georgia lost 65 per cent. At Malvern Hill the Third Alabama lost 56 per cent.; the Forty-fourth Georgia, 46 per cent.; and the Twenty-sixth Alabama, 40 per cent.

No comparison can be made with the losses in the great European war of 1914-, because both the weapons

used and the methods of attack are widely different. In the War of Secession there were no machine guns, no cannon so powerful as those now in use, and only a very few repeating arms or even breech-loaders. The use of wire entanglements was invented in that war, but was resorted to only to a limited extent. No poisonous gases were thrown against the enemy, and airships had not been invented. There were submerged torpedoes, some of which wrought damage; but the only submarine torpedo-boat was sent out by the Confederates against the ships blockading Charleston harbour. This made three futile attempts, sinking to the bottom with its crew each time. Still there were volunteers, and when it was once more recovered and sent out it reached its mark, but it went down with its victim.

If losses are the measure or valour, no European war previous to that of 1914 equalled in this respect the Civil War in the United States. In the Franco-German War of 1870, which is accounted one of the most deadly, the highest loss sustained by any German regiment was 49 per cent.

The Federal Finances

WHEN James Buchanan's

HEN James Buchanan's term as President

ended and Abraham Lincoln's began (March 4, 1861) the public debt was more than $76,000,000, the treasury was empty, and the Government was borrowing money at 12 per cent. per annum. In December, 1860, Congress had authorized the issue of one-year treasury notes to the amount of $10,000,000. An advertisement for half of these brought offers at rates of discount varying from 12 to 36 per cent. The offers at 12 per cent. were accepted, and subsequently the other $5,000,000 were sold at II per cent. In February, 1861, Congress authorized a loan of $25,000,000, to bear interest at 6 per cent., to be repaid not sooner than five years nor later than twenty. The Secretary of the Treasury succeeded in disposing of about one third of the bonds at ninety to ninety-six.

In President Lincoln's Cabinet Salmon P. Chase, who had been successively United States Senator and Governor of Ohio, was Secretary of the Treasury. Under the existing acts he borrowed, in March, $8,000,ooo, rejecting all offers under ninety-four, and early in April he issued at par nearly $5,000,000 in two-year treasury notes, which were receivable for public dues and were also convertible into six per cent. bonds. In May $7,000,000 more of the six per cent. loan were issued, at rates from eighty-five to ninety-three, and also $2,500,000 in treasury notes at par.

These transactions were considered remarkably successful, in view of the fact that many, even of the most loyal citizens, seriously doubted whether the Republic would survive the heavy blow that was aimed at its life and be able to redeem its obligations at all. The existing tariff produced an annual income of not more than $30,000,000.

At the call of the President, Congress convened in extra session on July 4th, and on the 17th, with but five dissenting votes in the House, it passed a bill for the issue of bonds and treasury notes to the amount of $250,000,000. It also increased the duty on many articles of import, decreed confiscation of the property of rebels, and levied a direct tax of $20,000,000. This tax was apportioned to the States and Territories according to their population, as provided by the Constitution (Article I., Section 9). The insurrectionary States of course did not respond, neither did Colorado, Delaware, Oregon, Utah, or the District of Columbia. All the others paid. This law provided for collection of the tax by United States officials whereever the States refused or neglected to collect it themselves. Under this clause, lands worth about $70,000, in some of the seceding States, were seized and sold for non-payment. Subsequently the money was refunded to the States that had paid.

In August, 1861, demand notes were issued as currency and were paid to department clerks for their salaries. Although these were convertible into gold, they were at first received with reluctance; but they soon became popular, and in five months they were in circulation to the extent of $33,000,000.

Secretary Chase now had a conference with bankers of New York, Boston, and Philadelphia, proposing to

negotiate a large loan. Most of the bankers declared that they desired to sustain the Government, but they objected to the terms and the rates of interest. The Secretary then told them that if they could not take the loan on his terms he would issue notes for circulation, adding, "It is certain that the war must go on until the rebellion is put down, if we have to put out paper till it takes a thousand dollars to buy a breakfast.' The bankers finally formed a syndicate to lend the Government $50,000,000 in coin, for which the Treasury would give them three-year notes bearing interest at seven and three tenths per cent. and convertible into six per cent. twenty-year bonds. That unusual rate of interest was intended as a special inducement and for ease of calculation. The interest was two cents a day on a hundred dollars; the notes were issued in denominations as low as fifty dollars, so that citizens of limited means could take them; they were called "seven-thirties, and became very popular. The coupon and registered bonds that were to run from five to twenty years were called "five-twenties." Subscription-books were opened in every city, and the response was so prompt that very soon the Government was able to repay the banks and make another loan. When a third loan was refused, the Secretary issued $50,000,000 of five-twenties at six per cent., sold at such a discount as to make a seven per cent. investment. The agents that handled these bonds were paid one fifth of one per cent. on the first $100,000, and one eighth of one per cent. on all above that amount. The most successful of these agents was Jay Cooke of Philadelphia.

At this time the amount of coin in circulation in the United States was estimated at $210,000,000. Before