Lincoln’s Thin Wallet or New York Millionaires

President Lincoln explained his thin wallet to a gathering  of New York millionaires, at the White House, in 1862. The wealthy powerbrokers were distressed with recent Union defeats and paranoid regarding the safety of themselves and their metropolis. Lincoln attempted to allay their fears, by detailing recent troop enhancements and defensive operations that would ensure the integrity of the city.

The New York millionaires continued with their woes and demanded of Lincoln to build and provide a Gunboat to protect the harbor of New York. President Lincoln listened intently to the wealthy elite, who had supported his election in 1860. Lincoln had many pressing issues to deal with and the last thing he needed was to alienate powerful allies of his administration. The President had learned long ago, that on most occasions, listening and letting his haranguers vent and speak their mind, was the best policy and resulted in the most agreeable outcome.

Lincoln soon recognized that the New York millionaires had finished their diatribe. The President explained the present thin wallet of the government, the sorry state of the economy, how the greenback’s worth had fallen to 40% or 50% of face value. In addition, the War was costing in excess of $1,000,000 a day and would surely increase before the rebellion was crushed. But Lincoln and his thin wallet, had an answer for the New York millionaires,

“It is impossible for me to furnish you a gunboat and in this condition of things, if I was worth half as much as you, gentlemen, are represented to be, and as badly frightened as you seem to be, I would build a gunboat and give it to the Government.”

Bummer