BATTLE OF BENTONVILLE-GOLDSBORO OCCUPIED. 491

it was an affair between Carlin's division and the rebel cavalry, and that the latter were retreating. He was now informed by other officers that Johnston's entire army was in Slocum's front, near Bentonville.

General Sherman now sent a despatch to Blair, ordering him to march with his corps to Falling Creek Church, and with three divisions of the Fifteenth corps, to come up in Johnston's rear, from the direction of Cox's bridge. Howard was to move on Bentonville at daylight, leaving his wagon. train behind. General Sherman ordered Schofield to march on the same point, and Terry, to march to Cox's bridge. Slocum placed artillery in front, and sent Morgan's division to place another line a mile in advance, but Johnston drove back this line, and captured some guns. Slocum now deployed two divisions of the Fourteenth corps, and two of the Twentieth, with all speed. Barricades were thrown up, and Kilpatrick's cavalry massed on the left. The enemy, at four o'clock, massing in three heavy columns, swept on the barricades, and seemed to carry all before them. The deadly fire of artillery and musketry from the patriot ranks, made the first line recoil, but the second advanced with a cheer, and encountered the heroes of Chickamauga, who quickly arrested its course. In half an hour, six distinct charges were made, the last of which broke Slocum's line, which rallied and repelled the foe. It was a close combat, and many of the Confederate dead lay round the head-quarters of the Union commanders. During the night, Slocum's wagon train, and its guard of two divisions arrived, and Hazen's division also came up. Johnston had the corps of Hoke, Cheatham, and Hardee, and was superior in numbers to Slocum, on whose left, Howard, coming up next day, took up his position. The army, which Johnston expected to capture in detail, was now well in hand, and its whole machinery, like clock-work, moved in wonderful order under the leadership of the mighty mind that directed each movement. Sherman, however, did not wish to bring on a battle here, unless all went in his favor, and merely shelled the woods and threatened the enemy's flanks.

This was the state of affairs on the 21st of March. On this day, Schofield occupied Goldsboro, and Terry held Cox's bridge on the Neuse, crossing a brigade on a pontoon, ten miles above. In storm and rain, Mower moved well round

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the enemy's flank to the right, and had nearly reached his only line of retreat, at Mill bridge. A battle ensued, and Johnston retired in the night. The total loss on the Union side was one thousand six hundred and forty-six. Sherman left Howard with the cavalry next day, to inter the slain, and ordered the troops to encamp around Goldsboro. He visited Terry at Cox's bridge, rode into the town, and there found Schofield.

The campaign was ended, and the point for which he had started in the preceding autumn reached. A desolate track had marked the march of the army, nearly three hundred miles through the heart of Georgia, and yet more so through South and North Carolina, for nearly five hundred miles. Sherman now left Schofield in command of the army, and went to consult with Grant, at City Point, where he also met the President, by whom he was cordially welcomed. The army was now supplied with shoes, clothing, and all that was necessary for another campaign.

Leaving Grant and Sherman with the President, in consultation as remarkable a trio as ever met—and with matters of the most momentous importance for deliberation, we now turn our attention to the subject of the National finances.

On the 1st of July, 1864, Mr. Chase, Secretary of the Treasury, resigned, and was succeeded by Mr. Fessenden, who continued in office till March, 1865. The financial policy was unchanged. At the commencement of the war, the treasury was nearly empty, and the expenses of Government would require three hundred and nineteen millions to defray expenses. The Congress of 1861, authorized the Secretary of the Treasury to borrow two hundred and fifty millions of dollars, by the issue of bonds to be redeemable in twenty years, also to issue fifty million dollars in seven and three tenths per cent. Treasury notes, payable in three years, and of United States notes without interest, payable on demand. Twenty millions were to be levied by a direct tax, and the customs were to be increased. The difficulty was now, to find purchasers for the United States bonds. Had the war been a foreign one, any amount of money could have been borrowed abroad. The only plan was to make it a people's loan. Agencies were established in the principal cities, to receive subscriptions. One of the most

THE NATIONAL FINANCES.

493

patriotic, energetic, and successful during the war, in obtaining the subscriptions which gave the Government the means of meeting its enormous expenditures, was Jay Cooke, of Philadelphia, who proved a benefactor of his country in her time of need. In the beginning of 1862, only fifty millions of dollars of paper money had been issued. The tax of twenty millions afforded no revenue, while the expenditures were now increased to the enormous sum of two millions daily. Congress, laboring under the supposition of the speedy termination of the war, was only anxious to meet present wants. On the last of February, 1863, the Secretary of the Treasury was authorized to issue one hundred and fifty millions of dollars in notes, of such denominations, but not less than five dollars, as he desired. The interest of the public debt was to be paid in coin, and customs also were to be paid for in the same. To get at the great amount of wealth usually employed in trade, but now locked up, the Secretary was authorized to receive twenty millions on deposit, to be paid on ten days' notice, and to bear interest at five per cent., payable in gold. The amount was quickly taken, and Congress authorized the reception of one hundred millions, the interest of which was payable in paper. Internal taxation was now resorted to, and by an excise law, taxes were levied on all incomes exceeding six hundred dollars; under this law, stamp duties were to be paid on all transactions and legal demands, and a three per cent. tax on all manufactures. The expenditures for the fiscal year of 1863, were estimated at $693,346,321, not including the public debt of $95,212,456. The calling out of six hundred thousand men swelled the expenditures, and Congress made an appropriation of $882,238,800. To raise this amount, the Secretary was authorized to issue five hundred millions of dollars of six per cent. stock, redeemable in five to twenty years, and an issue of notes for one hundred millions, which could be exchanged at par for the stock. Fractional notes under a dollar, to any amount, made up the balance. Gold, this year reached the extraordinary figure of one hundred and seventy-two and one half per cent. premium. When Congress again met, the debt amounted. to fourteen hundred millions of dollars. To meet the immediate outlay, the Secretary was authorized, at the beginning of the actual year, to issue one hundred millions

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THE NATIONAL FINANCES.

of dollars of paper money. Five hundred million dollars six per cent. bonds were also authorized to be issued, redeemable within forty, but not until after ten years; and an issue of four hundred million of dollars of notes, in denomi nations of ten and upward to be legal tenders, bearing six per cent. compound interest in paper, and redeemable in three years; also one hundred and fifty million more, into which the smaller interest bearing notes could be converted.

The National Banking Law was passed, which authorized banks in all the States, secured in Government bonds, to circulate notes redeemable in Government paper. This law, though attended with many difficulties, gave the great advantage of a uniform currency. The total amount of revenue from all sources, for the fiscal year of 1864, was $888,082,128, to meet an expenditure above $895,000,000. At the close of the fiscal year, gold went up to two hundred and ninety. The public debt, in March, 1865, amounted to $2,423,437,000. This brief epitome may tend to show the immense sums expended, to bring back misguided citizens to their allegiance, and will serve to exhibit the cost of the Great Rebellion.

CHAPTER XLVII.

FEBRUARY-MAY, 1865.

INTERVIEW BETWEEN GRANT AND SHERMAN-STONEMAN'S RAID-PREPARATIONS BY CANBY AGAINST MOBILE-SHERIDAN'S RAID IN THE SHENANDOAH VALLEY AND AROUND RICHMOND TO WHITE HOUSE-GRANT'S PLAN TO MOVE ROUND THE REBEL FLANK-REBEL ATTACK ON FORT STEADMAN -SHERMAN RETURNS TO THE ARMY-GRANT'S MOVEMENT-BATTLE OF FIVE FORKS-GRAND ATTACK ON THE ENEMY'S LINES-PETERSBURG AND RICHMOND EVACUATED-LEE RETREATS TOWARD DANVILLE-THE PURSUIT -WEITZEL ENTERS RICHMOND-LEE PRESSED-GRANT DEMANDS HIS SURRENDER-THE CAPITULATION-SHERMAN RETURNS TO HIS ARMY-RECEIVES THE NEWS OF THE FALL OF PETERSBURG AND RICHMOND-HE MOVES ON RALEIGH-SHERMAN'S INTERVIEW WITH JOHNSTON-THE ARMISTICE-STONEMAN'S RAID-PRESIDENT LINCOLN ASSASSINATEDHIS OBSEQUIES-THE CONSPIRATORS TRIED, CONVICTED, AND EXECUTED -CAPTURE OF MOBILE-WILSON'S CAVALRY EXPEDITION-GRAND REVIEW AT WASHINGTON-THE TROOPS DISBANDED.

GENERALS GRANT and Sherman had an interview, in which the grave matters connected with the overthrow of the Confederacy, and the death of the monster rebellion were duly considered. General Sherman had been excluded from almost all communication with the outer world since the beginning of February, and was now informed of the plans both of the past and future, with which General Grant designed to finish his great work.

When the march was made into South Carolina, General Grant had ordered General Thomas to send Stoneman thither with a cavalry force, for the purpose of destroying the railroads, and all the resources which could aid the enemy; but Sherman was half across the State before Stoneman could start, and on the last of February, Grant ordered the latter, with five thousand cavalry, to be sent east to destroy the railroad toward Lynchburg, in which work he was now engaged.

General Canby was preparing to take Mobile, and Thomas was to send a cavalry force of ten thousand men from Eastport, Mississippi, into Alabama, to co-operate with him, while another body of cavalry, some eight thousand strong, was, at the same time, to move east from Vicksburg, for the