Taking these contradictory estimates as hints of a contradiction in the man, we are forced to the conclusion that Chase was a professional in politics and an amateur in finance. Perhaps herein is the whole explanation of the two characteristics of his financial policy--his reluctance to lay taxes, and his faith in loans. His two eyes did not see things alike. One was really trying to make out the orthodox path of finance; the other was peering along the more devious road of popular caprice.

The opening of the war caught the Treasury, as it caught all branches of the Government, utterly unprepared. Between April and July, 1861, Chase had to borrow what he could. When Congress met in July, his real career as director of financial policy began--or, as his enemies think, failed to begin. At least, he failed to urge upon Congress the need of new taxes and appeared satisfied with himself asking for an issue of $240,000,000 in bonds bearing not less than seven per cent interest. Congress voted to give him $250,000,000 of which $50,000,000 might be interest-bearing treasury notes; made slight increases in duties; and Prepared for excise and direct taxation the following year. Later in the year Congress laid a three per cent tax on all incomes in excess of $800.