Memoirs of John Adams Dix; comp. by his son, Morgan Dix.

1860-1861.] THE REINrS AT LENGTH FIRMLY GRASPED. 363

news of the appointment was received in New York and elsewhere with profound satisfaction: the financial dead-lock was
at once broken; the government found itself in possession of
all the money that it wanted; and the country saw a strong
Cabinet and a Union Administration. Mr. Holt was in the
War Department, Judge Black was Secretary of State, Mr.
Toucey Secretary of the Navy, and Mr. Stanton Attorneygeneral. The reins were at last in the hands of men ready
to defend the Constitution and oppose secession.
General Dix returned from Washington, on the 11th, to
make hurried arrangements for the ensuing six weeks. On
the following day a meeting of bank officers and directors
of moneyed institutions was held at the Bank of Commerce, at which the following resolution, moved by Mr.
Charles I-I. Russell, and seconded by Mr. Moses Taylor, was
adopted:
"Resolved, That this meeting learns with great satisfaction the appointment just announced of the Hon. John A. Dix, as Secretary of the
Treasury of the United States, believing, from the well-known ability,
integrity, and honorable character of this gentleman, his devotion to
the Union, and' his determination to maintain the laws, that the change
thus effected will inspire throughout this community increased confidence in the administration of that department and the stability of the
government."
Upon motion of Mr. James Gallatin, seconded by Mr. James
Punnett, it was farther
"Resolved, That we will meet at this place on Friday next, at one
o'clock; and in the mean time will confer with the Boards of our respective institutions, and then determine the rate of interest at which
we will bid for the proposed issue of United States Treasury notes."
These resolutions tell the story in brief. As was justly
observed: "All parties have concurred in rejoicing at the
appointment of Mr. Dix, but we have seen no tribute to his
worth more striking than this. A man has lived to some
purpose whose appointment instantly raises the credit of his