Personal reminiscences of James AScrymser, in times of peace and war . him upon financialmatters should he come to Washington. Mr. Morgan was notdeterred, however, and determined to go to Washington, inspired,as he was, with the highest patriotic motives. Upon his arrival at Washington Mr. Morgan went to theWhite House and was there received by the President. A fewhours later, Mr. Morgan described his interview to me. WhenMr. Morgan was announced, the President stalked forth from hisprivate office, as Mr. Morgan described it, with both handsthrust into his trousers pockets, apparently disincli
Personal reminiscences of James AScrymser, in times of peace and war . him upon financialmatters should he come to Washington. Mr. Morgan was notdeterred, however, and determined to go to Washington, inspired,as he was, with the highest patriotic motives. Upon his arrival at Washington Mr. Morgan went to theWhite House and was there received by the President. A fewhours later, Mr. Morgan described his interview to me. WhenMr. Morgan was announced, the President stalked forth from hisprivate office, as Mr. Morgan described it, with both handsthrust into his trousers pockets, apparently disinclined to greetMr. Morgan in a friendly spirit. The Presidents first remark was: Mr. Morgan, I havewritten and telegraphed to you that I would not see you in ref-erence to any Government financial matters. The Senate hasplaced me in a false position before the country and I am deter-mined that the people shall know that the Senate is to this statement Mr. Morgan replied to the effect that thecountry was on the verge of the greatest financial panic that the 56. world had ever witnessed and that unless the outflow of gold waschecked the credit of the Government would be destroyed. At this point, Richard Olney, then Attorney-General, enteredthe room and Mr. Morgan reminded him of the fact that in 1861the United States Government had authorized the Secretary ofthe Treasury to buy gold to meet its gold interest and Mr. Morganasked Mr. Olney whether that Act was stiU in force. Mr. Olneydeclared that it was, whereupon Mr. Morgan tiurned to thePresident and said: Mr. President, I do not ask you to sell bondsbut I propose to sell you $100,000,000 in gold. At this, manner immediately changed and, within half anhour, a contract had been drawn up whereby the United StatesTreasiuy obtained $60,000,000 in gold through a syndicateformed by Mr. Morgan. I repeat, Mr. Morgans action at this time is well worthrecording. His sterling patriotism has bee^n evidenced manytimes. 57
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