For the defense of this great interest the war had been avowedly undertaken.

Perhaps it would be more truthful to say that the ambitions and conspiring politicians of the South had assumed the danger to this vast investment as the pretext for destroying the Government; and they had met with the fate so solemnly foretold in Sacred Writ,--they had drawn the sword and perished by the sword.

As the one grand consummation of the struggle, the institution of slavery had disappeared.

It was probably, nay, it was certainly to be expected, that in the destruction of so large an investment great suffering would come to many who had not participated in the Rebellion; to many indeed who had opposed it.

That remuneration for losses should be asked was apparently inevitable.
Men of financial skill and experience saw that if such a contingent liability should overhang the National Treasury the public credit might be fatally impaired.