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SELECTED LETTERS OF SALMON P. CHASE
NEW ORLEANS, November 6th, 1863.
DEAR SIR: I told you in a former letter of the N. O. Times, and of my expected success in purchasing an interest in it. This success is fully achieved, and I own a sixth interest in the paper. You will find henceforth that the
N. O. Times will be particular the friend, supporter and advocate of yourself. You mentioned Mr. May in a speech in Cincinnati I think. A brief report of the speech was published here and gave Mr. May much gratification. He will be your friend. The paper is rather feebly edited at present, but that can be rectified. I have proposed the publication of a Weekly edition, and the " Weekly N. O. Times" will appear in a few days.
The N. O. Era was turned over to Mr. Flanders by the Quartermaster. Gen. Banks has taken it back again and assumed control of it, under military authority. The reason for this action I do not understand. Gen. Banks is now absent on the Texas expedition. When be returns, I hope, through Mr. Plumly, to make some arrangement whereby Mr. Plumly and his and my friends, can control the Era and its political management.
The establishment of a national bank is in progress. The amount already subscribed is about $250,000. At a meeting of the subscribers, a resolution, introduced by myself, was passed, to the effect that the capital stock of the bank should be not less than $500,000. That amount can be obtained, and probably much more. When the thing first started, I feared that it might be controlled by those who were not warm friends of the administration, but there is now no ground for such fears, as four-fifths of the stock subscribed is owned by men of unconditional loyalty. In addition to what is already subscribed, young Mr. Graham, who is here, and brought letters from Mr. Plantz and friends of yours, has authorized me to put his name down for from $50,000. to $150,000. as may be necessary. Mr. Graham is the son of Col. John L. Graham. Mr. Hutchins is expected here in a few days, and I expect the subscription of himself and friends will be large.
The following advertisement presents the names of some of the stockholders. My own subscription is necessarily small.
From the organization of this bank you may be assured that whatever political influence it has, will be upon the right side.
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