Boston, August 27, 1861
Your tone is too dull in your letters and I feel for you sincerely in your Bull-run panic in England. Here things certainly look much better and people feel much better. The money market is easy and our exportation of breadstuffs seems likely to continue. Finally, this steamer will advise you that at least the government is thoroughly in earnest and that spies and traitors can no longer enjoy immunity. Nor is this all. Last week we were in a terrible panic and Monday was the blackest day I ever saw; but now the Government is working for its life. McClellan has the complete confidence of the people, government securities are rising, money is plenty, and finally the indications are strong that the confederates are being ground to atoms by the very weight of their defensive preparations. Bull-run was a blessing to us, for it startled the people from the conceit, arrogance and pride which must have proved their ruin. There is a universal feeling of confidence abroad, and England may refuse our loan if she chooses to; but I don’t think she will for seven and three-tenths per cent is too much of the flesh-pots not to be longed for, and our securities must drift to England. . . .