Custer, Wall Street & The Little Big Horn (1 Viewer)

[PolarBear]

I picked up a new book today called Rebirth of A Nation: The Making of Modern America 1877-1920 by Jackson Lears. It includes an interesting insight on Custer's connection to the Black Hills as a Wall Street investment opportunity that I was unaware of.

From a review of the book:

"Perhaps more than any other American in those years, George Armstrong Custer, who met his end at the Battle of the Little Big Horn in 1876, symbolized the creed of redemption through blood. But Lears, with keen insight, refashions even our best known stories. It turns out that Custer was deeply involved in Wall Street speculations in Black Hills mining operations, and his fateful and overly ambitious military calculations at Little Big Horn were skewed by his equally ambitious desire to rid the Black Hills of Indian claims."

 

[Russell]

Now that's interesting Randy. I look forward to comments from contributors on the Little Big Horn thread .

 

[PolarBear]

Here is a scan of the relevant page:

 

[UKReb]

Randy

Many thanks for the heads up on this book-now on my list of must haves. However, it's a well known fact amongst us Custer readers that he was indeed fascinated with the financial world and although not a whisky or baccy man (once he met Libbie) he was an inveterate gambler all of his life and was always searching for a way to make a substantial financial killing.

Following Appomattox he retained his brevet rank of Major General by him and a cavalry division being sent to Texas by Sheridan ostensibly to round up Confederate forces that had not yet surrendered but primarily to threaten the French puppet in Mexico-Maximilian. This Texas interlude finally ended in early 1866 as the disbanding of the US volunteer army finally reached Custer and from Major General Custer-US Volunteers he reverted to Captain Custer, Fifth US Cavalry with of course it's paltry salary. He did not know what to do and practically broke he took an extended leave with just his civil war fame to his name to explore career possibilities in the East.

New York City with it's glitter and luxury completely captivated the Ohio farm boy and he and his army friends such as Pleasonton and Merritt dined sumptuously as honored guests at extravagant parties staged by the rich. He met with the financial barons of Wall Street who lionized him as a great war hero that left him convinced that his reputation could be translated into the wealth he was searching for especially in the world of railroads and mining. But the death of Libbie's father Judge Bacon cut short the New York adventure without him being offered anything substantive-he then applied for a years leave of absence which was refused, toyed with running for Congress but was a poor speaker amongst a crowd of hardened politicians. He also run foul of these as he did not agree with ruining the South during Reconstruction-most of his class-mates in West Point had been Confederates and he admired them greatly.

In June 1869 Custer wrote to Sherman asking to be detailed to West Point as commandant of cadets for no more reason than to be closer to the financial action of the East. Although endorsed the post went to Lt Col Upton-the Union hero of Spotsylvania and a cerebral theorist who was destined to design America's military policy into the future. He then lingered on with the Seventh Cavalry until the Black Hills expedition in 1874 still intent on making a sackful of bucks but loathe to completely give up the army and as you rightly say he died before fulfilling his financial dream.

So one could say that the Custer of history-from Civil War hero-to Indian Fighter-to mythic figure could quite easily have been. Civil War Hero to Wall Street Baron but then again more than likely if he had gone that route we wouldn't have been talking about him on these threads.

Reb

 

[PolarBear]

Randy

Many thanks for the heads up on this book-now on my list of must haves. However, it's a well known fact amongst us Custer readers that he was indeed fascinated with the financial world and although not a whisky or baccy man (once he met Libbie) he was an inveterate gambler all of his life and was always searching for a way to make a substantial financial killing.

Following Appomattox he retained his brevet rank of Major General by him and a cavalry division being sent to Texas by Sheridan ostensibly to round up Confederate forces that had not yet surrendered but primarily to threaten the French puppet in Mexico-Maximilian. This Texas interlude finally ended in early 1866 as the disbanding of the US volunteer army finally reached Custer and from Major General Custer-US Volunteers he reverted to Captain Custer, Fifth US Cavalry with of course it's paltry salary. He did not know what to do and practically broke he took an extended leave with just his civil war fame to his name to explore career possibilities in the East.

New York City with it's glitter and luxury completely captivated the Ohio farm boy and he and his army friends such as Pleasonton and Merritt dined sumptuously as honored guests at extravagant parties staged by the rich. He met with the financial barons of Wall Street who lionized him as a great war hero that left him convinced that his reputation could be translated into the wealth he was searching for especially in the world of railroads and mining. But the death of Libbie's father Judge Bacon cut short the New York adventure without him being offered anything substantive-he then applied for a years leave of absence which was refused, toyed with running for Congress but was a poor speaker amongst a crowd of hardened politicians. He also run foul of these as he did not agree with ruining the South during Reconstruction-most of his class-mates in West Point had been Confederates and he admired them greatly.

In June 1869 Custer wrote to Sherman asking to be detailed to West Point as commandant of cadets for no more reason than to be closer to the financial action of the East. Although endorsed the post went to Lt Col Upton-the Union hero of Spotsylvania and a cerebral theorist who was destined to design America's military policy into the future. He then lingered on with the Seventh Cavalry until the Black Hills expedition in 1874 still intent on making a sackful of bucks but loathe to completely give up the army and as you rightly say he died before fulfilling his financial dream.

So one could say that the Custer of history-from Civil War hero-to Indian Fighter-to mythic figure could quite easily have been. Civil War Hero to Wall Street Baron but then again more than likely if he had gone that route we wouldn't have been talking about him on these threads.

Reb

Reb

I was hoping you would see this thread. Once again your knowledge has enriched us. Amazon.UK has the book.
Randy

 

[Spitfrnd]

Randy

Many thanks for the heads up on this book-now on my list of must haves. However, it's a well known fact amongst us Custer readers that he was indeed fascinated with the financial world and although not a whisky or baccy man (once he met Libbie) he was an inveterate gambler all of his life and was always searching for a way to make a substantial financial killing.

Following Appomattox he retained his brevet rank of Major General by him and a cavalry division being sent to Texas by Sheridan ostensibly to round up Confederate forces that had not yet surrendered but primarily to threaten the French puppet in Mexico-Maximilian. This Texas interlude finally ended in early 1866 as the disbanding of the US volunteer army finally reached Custer and from Major General Custer-US Volunteers he reverted to Captain Custer, Fifth US Cavalry with of course it's paltry salary. He did not know what to do and practically broke he took an extended leave with just his civil war fame to his name to explore career possibilities in the East.

New York City with it's glitter and luxury completely captivated the Ohio farm boy and he and his army friends such as Pleasonton and Merritt dined sumptuously as honored guests at extravagant parties staged by the rich. He met with the financial barons of Wall Street who lionized him as a great war hero that left him convinced that his reputation could be translated into the wealth he was searching for especially in the world of railroads and mining. But the death of Libbie's father Judge Bacon cut short the New York adventure without him being offered anything substantive-he then applied for a years leave of absence which was refused, toyed with running for Congress but was a poor speaker amongst a crowd of hardened politicians. He also run foul of these as he did not agree with ruining the South during Reconstruction-most of his class-mates in West Point had been Confederates and he admired them greatly.

In June 1869 Custer wrote to Sherman asking to be detailed to West Point as commandant of cadets for no more reason than to be closer to the financial action of the East. Although endorsed the post went to Lt Col Upton-the Union hero of Spotsylvania and a cerebral theorist who was destined to design America's military policy into the future. He then lingered on with the Seventh Cavalry until the Black Hills expedition in 1874 still intent on making a sackful of bucks but loathe to completely give up the army and as you rightly say he died before fulfilling his financial dream.

So one could say that the Custer of history-from Civil War hero-to Indian Fighter-to mythic figure could quite easily have been. Civil War Hero to Wall Street Baron but then again more than likely if he had gone that route we wouldn't have been talking about him on these threads.

Reb

Very interesting as always Bob. I did not know before Custer was opposed to the administration's reconstruction policy. That gives me two things to like about the man; the other being his dislike for Grant.

 

[UKReb]

Very interesting as always Bob. I did not know before Custer was opposed to the administration's reconstruction policy. That gives me two things to like about the man; the other being his dislike for Grant.

Bill

He was a bit of a political innocent and allowed himself to be lured into the vicious controversies that were racking the nation over the treatment of the conquered South. Not very good at expressing his views within the political circus but moderation more nearly represented his true opinions which he related to many times in his long letters to his wife. He was not in favor of crushing the South, ever since his cadetship at West Point and even throughout the war he always expressed his admiration of the South and found Southerners personally agreeable.

He came unstuck politically for the first time when Andrew Johnson asked him to join his tour in Sept 1866 that he called his "his swing around the circle" which was a desperate effort to win popular support for his policy toward the South. This trip firmly aligned Custer to the President's cause. The Radical Republican newspapers crucified him and branded him a copperhead accusing him that he had only joined Johnson's tour to gain a regular army colonelcy-although he vehemently denied this- self advancement is key to understanding most of Custer's actions. He excused himself from the presidential party before the trip ended unable to take the relentless criticism from the press.

With the Army Act of 1866 Congress fashioned the post war regular army to perform three missions: Reconstruction of the South, protection of the western frontier, and defense of the sea coasts. But the political furor over Reconstruction came close to forging two armies-the forces occupying the South-under control of Congress and an army on the frontier and coast, serving the Executive. Custer refused to command a black regiment under white officers in the occupied South believing it to be another sword thrust into the already bloodied body of a defeated South and once again his little mentor Phil Sheridan pleaded his case for a full colonelcy on the frontier but Custer had to accept second in command of the newly formed 7th Cavalry with the rank of Lt Colonel and as they say Bill the rest is history with a large dollop of fate.

Bob

 

[trooper]

Another book with some interesting insights into Custer's financial dealings is "Elizabeth Bacon Custer and the making of a myth" by Shirley Leckie. Some of the details included indicate that Custer himself was not squeaky clean when it came to dealing with sutlers and that his financial judgement was on a par with some of his more extreme military blunders. The book is also fascinating with regard to Libbie's single handed manipulation of Custer's reputation building him up into the gilded image of a brilliant cavalry commander, the foremost Indian fighter and all around hero that still overshadows discussion of him to this day.

 

[Spitfrnd]

Many thanks, as always, Bob for the additional information. I will never like America's western expansion policy but I do enjoy learning more about most historical periods, even the distasteful ones.