The state of feeling in governmental circles, and
the evidences of alarm and distrust which were becoming
apparent in Congress and among the people, exerted an
important influence in favour of the Syndicate. The
Government caught at its proposition, not as if it were
a straw, but as if it were a life-raft. The men who
offered to relieve the executive departments of their
perilous responsibilities were men of great ability,
prominent positions, and vast resources, whose
vast enterprises had already made them known all over
the globe. Such men were not likely to jeopardize
their reputations and fortunes in a case like this,
unless they had well-founded reasons for believing that
they would be successful. Even the largest amount
stipulated to be paid them in case of success would be
less than the ordinary estimates for the military and
naval operations which had been anticipated; and in
case of failure, the amount forfeited would go far to
repair the losses which might be sustained by the
citizens of the various States.

At all events, should the Syndicate be allowed to
take immediate control of the war, there would be time
to put the army and navy, especially the latter, in
better condition to carry on the contest in case of the
failure of the Syndicate. Organization and
construction might still go on, and, should it be
necessary, the army and navy could step into the
contest fresh and well prepared.