When Secretary of the Treasury Howell Cobb resigned in 1860, President Buchanan appointed Philip F. Thomas (1810-1890), former Governor of Maryland, in his place. Thomas reluctantly accepted the position and immediately upon entering office had to market a bond to pay the interest on the public debt.
There was little faith in the stability of the country due to the threat of secession by the Southern states, and war appeared inevitable. Northern bankers refused to invest in Thomas's loan, wary that the money would go to the South. Thomas resigned after only a month in response to his failure to obtain the loan, stating:
"This loan was the direct cause of my leaving the Cabinet before the expiration of Mr. Buchanan's term. It was reported to me that some New York capitalists had gone to Mr. Buchanan and said that they would not subscribe for the loan as long as a Southern man remained at the head of the Treasury.... my service in the Cabinet was anything but an agreeable part of my public life."
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of the Curator
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