President Lincoln explained his proposal in a letter to Senator James McDougal on March 14, 1862 saying that he estimated there were 432,622slaves at $400 each. Mr. Lincoln estimated the cost for the government to compensate slave owners for the loss of their property would cost $173 million. He also estimated at the same time that conducting the war for a period of 87 days actually was costing $174 million, and thus the compensation would shorten the war and actually save the country money. The Border States did not support the proposal and it died.
There was much excitement at the White House over last week's naval battle that took place near Fortress Monroe, Virginia last week. The two opposing ironclads, the Moniter and the Virginian fought in the harbor.
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