The Treasury Historical Association donated to the Department a rare original relic - an 1862 photograph of Secretary Salmon Portland Chase. The image is important to Treasury in that it was used twenty years later by the photographer, Henry Ulke, to paint, posthumously, Chase’s official portrait. It is also the likeness that was used on the first one dollar bill printed in 1862 and the $10,000 bill in 1918.
In 1861, Salmon P. Chase resigned from the Senate to become President Abraham Lincoln’s Treasury Secretary. In his new position, Chase was faced with the formidable challenge of financing the Civil War. In order to do so, Chase implemented the Nation’s first income tax and developed a national currency, known as the “green backs” because of the color. Chase was the consummate bureaucrat and his official papers provide a record of his service in the Lincoln cabinet. In addition, Chase kept a diary to record his daily activities, offering a rare glimpse into the daily life of a key cabinet official.
On January 6, 1862, Chase wrote, “In fulfillment of engagement with the President of the American Bank Note Company, went to Ulke’s, who took a number of photographs.” Three days later, Chase made another visit to Henry Ulke’s studio at 1111 Pennsylvania Avenue, noting in his diary, “Called at Ulke’s.” The purpose of the visits was to obtain a photographic portrait of Secretary Chase to serve as the basis for the engraving on the newly introduced one dollar bill. Henry Ulke was a photographer and portrait artist whose studio served Washington patrons at a time when photographers’ studios were highly popular.
The notes were to be engraved and printed by the American Bank Note Company in New York, the predecessor firm to the Bureau of Engraving and Printing. Although the U.S. Government began to print paper money in 1862, the Bureau of Engraving and Printing actually began operations quite modestly in that year with only five clerks and a bureau chief, housed in the Treasury building’s basem*nt. It was not until 1877 that the Bureau of Engraving and Printing became the exclusive printer of U.S. currency and securities, moving to the Treasury building’s attic.
How Secretary Chase came to be portrayed on the one dollar bill is described in a pamphlet of his speeches, “Going Home to Vote.” Chase stated: “I went to work and made “greenbacks” and a good many of them. I had some handsome pictures put on them; and as I like to be among the people, and was kept too close to visit them in any other way, and as the engravers thought me rather good looking, I told them they might put me on the end of the one-dollar bills.”
Chase must have been favorably impressed with his dollar bill image because he had the same engraved image printed on his personal calling card. One surviving calling card bears Chase’s signature and the date, “Feby 11, 1862,” which suggests that the engraving for the banknote was produced within a month from when the image was taken at Ulke’s studio.
The same image of Chase, taken from the Ulke’s 1862 photograph, had one other iteration on national currency. The same portrait of Chase was put on the $10,000 bill which was printed between 1918 – 1946.
Treasury’s portrait collection was begun in 1879 by Secretary John Sherman after Chase’s death in 1873. As a local Washington, D.C. portrait artist, Henry Ulke received a number of Treasury portrait commissions. Still in possession of Chase’s 1862 photograph, he was the obvious choice for this Secretary’s official portrait which was painted in 1880. In executing the portrait, Ulke literally copied his photograph which has become Chase’s most famous likeness.
The photograph remained in possession of Henry Ulke’s family until it was sold at auction in October 2013 and was purchased by the Treasury Historical Association. It was donated to the Department in December, 2013, to serve as a record of the portrait’s source.
Richard Cote is the Curator at the U.S. Department of the Treasury
Given the rich historical context and intricate details surrounding the Treasury's acquisition of an 1862 photograph of Secretary Salmon Portland Chase, it's evident that my expertise in this area stems from a comprehensive understanding of historical artifacts, particularly those related to financial and governmental heritage. This specific relic holds paramount significance in the Treasury's archives, as it served as the foundational image for Secretary Chase's official portrait, utilized by Henry Ulke, a renowned photographer and portrait artist.
Chase, a pivotal figure in American history, assumed the role of Treasury Secretary in 1861 during Abraham Lincoln's presidency, confronting the challenge of financing the Civil War. His innovative financial measures included the implementation of the nation's inaugural income tax and the introduction of a national currency colloquially known as "greenbacks" due to its distinctive color.
The 1862 photograph captured by Henry Ulke was pivotal, as it became the basis for engraving the portrait onto the one-dollar bill, marking the inception of Secretary Chase's image on U.S. currency. Ulke, operating his studio on Pennsylvania Avenue in Washington, was a notable photographer of his time, frequented by prominent patrons.
The American Bank Note Company, forerunner to the Bureau of Engraving and Printing, was responsible for engraving and printing the currency. Secretary Chase himself expressed his involvement in the process, indicating his preference for the image on the one-dollar bills and even replicating it on his personal calling card.
Notably, this same portrait featured on the $10,000 bill between 1918 and 1946, underscoring its enduring significance in the national currency's evolution. Ulke's role extended beyond photography; he was commissioned to paint Chase's official portrait in 1880, replicating the 1862 photograph and solidifying its status as the most iconic representation of Secretary Chase.
The journey of this photograph is as fascinating as its significance. Held by Ulke's family until 2013, it was eventually sold at auction and acquired by the Treasury Historical Association, subsequently donated to the Department in December of the same year. Its purpose was to serve as a record of the portrait's origin, preserving this crucial piece of American financial and historical heritage.
Richard Cote, the Curator at the U.S. Department of the Treasury, plays a pivotal role in safeguarding and curating such significant artifacts, ensuring their preservation and historical documentation for future generations.
The interplay between artistry, historical significance, and national currency evolution encapsulated within this narrative underscores the intricate tapestry of American history and its financial legacy.
