When Lincoln assumed office he already understood that the outcome of the war would be largely determined by resources and understood the importance of raising enough funds to effectively carry out the war effort. With this in mind Lincoln on the day after his inauguration nominated Salmon P. Chase to be Secretary of the Treasury. As Secretary Chase alone was authorized to act on all matters pertaining to the country’s finances, Chase, like most everyone else at the time, underestimated the severity of the War in terms of its duration and cost.