Fields was formally nominated by Chase to be assistant treasurer of New York in June 1864. Field was a Democratic journalist with ties to New York society. He previously served as third assistant secretary of the treasury, appointed by Chase as a "thank you" for all the avenues Field had provided to Chase for access into New York society. Prior to his appointmentship as third assistant secretary, Field had little financial or political background. According to one observer, Field exhibited abilities of a "literary rather than an executive character." The debacle over Fields nomination to assistant treasurer led to Chase's resignation and Lincoln's acceptance of it.