Carrying a regiment's colors into battle was considered an honor and a privilege. It was also a very dangerous job and would likely get a man maimed or killed. Thus, it required a great deal of courage.
Below is a portion of text excerpted from: My Story of the War: a Woman's Narrative of Four Years Personal Experience as Nurse in the Union Army... It is an excellent example of the grim outlook for the regimental color bearer.
"The fatality that attended the color-bearers, officers, and men of this regiment at the battle of Gettysburg was very great. It had in its ranks on the morning of this memorable fight four hundred and ninety-six officers and men. It lost in killed and wounded three hundred and sixteen. The 24th was a part of the Iron Brigade, which was the first infantry engaged at Gettysburg. It carried into this battle only a state flag, which was presented to the regiment by the citizens of Detroit. This was carried by Color-Bearer Abel G. Peck, a tall, straight, handsome man, and as brave a soldier as ever gave up his life for his country. More...He was instantly killed almost at the beginning of the famous charge of the Iron Brigade. The flag was then seized by Private Thomas B. Ballou, who was desperately wounded immediately after, and died a few weeks later. The flag was then carried by Private August Ernst, who was instantly killed. Corporal Andrew Wagner then took the colors and carried them until shot through the breast, from the effects of which he died about a year after the close of the war.
When Corporal Wagner fell, Colonel Henry A. Morrill took the flag, and gallantly attempted to rally the few survivors of the regiment. But Private William Kelly insisted on carrying it, saying to Colonel Morrill, " You shall not carry the flag while I am alive." The gallant fellow held it aloft and almost instantly fell, shot through the heart. Private L. Spaulding then took the flag from the hands of Kelly, and carried it until he was himself badly wounded. Colonel Morrill again seized the flag, and was soon after shot in the head and carried from the field.
After the fall of Colonel Morrill, the flag was carried by a soldier whose name has never been ascertained. He was seen by Captain Edwards — who was now in command of the regiment — lying upon the ground badly wounded, grasping the flag in his hands. Captain Edwards took the flag from him and carried it himself until the few men left of the regiment fell back and reached Culp's Hill. Captain Edwards is the only man who is known to have carried the flag that day, who was not killed or wounded.
This grand old flag is no longer in existence. It was so riddled and torn with shot and shell that scarcely a square foot of it remained intact. The staff was shot and broken in pieces also. The men had great affection for the old flag, and after the battle of Gettysburg they agreed to cut it up and distribute the pieces to the survivors. This was done, and to-day in many a Michigan household a small piece of faded blue silk is cherished as one of the sacred mementoes of the war.