, one in whose successful
administration Americans abroad feel an especial interest, for no
department is more important to foreigners or more discussed by
them.

"It may not be unsatisfactory to you to know that Americans--both
those long domiciled here and those in transit--applaud the
appointment of the new Chief of the Treasury.

"I beg to offer my best wishes and belief that the reputation he
has already achieved in the Senate will be increased in the cabinet;
and to say how glad I was that the unanimity of his late compeers
showed that they were of the same mind.

"With great respect, I am, my dear sir,

"Very faithfully yours,
"Adam Badeau."

CHAPTER XXIX.
I BEGIN MY DUTIES AS SECRETARY OF THE TREASURY.
Legislative Training of Great Advantage to Me in My New Position--
Loan Contract in Force When I Took the Portfolio--Appointment of
Charles F. Conant as Funding Agent of the Treasury Department in
London--Redeeming Called Bonds--Sale of Four Per Cent. Bonds Instead
of Four and a Half Per Cents.--Popularity of the New Loan--Great
Saving in Interest--On a Tour of Inspection Along the Northern
Atlantic Coast--Value of Information Received on This Trip--Effect
of the Baltimore and Pittsburg Railroad Strikes in 1877 Upon Our
Public Credit.

When I assumed the office of Secretary of the Treasury I had the
advantage of some of my predecessors in that I was acquainted with
the organization and duties of the treasury department. Ever since
1859 my connection with the committee of ways and means in the
House and with the committee on Finance in the Senate had brought
me into official relations with the head of that department. This
legislative training gave me a full knowledge of the several laws
that were to be executed in relation to public revenue, to all
forms of taxation, to coinage and currency, and to the public debt.
The entire system of national finance then existing grew out of
the Civil War, and I had participated in the passage of all the
laws relating to this subject. My intimate association with
Secretaries Chase, Fessenden and McCulloch, and my friendly relations
with Secretaries Boutwell and Richardson, led me, as chairman of
the Senate committee on finance, to have free and confidential
intercourse with them as to legislation affecting the treasury.
Secretary Bristow had not had the benefit of experience either in
Congress or the department. He was a good lawyer and an able man.
He dou