associates such
suggestions and offers as you may think proper to make for the
purchase of such bonds.

"The operations of the syndicate have become so important that I
have deemed it proper to ask Mr. Charles F. Conant, late Assistant
Secretary of the Treasury, to take charge of the business in London
in connection with the gentlemen already there. He is well informed
as to our laws, and I trust his services may be of advantage to
the government and agreeable to you.

"I will give my personal attention to this business, and will
receive with pleasure any suggestions from you that will promote
our common object.

"Very truly,
"John Sherman, Secretary.
"Messrs. N. M. Rothschild & Sons, London, England."

I received the following letter:

"New York, April 12, 1877.
"Hon. John Sherman, Secretary of the Treasury, Washington.

"My Dear Sir:--I had an interview with Messrs. Drexel, Morgan &
Co., and conveyed to them your wishes respecting limiting the sale
of the four and a half and taking the four per cent. bond in hand
with the co-operation of the Messrs. Rothschild.

"I told Mr. Drexel that you would be happy to see him and Mr. L.
P. Morton in Washington, whenever convenient for them to go, and
that on receipt by you of favorable advices from Mr. Conant after
his arrival in London, you desired that Drexel, Morton and I should
repair to Washington, in company with other leading members of the
syndicate, with a view of entering into a contract with the
government, in conformity with your views as expressed to me, or
perhaps with some slight modifications, which, if suggested by the
London people, through Mr. Conant, you may deem proper to adopt.

"I shall see Mr. Morton in the course of this day, and have no
doubt but that he, as well as Drexel and myself, will be happy to
aid you in raising the credit of our common country, and assist
the President and you in this patriotic work. I remain, dear Mr.
secretary, yours, very faithfully.

"Jos. Seligman."

A month later I wrote to Mr. Conant as follows:

"Treasury Department, }
"Washington, May 14, 1877.}
"Dear Mr. Conant:-- . . . On Friday last I concluded a modification
of the present syndicate contract, which provides for the sale of
five million four and a half per cent. bonds at par in coin for
resumption purposes. A further negotiation is pending as to the
renewal and modification of the contract, of which I will give you
due notice wh