Messrs. August Belmont & Co., on behalf
of Messrs. N. M. Rothschild & Sons, and associates and themselves,
hereby agree to purchase from the Secretary of the Treasury
$10,312,500 of the bonds known as the four per cent. consols of
the United States, issued under the acts of July 14, 1870, January
20, 1871, and January 14, 1875, and that Messrs. Drexel, Morgan &
Co., on behalf of Messrs. J. S. Morgan & Co., and themselves, agree
to purchase $4,062,500 of said bonds, and that Messrs. J. & W.
Seligman & Co., on behalf of Messrs. Seligman Brothers, and
themselves, agree to purchase $4,062,500 of said bonds, and that
the First National Bank of the city of New York agree to purchase
$2,500,000 of said bonds, making a total aggregate of $25,000,000
of said bonds, on the terms and conditions following:

"First. Of the said aggregate amount not more than $5,000,000
shall be sold for resumption purposes, the remaining $20,000,000
to be sold for funding purposes, and subscribed for by the parties
of the second part during the months of July and August, 1877.

"Second. The parties of the second part shall have the exclusive
right to subscribe in the same proportion to each of the subscribers,
for the remainder of the four per cent. consols of the United
States, or any portion of said consols authorized to be issued by
the acts of Congress aforesaid, by giving notice thereof to the
Secretary of the Treasury on or before the 30th day of June, 1878;
but the party of the first part reserves the right to terminate
this contract at any time after the 31st day of December, 1877, by
giving ten days' notice thereof to the parties of the second part.

"Third. That the Secretary of the Treasury shall not sell for
resumption purposes exceeding five millions per month during the
continuance of this contract, except by mutual agreement of the
parties hereto. When subscriptions are made for other than resumption
purposes by the parties of the second part, the party of the first
part shall issue calls of even date with said subscriptions for
the redemption of an equal amount of six per cent. 5-20 bonds of
the United States, as provided for in said act of July 13, 1870.

"Fourth. The parties of the second part agree to pay for said four
per cent. bonds par and interest accrued to the date of application
for delivery of said bonds in gold coin, matured United States gold
coin coupons, or any of the six per cent. 5-20 bonds called for
rede