mption, or in United States gold certificates of deposit issued
under the act of March 3, 1863, with the understanding that payment
to the extent of the amount of any call shall be made within the
time during which call shall mature: _Provided_, That if the
parties of the second part shall elect so to do, they may have the
privilege of making any of said subscriptions payable specifically
in uncalled six per cent. 5-20 bonds of the United States, in which
case the Secretary of the Treasury may, to the extent of such
payments, omit the calls mentioned in condition No. 3.

"Fifth. The parties of the second part shall receive in coin a
commission of one-half of one per cent. on all bonds taken by them,
as allowed by the act of July 14, 1870, and shall assume and defray
all expenses which may be incurred in sending bonds to London or
elsewhere upon their request, or by transmitting bonds, coupons,
or coin to the treasury department at Washington, including all
cost of making the exchange of bonds, and shall also be charged
with the cost of the preparation and issuing of the bonds.

"Sixth. No bonds shall be delivered to the parties of the second
part, or either of them, until payment shall have been made in full
therefor in accordance with the terms of this contract.

"Seventh. During the continuance of this contract any sales of
bonds ordered by the Secretary of the Treasury, by authority of
law, shall be made through the parties of the second part, who
shall be allowed thereon a commission similar in amount and subject
to the same deductions as prescribed in the fifth clause of this
contract.

"Eighth. It is also agreed that the parties of the second part
shall offer to the people of the United States, at par and accrued
interest in coin, the four per cent. registered consols and four
per cent. coupon consols of the denominations of fifty dollars and
one hundred dollars, embraced in this contract, for a period of
thirty days from the public notice of such subscriptions, and in
such cities and upon such notice as the Secretary of the Treasury
may prescribe prior to the opening of the lists, and further, to
offer to the subscribers the option of paying in installments,
extending through three months.

"John Sherman, Secretary of the Treasury.
"August Belmont & Co., On behalf of N. M. Rothschild & Sons, of
London, And associates and themselves.
"Drexel, Morgan & Co., On behalf of J. S. Morgan & Co., of