London,
And themselves.
"J. & W. Seligman & Co., On behalf of Seligman Brothers and
themselves.
"Morton, Bliss & Co., On behalf of Morton, Rose & Co., of London,
And themselves.
"The First National Bank of the city of New York, by H. C.
Fahnestock.
"Witnesses as to all:

"R. C. McCormick.
"E. J. Babcock."

By this contract the syndicate was to take $25,000,000 of the four
per cent. bonds at par, or in exchange of six per cent 5-20 bonds.
Of this sum $5,000,000 in gold coin was to be paid to the treasury
for resumption purposes. The eighth section was a new provision,
and required the syndicate to offer to the people of the United
States, at par and accrued interest in coin, the four per cent.
bonds, for a period of thirty days, in such cities and upon such
notice as the Secretary of the Treasury might prescribe.

The result of this contract was not only to save one-half of one
per cent. on the annual interest of the bonds redeemed, but to so
popularize the loan that within a brief period I was able to
terminate the contract according to its terms, and to sell the four
per cent. bonds directly to the people at par, without a commission,
or the aid of a syndicate.

I wrote to Mr. Conant as follows:

"Treasury Department, }
"Washington, May 31, 1877.}
"Dear Mr. Conant:--Your letter of the 19th is received. Since its
date matters here have changed greatly for the better, and I have
made two calls for ten millions each.

"There is a strong, steady demand for our bonds, and I have now no
fear but the two hundred millions four and a halfs will be exhausted
before the 1st of July, when they will be withdrawn. The prospect
of placing the four per cent. bonds, commencing July 1, is very
good. I have submitted to the syndicate a proposition in substance
requiring them to take twenty-five millions four per cents., during
July and August, of which five millions will be for resumption
purposes, with a stipulation that if they take fifty millions
additional in September and October the contract will be extended
to January 1, 1878, five millions a month to be applied for resumption
purposes. I do not propose to vary essentially from the proposition.
I have another offer almost as good from other parties, but I hope
to combine these two offers into a modified syndicate, and, if
possible, reserve the right to sell bonds at par, in coin or 5-20
bonds, to persons who apply directly to me