uccess, and this will make the market for
London. N. M. Rothschild & Sons hope Secretary of the Treasury
will advise that banks subscribe immediately. J. S. Morgan & Co.,
N. M. Rothschild & Sons, think subscription should be opened soon,
in view of preparing London market.

"Conant."

This new agreement gave at once a great impetus to the new loan in
all parts of the United States, as well as in London. The following
letters received indicate this:

"Merchants' National Bank, }
"Cleveland, O., June 11, 1877.}
"Hon. John Sherman, Secretary Treasury United States.

"Dear Sir:--We learn that you propose to offer the public a certain
portion of the new four per cent. loan for a limited time, the
amount subscribed to be paid in gold at the par value of the bonds.

"This bank, being a public depositary of the government of the
United States, shall be glad to further your plans, and act as
agent for the sale of such portion of the loan as you may suggest,
and endeavor to give it such publicity as would secure the sale of
a portion of these bonds in this part of Ohio.

"Wishing you success in the effort, I remain, very respectfully
and truly,

"T. P. Handy, President.

"Treasury Department, June 12, 1877.
"John P. Hunt, Esq., Philadelphia, Pa.

"Sir:--Your note is received. The department will be happy to
receive your subscription in a short time. The bonds are not
prepared, and the treasury regulations for the popular subscription
cannot be issued for a few days, when a copy will be sent you.

"It is the purpose to give you, and all other citizens of the United
States, an opportunity to subscribe at some convenient place in
the city of your residence, to be designated in due time, requiring
only a small deposit at the time of subscription, and allowing the
privilege of paying at any time within ninety days thereafter.

"The bonds will bear date the 1st of July, and will be sold at par
in coin and accruing interest to date of payment.

"Very respectfully,
"John Sherman, Secretary."

Contemporaneous with this contract for selling the four per cent.
bonds for gold coin, there appeared in the New York "Times" a
suggestion that these bonds could be paid in silver. Henry F.
French, Assistant Secretary of the Treasury, in a published letter
of the date of June 11, asserted his opinion that the bonds issued
under the act of July 14, 1870, for refunding, were redeemable in
coin of the standa