e_, in the sense of the
letter of Assistant Secretary French, published in this morning's
papers.

* * * * *

"You are placed at this moment, by a large portion of your political
friends, in a somewhat similar position as the late Mr. Chase was
by the attempt of Thad. Stevens to have Congress pass a law to
declare the principal of the 5-20 bonds payable in currency.

"Mr. Chase took the bull by the horns by declaring, over his own
signature, that the principal as well as the interest of the 5-20
bonds were payable in gold, the faith of the United States being
pledged to this by the tacit understanding of the government and
its creditors.

"Nothing has reflected more credit and renown upon that great
statesman--then as prominent and favored a son of the noble State
of Ohio as you are to-day--and nothing more effectually paved the
way to the great work of reducing the burden of our people by
lowering our interest one-third than that expression, sanctioned
and confirmed by subsequent enactment of Congress in 1869.

* * * * *

"You will, in my opinion, insure the success of your financial
measures, and add greatly to your high and prominent political
position, if you will unequivocally declare that the funded debt
of the government can only be redeemed, principal and interest, in
gold coin, and that until otherwise agreed upon by the mutual
consent of the great commercial nations of the United States,
England, France, and Germany, the silver dollar can only be accepted
as an auxiliary standard for the payment of fractional indebtedness."

To this I replied as follows:

"Treasury Department, }
"Washington, June 16, 1877.}
"Dear Sir:--Your private note, the letter of your firm, and one
from Messrs. Seligman & Co., asking me to make a public statement
over my own signature, similar to that of Mr. French, are received.
I have given to this important suggestion the most serious
consideration, and have come to the firm conclusion that such an
act on my part would be inexpedient, and defeat the very object
you have in view. As a purely executive officer, I have no power
to pass upon the question mooted. My attempt to do so would at
once unite all those who are seized with this mania, and those who
oppose executive encroachment upon legislative power. It would
create excitement, personal and political animosities would mingle
with it, and it would tend more than anything else to defeat the
success of the l