aw. I am quite sure this would be the result.

"As to whether Congress or the people would ever undertake to pay
either principal or interest of the bonded debt, and especially
the bonds sold since 1873, in silver, I have a firm conviction that
the question will never seriously be raised. These bonds will be
paid, principal and interest, in gold coin. The people of the
United States have always been extremely sensitive as to the public
credit. They never have, for the sake of an apparent profit,
yielded any question involving the public honor.

"The great satisfaction that will arise from the funding of the
loan at a low rate of interest, together with their strong sense
of public honor and public faith, will always secure the payment
of these bonds, principal and interest, in coin.

"Parties or factions may, for a time, raise and contest questions,
but they are but bubbles, and will pass away, and, like all other
questions involving the public credit, will be rightfully settled,
in due time, by Congress and the people.

"Nothing would so tend to disturb this result as unauthorized
'theses,' or dogmas, by an executive officer, upon a question purely
legislative or judicial. Indeed, it may be that too much has
already been said about this matter by both the President and
myself, and I assure you that you will have no occasion to be
disturbed by anything truthfully reported of either of us hereafter.
The better way is to move right along, making your own statements,
and if, at any time, I see a proper occasion for a strong expression
of my opinion, I will give it.

"Please show this to Mr. Seligman, and such of your associates as
you deem proper, as an answer to all.

"Very truly yours,
"John Sherman.
"Hon. August Belmont, New York."

The new loan was promptly placed on the market on the 14th of June
by the following circular letter signed by the members of the
syndicate:

"Under the authority of a contract with the Secretary of the
Treasury, the undersigned hereby give notice that from this date
until July 16, at 3 p. m., they will receive subscriptions for the
four per cent. funded loan of the United States in denominations
as stated below, at par and accrued interest in gold coin.

"The bonds are redeemable after thirty years from July 1, 1877,
and carry interest from that date, payable quarterly, and are exempt
from the payment of taxes or duties to the United States, as well
as from taxation in