any form, by or under state, municipal, or
local authority.

"The interest on the registered stock will be paid by check, issued
by the treasurer of the United States to the order of the holder,
and mailed to his address. The check is payable on presentation,
properly indorsed, at the offices of the treasurer and assistant
treasurers of the United States.

"The subscriptions will be for coupon bonds of $50 and $100, and
registered stock in denominations of $50, $100, $500, $1,000,
$5,000, and $10,000.

"The bonds, both coupon and registered, will be ready for delivery
July 2, 1877.

"Forms of application will be furnished by the treasurer at
Washington, the assistant treasurers at Baltimore, Boston, Chicago,
Cincinnati, New Orleans, New York, Philadelphia, St. Louis, and
San Francisco, and by the national banks and bankers generally.
The applications must specify the amount and denominations required,
and for registered stock the full name and post office address of
the person to whom the bonds shall be made payable.

"Two per cent. of the purchase money must accompany the subscription.
The remainder may be paid, at the pleasure of the purchaser, either
at the time of the subscription or at any time prior to October
16, 1877, with interest added at four per cent. to date of payment.

"The payments may be made in gold coin to the treasurer of the
United States at Washington, or assistant treasurers at Baltimore,
Boston, Chicago, Cincinnati, New Orleans, and St. Louis, and to
the assistant treasurer at San Francisco, with exchange on New
York, or to either of the undersigned.

"To promote the convenience of subscribers, the undersigned will
also receive, in lieu of coin, United States notes or drafts on
New York, at their coin value on the day of receipt in the city of
New York.

"August Belmont & Co., New York.
"Drexel, Morgan & Co., New York.
"J. & W. Seligman & Co., New York.
"Morton, Bliss & Co., New York.
"First National Bank, New York.
"Drexel & Co., Philadelphia.
"June 16, 1877."

A few days later I wrote the following letter:

"Treasury Department, }
"Washington, D. C., June 19, 1877.}
"Sir:--Your letter of the 18th instant, in which you inquire whether
the four per cent. bonds now being sold by the government are
payable, principal and interest, in gold coin, is received. The
subject, from its great importance, has demanded and received
careful consideration.

"