the country. I
send you the last statement of the national banks. You can very
easily show the effect upon the reviving industry of the country
of the withdrawal of these loans and disturbing all this business.
As at present organized the circulation is the vital thing, and if
the bonds held by the banks to secure circulation were thrown upon
the market, it would stop funding and compel also the withdrawal
of loans, and create distress compared with which our present
troubles are mere moonshine.

"I am afraid you will think I am going on to make a speech for you,
so I will stop abruptly, with the promise that if I can furnish
you any documents or information that may be of service to you I
will do so with pleasure.

* * * * *

"I inclose the last statement of the national banks containing many
points that may be of use.

"Upon the question of resumption I believe we are all agreed that
it must come, and that the only standard of value is gold or silver
coin. The time and manner are the points of disagreement. Ewing
is opposed to all resumption, but believes in printing a dollar
and saying it is a dollar, while all the world would know that the
declaration is a lie. The fact that we have advanced the greenbacks
six per cent. in one year, by the movements made under the resumption
act, shows that it is working pretty well. I send you a statement
showing the changed condition in a year of our finances.

"While the people differ about the resumption act there is time to
change it if it needs change, but Ewing would go back and commence
the process over again. I am disposed to be tolerant about
differences on the resumption act, for I think it will demonstrate
its success or failure before Congress is likely to tamper with it."

On the 21st of September I wrote to General J. S. Robinson the
following letter, evincing my anxiety as to the result of the
canvass in Ohio, as it was then conducted:

"I am so deeply impressed with the importance of the campaign in
Ohio that it makes me uneasy and restless that I cannot participate
in it.

"What a magnificent chance the Republican party in Ohio now has,
not only to place itself in the vanguard in the United States, but
to do this country a service as great as any victory won by the
Union army during the war. Here it is demonstrated by the cordial
reception of the President in the south, by his hearty indorsement
in Massachusetts, and by a public sentiment now g