on
the repeal of the resumption act, or the remonetization of silver.
The threatened measure for the free coinage of silver, and the fear
that the bonds would be paid in silver coin less valuable than the
gold coin paid for them, tended, more than the efforts to repeal
the resumption, to prevent the sale of bonds.

"Mansfield, Ohio, August 18, 1877.
"Dear Mr. Conant:--Your letter of the 4th was forwarded to me here.
I notice what you say about the calls, but you must remember that
out of the sales of four per cent. bonds we must provide five
millions gold for each of the months of September and October, so
that for ten millions of bonds there must be no calls. I should
have informed you of this sooner, but neglected to do so before
leaving. The parties in New York, and no doubt the Rothschilds,
have been advised of it and agree to it. Until the popular
subscription is paid for it will be difficult to press the sale of
the four per cents., but I hope in September the sales will commence
and be pushed rapidly. The movement of the crop has already
commenced. The strike seems to be ended, with a better feeling
among laborers, and some advance in freight. The necessity of the
trunk lines combining on freight is so clear that it is likely to
result in some agreement that will stand.

"I made a speech here yesterday, which no doubt will be received
by you in the New York papers in due time, and which contains some
matters affecting your operations. It is substantially in conformity
with the general wish of the administration as to financial affairs,
and it might be well for you to call the attention of the Rothschilds
to that part of it relating to our loans and the basis of our
credit.

"I return next week to Washington, where I will again be happy to
hear from you.

"Very truly,
"John Sherman, Secretary."

Mr. Conant answered as follows:

"New Court, St. Swithin's Lane, }
"London, E. C., England, August 23, 1877.}
"Dear Mr. Secretary:--I was very glad indeed to receive your letter
of the 6th instant. I at once informed the contracting parties of
what you had written in reference to the strikes and riots at home.
The sale of our bonds has not been directly interfered with on
account of the riots. In fact, the occurrence of the riots has
almost been forgotten. The London 'Times,' of this morning, has,
however, revived the subject by printing a letter from its Philadelphia
correspondent,