gnate
national banks as public depositaries of the proceeds of bonds sold
under the resumption and refunding acts. The object to be gained
by this designation was to prevent the withdrawal of coin from
circulation, and the undue accumulation of coin in the treasury of
the United States. If the exchange of one bond by another could
be directly effected through the banks without the payment of coin,
it would facilitate the process of refunding. I submitted this
inquiry to Attorney General Devens, and on the 30th of August he
stated his opinion and closed as follows:

"In answer to your inquiry, I have, therefore, the honor to say
that the Secretary of the Treasury, if he deems it expedient as a
matter of administrative policy, may sell bonds under the act known
as the 'refunding' and 'resumption' acts, depositing the amounts
received therefrom with such public depositaries as he may select
under the national bank act, taking such security as is required
by the statutes."

The last of the popular subscriptions for the four per cent. bonds
became due on the 16th of October, and all were paid for but three
subscriptions aggregating $1,600, and these were assumed by the
syndicate. The bonds had been paid for by the syndicate either by
called six per cent. bonds, which were canceled, or in gold coin
deposited in the treasury, without the loss of a dollar. The called
session of Congress, which met on the 15th of October, and the
agitation of the repeal of the resumption act and the remonetization
of silver, prevented for the time any further sales of the four
per cent. bonds by the government.

JOHN SHERMAN'S
RECOLLECTIONS
OF
FORTY YEARS
IN
THE HOUSE, SENATE AND CABINET
AN AUTOBIOGRAPHY.

VOLUME II.

ILLUSTRATED
WITH PORTRAITS, FAC-SIMILE LETTERS, SCENES, ETC.

GREENWOOD PRESS, PUBLISHERS
NEW YORK 1968

Copyright, 1895, By John Sherman

First Greenwood reprinting, 1968

LIBRARY OF CONGRESS catalogue card number: 68-28647

Printed in the United States of America

ILLUSTRATIONS
VOLUME II.

Mr. Sherman in His Library at Washington, D. C., 1895. _Frontispiece_
Rutherford B. Hayes
President Hayes and Cabinet
John Sherman (Chamber of Commerce Portrait.)
Inauguration of President Garfield
Thurman, Sumner, Wade, Chase (Group.)
James A. Garfield
Chester A. Arthur
Invitation to Blaine's Eulogy of Garfield
United States Senate Chamber
Invitation to Washington Monument Dedication
Meeting of the