aging effect which the
passage of the bill must have upon American credit. All my letters
from abroad, and conversations with people familiar with the English
and continental money markets, confirm my convictions on that point.
When you look back and find in the archives of your department the
proud records of a nation's faith kept inviolate with a most
punctilious and chivalrous spirit during a century, amidst all the
trials of foreign and civil war which strained the resources of
our country to the very verge of ruin, the task before you is
certainly a difficult and harassing one; but while the path of duty
is often narrow and difficult, it is always straight and so well
defined that it can never be mistaken.

"Sound financial policy and love of our country's fair name alike
demand from those to whom the administration of its affairs have
been intrusted the most uncompromising hostility to the _blind_
and _dishonest_ frenzy which has taken hold of Congress, and I
sincerely hope that you will be seconded in the task before you by
the hearty support of the President and your colleagues."

On the 9th of November I was advised that the four per cent. bonds
were selling at 99 and interest, in a small way only. The syndicate
had bought in the market about $750,000 of these bonds at less than
par in order to prevent a further depreciation. On the same day
I was informed by August Belmont & Co., as follows:

"After conference and careful consideration of the whole subject,
it is the conclusion of all the associates, in Europe and here,
that it is injudicious to undertake further negotiations of the
fours, during the pendency of the legislation proposing to make
silver a full legal tender, as the discussion has checked dealings
in the bonds by the public. To make a call in the face of a market
quotation (to-day 983/4 and interest) below the price fixed by law
would not convince the public that new business had been undertaken
at a loss, but that the call was connected with business previously
done.

* * * * *

"Further than this, we are satisfied that, holding the views
expressed in your letters mentioned, the President and all his
cabinet will agree with us that it would be wrong for us to ask
for another call at this juncture, as such action would be held by
those advocating the legislation in favor of silver as proving that
such legislation in our opinion was not prejudicial to the national
credit and the refund