ing of our national debt."

On the 10th of November Mr. Conant wrote me that our bonds had been
depressed by the rumors which had been circulated respecting probable
legislation which would depreciate their value, and that four and
a half per cent. bonds had fallen off three-fourths per cent. He
said: "If, in any legislation which may be enacted regarding
silver, provision could be made not only exempting the debt and
interest thereon from payment in silver, but declaring that payment
of the same shall be made in gold coin, it would aid us immeasurably
in placing our bonds."

Two days later I received a letter from F. O. French, of New York,
as follows:

"Our business people are very much alarmed at the rumored strength
of the silver people, and, as they apprehend the gravest disasters
from the success of the Bland bill, a committee of gentlemen
connected with insurance and trust companies, as well as with the
banks, go to Washington to-morrow to present their views to the
finance committee.

"Once dispatch this silver business--and I have faith that it cannot
live in the light of full discussion by the Senate--and we shall
renew funding, and by attaining resumption put an end to financial
discussions as we did to slavery."

And on the following day I wrote to August Belmont & Co.:

"Your letter of the 9th instant was received, and also a personal
letter from Mr. Belmont.

"I am watchful of the course of legislation in Congress and of the
current of public sentiment, both in our own and foreign countries,
on the silver question. I am not prepared at present to give any
assurance as to what will be done in Congress, nor of the action
of the executive department. It is better to let the matter stand
as it is, awaiting events without any committals whatever. I have
faith to believe that all will come our right so far as the public
credit is affected, and will write you again when anything definite
can be said."

On the 29th of November Belmont wrote me a long letter containing
the following statements:

"I need hardly assure you, at this late day, of my earnest solicitude
for the success of the funding and resumption operations, and of
my personal deep regret, apart from all pecuniary considerations,
as a member of the syndicate, to see this unfortunate situation of
the silver question put a complete stop to all further sales of
the four per cent. bonds at present, here and in England. The
capitalists a