ion Act--Letter to Senator Ferry--Violent and Bitter
Animosity Aroused Against Me--I Am Charged with Corruption--Interview
with and Reply to Letter of Peter Cooper--Clarkson N. Potter's
Charges.

The general results of these interviews, which had a wide circulation
at the time, I believe were beneficial, and at least assured the
public that a hopeful and determined effort was being made to
advance United States notes and national bank notes to par with
coin.

Before I had these interviews I had determined to sell $50,000,000
bonds at the rate of $5,000,000 a month for gold coin or bullion
for resumption purposes, and also to press the refunding operations
as rapidly as possible. I had at my disposal an unlimited amount
of five, four and a half and four per cent. bonds, with authority
to sell either kind to accumulate coin for the maintenance of
resumption, or for the payment of bonds that were at the time
redeemable, bearing a higher rate of interest. My printed
correspondence with banks and bankers shows the advancing value of
the four and four and a half per cent. bonds. The most active
agent for the sale of these bonds was the First National Bank of
New York, which had been the agent of the syndicate, and, though
having no privilege or facility that was not extended to all banks
and bankers alike, it evinced the utmost activity, intelligence
and success, and took the lead in the sale of bonds. The advancing
quotations furnished by it and other banks and bankers satisfied
me that the policy of an open loan, such as was provided for by
the notice of January 18, 1878, would be successful, if only we
could have the certainty of coin payments by the 1st of January,
1879. I knew of the sensitive jealousy between the banks and
bankers and between the old syndicate and prominent and wealthy
firms who wished to participate in any new syndicate, and were
jealous and suspicious of each other.

Offers were made to me by banks and bankers for special arrangements
for the purchase of bonds, but I put them all aside until after I
had written to all the parties a notice substantially similar to
the following, sent to Belmont & Co.:

"Treasury Department, April 5, 1878.
"Gentlemen:--It is my purpose to be in New York at four o'clock on
Monday afternoon, and I would like, if practicable, to meet the
members of the old syndicate at the Fifth Avenue Hotel that evening
at any hour convenient to them, to confer as to the bes