t mode of
obtaining $50,000,000 gold coin or bullion prior to January 1,
1879, for resumption purposes, and to receive from the associates,
or any of them, or from new parties, offers for any of the description
of bonds I am authorized to sell for that purpose.

"I propose to accumulate this coin in either the treasury, the
assay offices, or the public depositaries throughout the United
States that will comply with the conditions of section 5153 Revised
Statutes.

"I will send a similar letter to this to the First National Bank,
and have to request that you will give notice to the other members
of the old syndicate, and, with their consent, to any others you
desire to participate in the interview.

"Very respectfully,
"John Sherman, Secretary.
"Messrs. August Belmont & Co., New York."

I sent General Hillhouse the following notice:

"Treasury Department, April 5, 1878.
"Sir:--You will please inform Messrs. H. F. Vail, president National
Bank of Commerce; J. D. Vermilye, president Merchants' National
Bank; George S. Coe, president American Exchange National Bank; B.
B. Sherman, Mechanics' National Bank, and James Buell, president
Importers and Traders' National Bank, that I desire an interview
with them at any hour on Tuesday next, at your office, or at such
other places as they may prefer, in respect to the purchase for
the Treasury for resumption of, say, $50,000,000 gold coin or
bullion, to be delivered monthly and before the 1st of January
next, either at your office or at the designated depositaries of
the United States, under section 5153 Revised Statutes, and also,
if practicable, to secure from them a bid for either of three
classes of bonds described in the refunding act to an amount
sufficient to purchase the coin stated. These gentlemen are
respectfully requested to select such others connected with national
banks as they may agree upon to join in the interview.

"Very respectfully,
"John Sherman, Secretary.
"General Thomas Hillhouse,
"Assistant Treasurer United States, New York."

Regarding the negotiation as one of great importance, I was
accompanied to New York by Hon. Charles Devens, Attorney General;
John Jay Knox, Comptroller of the Currency; Charles F. Conant,
Assistant Secretary; Daniel Baker, Chief of the Loan Division, and
E. J. Babcock, my Secretary.

On the 8th of April I, with the gentlemen named, had an interview
with the members of the old syndicate, Messrs. Belmont,