ired."

Afterwards, on the same day, I again met the members of the syndicate
at the sub-treasury, and said that I would sell only $50,000,000
four and a half per cent. bonds; that these must be paid for in
gold coin, for resumption purposes; that I would sell them for
1011/2, allowing one-half of one per cent. commission, the syndicate
to pay all expenses; but before signing the contract wished to
communicate with the President.

These terms were accepted by the syndicate upon condition that
their associates in London would consent, they reserving the right
to cable to London for such consent; and the meeting adjourned
until 1:30 o'clock, when, I having received a telegram from the
President, the details of the contract were then discussed, and
signature was delayed for an answer to the cable of the syndicate.

On the following day we again met at the sub-treasury, and Mr.
Lucke, of Belmont & Co., informed me that the English parties had
authorized them to close the contract, and it was therefore signed.
It was as follows:

"This agreement, entered into the 11th day of April, 1878, between
the Secretary of the Treasury of the United States, of the first
part, and August Belmont & Co., of New York, on behalf of N. M.
Rothschild & Sons, of London, England, and their associates and
themselves; Drexel, Morgan & Co., of New York, on behalf of J. S.
Morgan & Co., of London, and themselves; J. & W. Seligman & Co.,
of New York, on behalf of Seligman Bros. of London, and themselves;
Morton, Bliss & Co., of New York, on behalf of Morton, Rose & Co.
of London, and themselves; and the First National Bank of the city
of New York, witnesseth: That said August Belmont & Co., on behalf
of N. M. Rothschild & Sons, and their associates and themselves,
hereby agree to purchase from the Secretary of the Treasury $4,125,000
of the four and one half per cent. bonds of the United States,
issued under the acts of July 14, 1870, January 20, 1871, and
January 14, 1875, and that Drexel, Morgan & Co., on behalf of J.
S. Morgan & Co., and themselves, agree to purchase $1,625,000 of
said bonds, and that J. & W. Seligman & Co., on behalf of Seligman
Bros., and themselves, agree to purchase $1,625,000 of said bonds,
and that Morton, Bliss & Co., on behalf of Morton, Rose & Co., and
themselves, agree to purchase $1,625,000 of said bonds, and that
the First National Bank of the city of New York agrees to purchase
$1,000,000 of said bonds; making