m. As
no attack has been made upon that programme, I look for no successful
resistance to its performance.'

'Do you consider the price paid by the syndicate for these bonds
as good?'

'It was the best that could at present be had. I wanted them,
first, to take $50,000,00 to $100,000,000 of the four per cent.
bonds at 103--bonds that I think preferable in some respects,
particularly for durable investment. These gentlemen, however,
thought those bonds not convenient for them for ready sale, and
they urged that I ought to let them have the four and a half per
cents. at par, as some had been put to the people at that. I
desired a premium of three per cent. They finally met me half way,
and gave one and a half premium. In short, we get a very little
scant of 103 currency for those bonds, for the syndicate pays over
to us the accrued interest.'

'You do not anticipate that they will take the $10,000,000 and
decline the other $40,000,000?'

'No; I think our economy, industry, exports, production, ready
resources and general physical and political superiority will expand
right onward, and protect everybody who puts faith in our national
securities.'

'How much gold have you absolutely got for resumption to-day?'

'Seventy-two millions clear net of our own. I have nearly $140,000,000
present due, or coming, not counting any liabilities on it. The
$50,000,000 I have secured to-day will give me, clear of everything,
$120,000,000 of gold, and that is plenty.'

'Have you read the views of Mr. Musgrave and other bankers, in "The
Graphic," on the theory that you have enough gold now and would
not have to redeem much with your gold? I heard a merchant say
this afternoon that you might not have $5,000,000 put at you!'

'That is more likely to be the case now,' said Mr. Sherman 'when
I am so well protected. There might be a dash made at my $72,000,000
--not at my $120,000,000.'"

As a flattering background to his interview Mr. Townsend gave the
following description of myself, which I hope it will not be egotism
to publish. There were so many descriptions of me of a different
character that I feel at liberty to quote one that was quite
friendly:

"John Sherman, as he sat before me, young looking, his air and
beard in perfect color, his manners gracious and indicating an easy
spirit not above enjoyment, and manners not abraded by application,
seemed to be a very excellent example to young public men. His
natu