re had not been worn out in personal contests, nor his courage
abated by the exercise of discretion and civility. He was the
earliest and best champion of the Republican party--its first
candidate for speaker of Congress, its last Secretary of the
Treasury. For twenty years he has been in the national center of
observation. He owes to temperance and study, exercise and natural
sense, his present proud position as the principal exponent of the
Republican party. Not in the Senate is that party seen at its
best, but in the executive, where the President's original
discrimination is approved by time and events; he chose John Sherman
first of the cabinet, and within thirteen months he has concluded
the last great treaty of the war--peace with the public creditor.
In our arising commerce and huge balances of trade, we observe
again 'Sherman's march to the sea.'"

The following statement in regard to the new loan and the national
banks appeared in the "Financial Chronicle" of April 13:

"Mr. Sherman has shown, in his interviews with the committees of
the House and Senate, not only his faith in the possibility of
executing the resumption act, but also his determination to do it;
and the disclosures of the past few days are the signs of the
progress he is making. In fact, the events of the week, culminating
in the successful negotiation with the syndicate bankers of a sale
of four and a half per cent. bonds, practically put at rest all
doubts with regard to the fact that on or before the 1st day of
January, 1879, anyone can, on application to the office of the
assistant treasurer in New York, obtain gold or silver for greenbacks,
in sums of not less than fifty dollars. The terms of the loan are
substantially set out in the following, which was posted, shortly
after one o'clock on Thursday, on the bulletin boards of the sub-
treasury, the parties composing the syndicate being Drexel, Morgan
& Co., and J. S. Morgan & Co., of London; August Belmont & Co.,
and through them the Rothschilds, of London; Morton, Bliss & Co.;
J. & W. Seligman, and Seligman Brothers, of London; and the First
National Bank:

'The Secretary of the Treasury and the members of the last syndicate
have entered into an agreement for the sale, for resumption purposes,
of $50,000,000 United States four and a half per centum 15-year
bonds at par and accrued interest, and one and a half per centum
premium in gold coin, $10,000,000 to be subscribed immediat