1,
next, is in entire accordance with the legislation of Congress
bearing on the subject, and, therefore, you will please postpone
the execution of department order of the 3rd instant until further
instructions, and withhold from transmission to assistant treasurers
the order of the 7th.

"Silver dollars will be issued as heretofore, in the purchase of
silver bullion, in payment of coin liabilities, and in the mode
pointed out in your order of July 19, as modified.

"With a view to their payment on current liabilities, you will
request that each disbursing officer estimate the amount he can
conveniently disburse.

"Very respectfully,
"John Sherman, Secretary."

This change of my opinion was the subject of much criticism in the
public prints. Some complained that I was unfriendly to the silver
dollar and sought to prevent its use, and others complained that
its use before the 1st of January as a substitute for gold coin
was a violation of the law. My only purpose was to accustom the
people to the use of the silver dollar in the interior of the
country at places where it could not be used in the payment of
customs duties. These could only be paid in coin, and, in view of
resumption, I desired to strengthen the treasury as much as possible
by the receipt of gold coin. The charge that I was guilty of
changing my mind did not disturb me when I was convinced that I
had exceeded my authority in the issue of the first order.

At that time there was an evident reluctance to pay coin into the
treasury for four per cent. bonds sold, when, within a brief period,
United States notes could be paid for such bonds. I therefore
directed the treasurer of the United States: "Where deposits with
national banks on account of subscriptions to the four per cent.
loan have not been paid into the treasury within ninety days after
the deposit was made, you will at once draw for the amount of such
deposits, to be forthwith paid into the treasury, and as such
deposits accrue under this rule, you will make such withdrawals
until the whole is paid."

I also directed the chief of the loan division as follows:

"No doubt most of the depositaries will place coin to their credit
within the period of the call outstanding after subscriptions are
made, according to the circular of the 1st ultimo, but if this is
not done, the deposit must be withdrawn at the expiration of ninety
days from the date of subscription."

I also advised Aug