ember, 1878, I wrote the following letter:

"Hon. Thomas Hillhouse,

"United States Assistant Treasurer, New York.
"Sir:--I have this day telegraphed you as follows:

'After receipt of this you will please issue no more gold
certificates.'

"In compliance with the above instructions you will not, until
further advised, issue gold certificates either in payment of
interest on the public debt or for gold coin deposited.

"It is desired that you issue currency in payment of coin obligations
to such an amount as will be accepted by public creditors.

"Very respectfully,
"John Sherman, Secretary."

After resumption, United States notes were in fact gold certificates,
being redeemable in coin. On the 4th, I again wrote to General
Hillhouse as follows:

"Your letter of yesterday is received. The necessity of the recent
order about coin certificates became apparent to the department,
and the only doubt was as to the date of issuing it. After full
consideration, it was deemed best to make it immediate, so that no
more certificates could be asked for. By the 21st of this month
the large denominations of greenbacks will be ready for issue to
you, and after the 1st of January they will be received for customs
duties and paid out for gold coin deposited with you. I am led to
suppose that considerable sums of gold coin will be deposited with
you soon after that date. It is important that the business men
of New York should see the propriety of such a course, with a view
to aid in popular opinion the process of resumption.

"I would be pleased to hear from you as to whether any additional
force in your office will be necessary in view of resumption.
Every reasonable facility should be given to persons who apply for
coin, and we should be prepared for a considerable demand during
the first month.

"I will be in New York some time this month, and will confer with
you as to any matters of detail."

I received the following reply:

"Office of United States Assistant Treasurer,}
"New York, December 5, 1878. }
"Sir:--I have received your letter of the 4th instant. The issue
of gold certificates, however convenient to the public, had long
ceased to be of any advantage to the government, and in view of
resumption it had become a positive injury, by enabling speculators
to carry on their operations without the risk and expense of handling
the actual coin. So far as I have discovered, the bank