s and the
business community generally regard the withdrawal of the certificates
as a wise measure. They may be put to some temporary inconvenience
thereby, but they cannot fail to see that, in the use of this and
all other legitimate means of making the great scheme of resumption
a success, the secretary is really promoting their interests, and
that in the end they will be greatly benefitted by the establishing
of a sound and stable currency, which is the object in view.

* * * * *

"Very respectfully,
"Thomas Hillhouse,
"Assistant Treasurer United States."

On the 5th I wrote him as follows:

"In reply to your letter of the 4th instant, inquiring whether you
are at liberty to pay out the standard silver dollars in exchange
for gold coin, you are authorized to pay out the standard silver
dollars to any amount which may be desired in exchange for gold
coin.

* * * * *

"In reply to your letter of yesterday, I have to advise you that
it was the purpose of the order referred to to prohibit the issue
of gold coin certificates for any purpose, including the redemption
of called bonds. It is believed that the reasons for issuing such
certificates have ceased to exist, and that those outstanding should
be redeemed and not reissued.

"No public end is subserved by receiving coin deposits for private
parties to be held for their benefit, but gold will be received in
exchange for United States notes of any denomination desired, and
such exchange is invited."

On the 18th I wrote him:

"I have concluded to direct the prepayment of the coupons maturing
January 1, in coin or United States notes, _as desired by the
holder_, and interest on registered stock, as soon as you can
receive the schedules, which will be about the 28th. While I wish
no hesitation about paying gold to anyone desiring it, it is better
to get people in the habit of receiving currency rather than coin."

On the 18th General Hillhouse wrote me:

"Since my letter of yesterday gold has sold at par, the prevailing
rate being one sixty-fourth to three sixty-fourth premium. The
indications now are that the combinations which were presumed to
be operating to keep up the premium have failed so far in their
object, and that, unless unlooked for circumstances should intervene,
the premium will be more likely to fall below the present rate than
to advance."

On the 27th I sent the following instructions to the treasurer:

"Treasury Departme