nterest to date of subscription in coin. It was
substantially similar to the one issued on the 16th of January,
1878, but graded the commission, allowing from one-eighth of one
per cent. to one-fourth of one per cent., according to the amount
subscribed.

Several letters written about this date will show my view better
than anything I can say now:

"Washington, D. C., January 6, 1879.
"Dear Sir:--Your note of the 2nd was received upon my return from
the west.

"Much obliged for subscription, and hope that you will soon get
above the ten millions and thus be entitled to the additional one-
tenth. I cannot, however, allow it on the first ten millions
without adopting it as a rule, which would be impossible, by reason
of the limitation of the entire cost to one-half of one per cent.
I may be compelled to allow the one-eighth commission down to
$1,000, but perhaps not, as I have to carefully husband the limited
fund out of which all expenses must be paid. With the energy and
hopefulness now exhibited, we can easily refund the 5-20's within
this year and, perhaps, within six months. The more rapid the
process the less disturbance it will create. I am hopeful and
sanguine of improving business, not that greenbacks will be so
abundant, but that employment will be ready for everyone willing
to work.

"Thanks for your congratulations, which I heartily reciprocate,
for the syndicate are entitled to a large portion of the merit now
given to me. As I got more than my share of the abuse, it is
probably thought that I should get more than my share of the credit.

"Very truly yours,
"John Sherman.
"Hon. L. P. Morton, New York."

"Washington, D. C., January 8, 1879.
"R. C. Stone, Esq., Secretary Bullion Club, New York.

"Dear Sir:--Your letter of the 5th inst., inclosing a card of
invitation from the Bullion Club, to attend a dinner at their club
house on Thursday evening, the 16th inst., is received.

"I regret that my official duties will not permit me, in person,
to respond to the toast you send me, and I cannot do so, by letter,
in words more expressive than the toast itself, 'To Resumption--
may it be forever.'

"Irredeemable money is always the result of war, pestilence, or
some great misfortune. A nation would not, except in dire necessity,
issue its promises to pay money when it is unable to redeem those
promises. I know that when the legal tenders were first issued,
in February, 1862, we were