riptions by any violation of the public advertisement or any
public caution against the danger that is open to everyone.

"Very truly yours,
"John Sherman."

"Washington, D. C., January 13, 1879.
"George Kerr, Esq., Janesville, Bremer Co., Iowa.

"Sir:--I have received your letter of the 6th instant inclosing a
slip cut from the Bremer County 'Independent,' a weekly paper
published in Waverly, containing a statement to the effect that
the First National of New York is enjoying, from the department,
special privileges in the matter of holding public money on account
of subscriptions to the four per cent. consols of 1907, and receiving
from the government unusual commissions on subscription.

"It is needless to say to you that the statement is entirely
erroneous from beginning to end.

"In the department's circular of the first instant, a copy of which
is hereby inclosed for your information, _all_ national banks are
invited to become financial agents, and depositaries of public
moneys received on account of the sale of these bonds, and the
commissions allowed on subscriptions are plainly stated therein.
Over one hundred (100) national banks have been thus designated as
depositaries for the purpose mentioned, and all are treated precisely
alike, both as to commissions allowed and balances held.

"The First National Bank of New York enjoys, as a United States
depositary, no special privileges whatever from the department.
It has, however, thus far, subscribed for a larger amount of four
per cent. bonds than any other bank, and has, consequently, received
a larger amount for commissions. But any other bank subscribing
for the same amount of bonds would, of course, receive the same
amount for commissions.

"Very respectfully,
"John Sherman, Secretary."

"Treasury Department, }
"Washington, D. C., January 14, 1879.}
"H. C. Fahnestock, Esq., New York.

"Dear Sir:--Your note of the 13th instant is received.

"In buying the fours thrown upon the market, you are rendering as
much service to the government as if you bought directly. Indeed,
I am glad you are buying from the market rather than from the
department. I do not wish to force this refunding operation too
much, lest it may embarrass resumption. I only fear that some
eager parties may subscribe for more than they can sell and pay
for by called bonds or coin within the running of the call. This
is the only contingency th