ion for ten millions June 30 was
dependent upon whether the bonds were previously sold, and this
occurred on the 4th of April. This gave rise to a controversy
which was settled by the voluntary transfer, by the National Bank
of Commerce, of ten millions of the forty millions bonds subscribed
for by it. Rothschild, the head of the house, would not accept
this offer, but, with some show of resentment, declined to receive
his share of the bonds, but they were eagerly taken by his
associates.

The 5-20 bonds having been paid off or called, the department
proceeded, as soon as practicable, to execute the laws of January
25 "to facilitate the refunding of the national debt," and February
26 "to authorize the issue of certificates of deposit in aid of
the refunding of the public debt."

On the 16th of April I published the offer of $150,000,000 four
per cent. bonds at one-half of one per cent. above par and accrued
interest, and reserved $44,566,300 of these bonds for the conversion
of ten dollar refunding certificates.

The following telegrams, addressed to the Secretary of the Treasury
on the 17th of April, tell the result:

From the Bank of New York National Banking Association, New York:

"Send two millions four per cent. bonds under terms of to-day's
dispatch."

From Chase National Bank, New York:

"We have subscribed for half million dollars four per cent. bonds
on terms just issued. Can we deposit our securities at the treasury
here, as heretofore?"

From First National Bank, New York:

"Please enter subscription this date for ten million dollars, and
reserve further amount of fifteen millions, awaiting our letter.
Please make no announcement of either to-day, for reasons will
explain."

From Bank of New York National Banking Association, New York:

"Send seventy-five certificates ten thousand each, fifty of five
thousand each, four per cents., in name of I. & S. Wormser. Also
four hundred bonds five hundred each, three hundred of one thousand
each; in all, one million five hundred thousand. Certificate
deposit by mail."

From Baltzer and Lichtenstein, New York:

"We subscribe to-day through the National Bank of the state for
one million fours."

From National Bank of the State of New York:

"We confirm dispatch of Baltzer and Lichtenstein order one million
four per cent. consols, and order, in addition to that and our
previous dispatch, one million more, half each coupon and
registered."