ugh I was
much more confident than others of converting our maturing securities
into five per cent. bonds, the general opinion then prevailing,
and acted upon by the Secretary of the Treasury, was to issue six
per cent. bonds as already stated. I soon found that it was idle
to press the funding bill upon Congress, when it was so much occupied
with reconstruction and with Andrew Johnson. The refunding and
many other measures had to be postponed until a new administration
came into power. Congress had unfortunately authorized the issue
of six per cent. bonds for accruing liabilities, and thus postponed
refunding at a lower rate of interest.

The long and exciting session of Congress that ended on the 28th
day of July, 1866, left me in feeble strength and much discouraged
with the state of affairs. I had arranged with General Sherman to
accompany him in an official inspection of army posts on the western
plains, but did not feel at liberty to leave Washington until
Congress adjourned. The letter I wrote him on the 8th of July
expresses my feelings as to the political situation at that time:

"United States Senate Chamber,}
"Washington, July 8, 1866. }
"Dear Brother:--It is now wise for you to avoid all expressions of
political opinion. Congress and the President are now drifting
from each other into open warfare. Congress is not weak in what
it has done, but in _what it has failed to do_. It has adopted no
unwise or extreme measures. The civil rights bill and constitutional
amendments can be defended as reasonable, moderate, and in harmony
with Johnson's old position and yours. As Congress has thus far
failed to provide measures to allow legal Senators and Representatives
to take their seats, it has failed in a plain duty. This is its
weakness, but even in this it will have the sympathy of the most
of the soldiers, and the people who are not too eager to secure
rebel political power. As to the President, he is becoming Tylerized.
He was elected by the Union party for his openly expressed radical
sentiments, and now he seeks to rend to pieces this party. There
is a sentiment among the people that this is dishonor. It looks
so to me. What Johnson is, is from and by the Union party. He
now deserts it and betrays it. He may varnish it up, but, after
all, he must admit that he disappoints the reasonable expectations
of those who intrusted him with power. He may, by a coalition with
copperheads and r