of gold in the dollar of
the United States, amounting to a reduction of about three cents,
a reduction in the pound sterling of England of about one penny,
and a slight reduction or increase in the gold coins of other
countries.

Mr. Ruggles reported the proceedings and recommendation of the
commission to the President, and his report was referred to
Congress.

A private letter to me from Mr. Ruggles, dated December 30, 1867,
shows the nature of the opposition to the measure proposed, being
entirely from British opposition to a change in the pound sterling.
He wrote:

"New York, December 30, 1867.
"My Dear Mr. Sherman:--You may have perceived, within the last
week, articles in the 'New York Evening Post,' the 'New York Times'
and the 'World,' on the subject of the proposed monetary unification;
the first denying its _propriety_, the second its _practicability_,
and the third underrating its _importance_.

"The articles are hastily and ignorantly and, in some respects,
bitterly written. My first impulse was to briefly answer each of
them in its respective newspaper. On further reflection, it seemed
more decorous that, as a member of the 'conference,' I should first
appear before the Senate committee now in possession of all the
papers, and there render any proper explanations, and not obtrude
myself as a combatant in the newspapers, prematurely and only
partially defending my official action. If, however, you should
think that the articles should be answered without delay, I could
readily cause it to be done, by other persons.

"I cannot but think that the dignity of the subject, formally
presented as it now is, to our national authorities, by a diplomatic
assemblage representing nearly all the civilized nations of the
Christian world, entitles it to a full discussion before the Senate
committee, to be followed by a maturely considered report, fairly
weighing and presenting to the country all the merits and demerits,
facilities and difficulties of the measure.

"I am just at the moment confined to my house by an 'influenza,'
but if I can be of any service, either before the committee or
elsewhere, I shall hold myself subject to your official call, for
any duty, after the 7th or 8th of January, which you may indicate.

"You must have perceived that my report to the department of state,
having in view the possibility of European readers, abstained from
some considerations which might properly be brought to