ns of authority in London
as might relieve them of the difficulty which had been occasioned by
them. I told them of my conversation held with the Marquis of Ripon,
in which I had assumed the heavy responsibility of assuring him that
the Government would not press them. I was glad now to find that I
had not been mistaken. I should cheerfully do all in my power to
confirm the impressions consistently with my own position."

Thus, through Mr. Adams, the claim for "indirect damages" was
relinquished. When the fact of the disturbed relations between the
United States and Great Britain became public there was a panic in
the London stock market, and in the brief period of eight and forty
hours our deposit of twelve million or more in the Bank of England was
converted into five-twenty United States 6 per cent bonds, purchased
at par.

In my annual report for December, 1872, I was able to make this statement:

"Since my last annual report the business of negotiating two hundred
million of 5 per cent bonds, and the redemption of two hundred million
6 per cent five-twenty bonds has been completed and the accounts have
been settled by the accounting officers of the Treasury.

"Further negotiations of 5 per cent bonds can now be made on the basis
of the former negotiation."

XXXVII
GENERAL GRANT'S ADMINISTRATION

The greatness of General Grant in war, in civil affairs, and in
personal qualities which at once excite our admiration and deserve our
commendation, was not fully appreciated by the generation to which he
belonged, nor can it be appreciated by the generations that can know
of him only as his life and character may appear upon the written
record. He had weaknesses, and of some of them I may speak; but they
do not qualify in any essential manner his claim to greatness in the
particulars named. He was not fortunate in the circumstances incident
to the appointment of his Cabinet. The appointment of Mr. Washburne
as Secretary of State for the brief period of one or two weeks was not
a wise opening of the administration, if the arrangement was designed,
and was a misfortune, if the brief term was due to events not
anticipated. The selection of Mr. Fish compensated, and more than
compensated, for the errors which preceded his appointment. The
country can never expect an administration of the affairs of the
Department of State more worthy of approval and eulogy than the
administration of Mr. Fish. Apparently we