This new agreement gave at once a great impetus to the new loan in all parts of the United States, as well as in London. The following letters received indicate this:
"Merchants' National Bank, }
"Cleveland, O., June 11, 1877.}
"Hon. John Sherman, Secretary Treasury United States.
"Dear Sir:—We learn that you propose to offer the public a certain portion of the new four per cent. loan for a limited time, the amount subscribed to be paid in gold at the par value of the bonds.
"This bank, being a public depositary of the government of the United States, shall be glad to further your plans, and act as agent for the sale of such portion of the loan as you may suggest, and endeavor to give it such publicity as would secure the sale of a portion of these bonds in this part of Ohio.
"Wishing you success in the effort, I remain, very respectfully and truly,
"T. P. Handy, President.
"Treasury Department, June 12, 1877.
"John P. Hunt, Esq., Philadelphia, Pa.
"Sir:—Your note is received. The department will be happy to receive your subscription in a short time. The bonds are not prepared, and the treasury regulations for the popular subscription cannot be issued for a few days, when a copy will be sent you.
"It is the purpose to give you, and all other citizens of the United States, an opportunity to subscribe at some convenient place in the city of your residence, to be designated in due time, requiring only a small deposit at the time of subscription, and allowing the privilege of paying at any time within ninety days thereafter.
"The bonds will bear date the 1st of July, and will be sold at par in coin and accruing interest to date of payment.