"I will send a similar letter to this to the First National Bank, and have to request that you will give notice to the other members of the old syndicate, and, with their consent, to any others you desire to participate in the interview.
"Very respectfully,
"John Sherman, Secretary.
"Messrs. August Belmont & Co., New York."
I sent General Hillhouse the following notice:
"Treasury Department, April 5, 1878. "Sir:—You will please inform Messrs. H. F. Vail, president National Bank of Commerce; J. D. Vermilye, president Merchants' National Bank; George S. Coe, president American Exchange National Bank; B. B. Sherman, Mechanics' National Bank, and James Buell, president Importers and Traders' National Bank, that I desire an interview with them at any hour on Tuesday next, at your office, or at such other places as they may prefer, in respect to the purchase for the Treasury for resumption of, say, $50,000,000 gold coin or bullion, to be delivered monthly and before the 1st of January next, either at your office or at the designated depositaries of the United States, under section 5153 Revised Statutes, and also, if practicable, to secure from them a bid for either of three classes of bonds described in the refunding act to an amount sufficient to purchase the coin stated. These gentlemen are respectfully requested to select such others connected with national banks as they may agree upon to join in the interview.
"Very respectfully,
"John Sherman, Secretary.
"General Thomas Hillhouse,
"Assistant Treasurer United States, New York."
Regarding the negotiation as one of great importance, I was
accompanied to New York by Hon. Charles Devens, Attorney General;
John Jay Knox, Comptroller of the Currency; Charles F. Conant,
Assistant Secretary; Daniel Baker, Chief of the Loan Division, and
E. J. Babcock, my Secretary.
On the 8th of April I, with the gentlemen named, had an interview with the members of the old syndicate, Messrs. Belmont, Seligman, Bliss, Fabri and Fahnestock.
I stated that the object of my visit to New York, and of my request for an interview with the associates, was to obtain $50,000,000 coin for resumption purposes, and I would like to sell four per cent. bonds to that amount.
Mr. Belmont did not think the four per cent. bonds could be sold then, and the associates all concurred in the opinion that they would prefer making a proposition for the four and a halfs, although they were not prepared to make any definite offer. I said I would like to get 103 for the four and a halfs, but the associates said they would not consider that at all; they would communicate with the Rothschilds and others, and might possibly be able to offer 101; they would come to some conclusion by next day.
On the following day, at the National Bank of Commerce, I met the
presidents of the national banks: Mr. Vail, Commerce; Mr. Vermilye,
Merchants'; Mr. Coe, Merchants' Exchange; Mr. Sherman, Mechanics';
Mr. Buell, Importers and Traders'; Mr. Moses Taylor, City; Mr. F.
D. Tappan, Gallatin; Mr. G. G. Williams, Chemical; Mr. F. A. Palmer,
Broadway; Mr. George I. Seney, Metropolitan; Mr. P. C. Calhoun,
Fourth National.