'That is more likely to be the case now,' said Mr. Sherman 'when I am so well protected. There might be a dash made at my $72,000,000 —not at my $120,000,000.'"
As a flattering background to his interview Mr. Townsend gave the following description of myself, which I hope it will not be egotism to publish. There were so many descriptions of me of a different character that I feel at liberty to quote one that was quite friendly:
"John Sherman, as he sat before me, young looking, his air and beard in perfect color, his manners gracious and indicating an easy spirit not above enjoyment, and manners not abraded by application, seemed to be a very excellent example to young public men. His nature had not been worn out in personal contests, nor his courage abated by the exercise of discretion and civility. He was the earliest and best champion of the Republican party—its first candidate for speaker of Congress, its last Secretary of the Treasury. For twenty years he has been in the national center of observation. He owes to temperance and study, exercise and natural sense, his present proud position as the principal exponent of the Republican party. Not in the Senate is that party seen at its best, but in the executive, where the President's original discrimination is approved by time and events; he chose John Sherman first of the cabinet, and within thirteen months he has concluded the last great treaty of the war—peace with the public creditor. In our arising commerce and huge balances of trade, we observe again 'Sherman's march to the sea.'"
The following statement in regard to the new loan and the national banks appeared in the "Financial Chronicle" of April 13:
"Mr. Sherman has shown, in his interviews with the committees of the House and Senate, not only his faith in the possibility of executing the resumption act, but also his determination to do it; and the disclosures of the past few days are the signs of the progress he is making. In fact, the events of the week, culminating in the successful negotiation with the syndicate bankers of a sale of four and a half per cent. bonds, practically put at rest all doubts with regard to the fact that on or before the 1st day of January, 1879, anyone can, on application to the office of the assistant treasurer in New York, obtain gold or silver for greenbacks, in sums of not less than fifty dollars. The terms of the loan are substantially set out in the following, which was posted, shortly after one o'clock on Thursday, on the bulletin boards of the sub- treasury, the parties composing the syndicate being Drexel, Morgan & Co., and J. S. Morgan & Co., of London; August Belmont & Co., and through them the Rothschilds, of London; Morton, Bliss & Co.; J. & W. Seligman, and Seligman Brothers, of London; and the First National Bank:
'The Secretary of the Treasury and the members of the last syndicate have entered into an agreement for the sale, for resumption purposes, of $50,000,000 United States four and a half per centum 15-year bonds at par and accrued interest, and one and a half per centum premium in gold coin, $10,000,000 to be subscribed immediately, and $5,000,000 per month during the balance of the year. The sale of four per centum bonds will be continued by the treasury department as heretofore, upon the terms and conditions of the last circular, and the proceeds will be applied to the redemption of six per centum 5-20 bonds.'
"This certainly will be considered a very favorable negotiation for the government."
Among the numerous letters received at this time, I insert the following:
"Viroqua, Wis.,, April 14, 1878.
"Hon. John Sherman, Secretary of the Treasury.
"Dear Sir:—We have a Honest Money League started in Chicago, of which you are probably aware. The secretary is the Hon. Thos. M. Nichol, who aided us so materially in carrying the state last fall. He is one of the ablest defenders of honest money that we have in the northwest. Any information you can furnish him will reach the people of the northwest. I see by the dispatches you have completed arrangements whereby you will be able to resume by January 1, 1879. I hope Congress will have the good sense not to throw any obstacles in your way. I used to, when in the army, tell the boys to trust in General Sherman and keep their powder dry, and now I feel like trusting in Secretary Sherman to keep our money honest. I have no fears of the result if Congress will let you alone.