"Dear Sir:—Your letter of the 12th instant was received during my temporary absence, and I comply with your request with pleasure.

"Accompanying this I send you sundry documents, duly scheduled, which contain in detail the law and my views on the resumption question.

"Among these papers is a letter from the treasurer of the United States, of date July 6, showing the exact coin on hand for all purposes, a careful examination of which will prove to you our ability to resume at the time fixed by law.

"It will be perceived that we have on hand in the treasury coin enough to cover all our coin liabilities of every name and nature, and also thirty five per cent. of the aggregate amount of United States notes outstanding, with an excess of $2,474,822. We have also $7,139,529 of fractional silver coin, which will be used for current expenses.

"Of the United States notes outstanding, at least sixty millions are held in the treasury, either as the property of the United States or as special funds for purposes prescribed by law, which cannot readily be diminished.

"In addition, the secretary is authorized to sell bonds for the purchase of coin or bullion, and he may use United States notes for the same purpose. Our revenue, both in coin and currency, is more than sufficient to pay all current expenses covered by the appropriations of Congress.

"Considering that the United States notes are scattered over a vast country, are in great favor and demand, and extremely popular, I feel entire confidence in the ability of the treasury to resume on the 1st of January next, and the leading bankers and brokers of New York are of the same opinion.

"I know of nothing that can prevent the United States from taking its place among the specie-paying nations at this time, except the possible repeal by Congress of the resumption act, and this I do not anticipate.

"Very respectfully,
"John Sherman, Secretary."

CHAPTER XXXIV. A SHORT RESPITE FROM OFFICIAL DUTIES. Visit to Mansfield and Other Points in Ohio—Difficulty of Making a Speech at Toledo—An Attempt to Break up a Meeting that Did Not Succeed—Various Reports of the Gathering—Good Work of the Cincinnati "Enquirer"—Toledo People Wanted "More Money"—Remarks Addressed to the Cincinnati Chamber of Commerce—Visit to Lancaster, the Place of My Birth—My Return to Washington—I Begin to Exchange Silver Dollars for United States Notes—My Authority to Do So Before January 1 Questioned—The Order is Withdrawn and Some Criticism Follows—Instructions to the United States Treasurer and Others— Arrangements with New York Clearing House.