"I would prefer that the parties to the contract should not avail themselves of the extension offered, but leave that entirely to your good judgment.
"Very respectfully,
"John Sherman, Secretary."
(Telegram.)
"Treasury Department, March 28, 1879.
"August Belmont & Co., New York.
"The contract is very plain that the first subscription should be made by April 1. The stipulation for five million each month would have made the second subscription in February or March, but, by the agreement, it need not be made before April 1.
"John Sherman, Secretary."
"New York, March 28, 1879.
"Hon. John Sherman, Secretary of the Treasury, Washington, D. C.
"Dear Sir:—We received this morning a telegram from Messrs. Rothschild about the next subscription under the contract of the 21st of January, and telegraphed its contents to you, as follows:
'London associates telegraph consider according contract have all month April to make next subscription. Please telegraph whether you agree they are right'
"In reply we received your telegrams reading:
'The contract is very plain that the next subscription should be made by April 1. The stipulation for five million each month would have made the second subscription in February or March, but by agreement it need not be made before April 1.'