'I think contract of January 21, 1879, very plain. Subscriptions should be made April 1; but, if they desire, time will be extended to April 8.'
* * * * *
"With great respect, I remain, yours truly,
"Chas. F. Conant.
"Hon. John Sherman."
I have set out in full this correspondence with Rothschild and his associates and with Conant, to show that on the eve of complete success they were discouraged and asked for a postponement of, to them, the small subscription of $1,000,000, and did not even think of taking the option of $10,000,000 of bonds subsequently claimed.
With the 1st of April all stringency disappeared. Accounts were settled without difficulty. The amount of four per cent. consols sold to March 31, inclusive, was $473,443,400.
On the 4th of April, while attending a meeting of the cabinet, I was handed the following telegram:
"New York, April 4, 1879.
"Hon. John Sherman, Secretary of the Treasury, Washington, D. C.
"National Bank of Commerce in New York subscribes for forty million dollars four per cent. bonds. Particulars and certificates by mail.
"Henry F. Vail, President."
I thought the amount was a mistake, that four instead of forty was meant. I replied as follows: