On the 21st of April I made the final call for all outstanding 10- 40 bonds. With this call the refunding operations were practically at an end for the time. A good deal of correspondence was had as to priority of bids and sales of refunding certificates, but this was closed, at the end of ninety days, by the full payment of the called bonds, and the substitution of bonds bearing a lower rate of interest. This was accomplished without the loss of a dollar, or, so far as I can recall, without a lawsuit.
The aggregate amount of bonds refunded from March 4, 1877, to July 21, 1879, was $845,345,950.
The annual interest saved by this operation was $14,290,416.50.
The general approval and appreciation of these results was manifested by the public press, and especially in Europe. Mr. Conant, in a letter dated April 19, said:
"On yesterday morning, at the stock exchange, just after the opening hour, a McLean's cable dispatch was posted up, stating that you had entered into a contract with a syndicate for the sale of $150,000,000 of four per cent. bonds, against the outstanding 10- 40 five per cent. bonds. People were astounded at the information, and they were all the more astonished because the operation followed so closely upon the transaction of the 4th instant. The effect of this has been to send the price of the bonds up by three-fourths per cent., and to create a demand for them."
From the date of these transactions the bonds of the United States rapidly advanced in value. Many similar transactions of my successors in office have been made at a still lower rate of interest.
Among the agreeable incidents connected with the resumption of specie payments was the adoption of resolutions by the Chamber of Commerce of New York, on the 2nd of July, 1879. The second resolution was as follows:
"Resolved, That this Chamber tenders its congratulations to the Honorable the Secretary of the Treasury, at once the framer and executor of the law of 1875, upon the success which has attended his administration of the national finances; as well in the funding of the public debt, as in the measures he has pursued to restore a sound currency."
I subsequently received, by the hands of William E. Dodge, late president of the Chamber of Commerce of New York, a letter from that body asking me to sit for my portrait to be placed on the walls of their Chamber. On the 24th of February I sent the following reply:
"Gentlemen:—I have the honor to acknowledge the receipt, by the hands of Wm. E. Dodge, late president of the Chamber of Commerce of New York, of your letter of the 17th instant, covering a resolution of your body, asking me to sit for my portrait to be placed upon the walls of your Chamber.