Mr. Bigelow to Mr. Seward

No. 232.]

Sir: The note which I enclose from the banking-house of Bamberger & Co., received subsequently to a conversation held with me yesterday upon the topic to which it refers, illustrates the inconveniences which our national securities experience in European markets for the want of a specific undertaking by the government to pay them, when they fall due, in gold.

If the Secretary of the Treasury should have anything to say in reply to Messrs, Bamberger that would tend to diminish this difficulty in the eyes of its clients, the effect would be shared by a large circle of influential capitalists, and by a still larger, if circumstances permitted me to give to it the publicity of the press.

I am, sir, with great respect, your very obedient servant,


Hon. William H. Seward, Secretary of State, Washington, D. C.

Mr. Bamberger to Mr. Bigelow

Sir: Referring to the conversation which I had the honor to have with you yesterday, I have to thank you for the reception which you accorded, and for the documents which you kindly transmitted me.

Whilst no doubt can be entertained concerning the payment, in specie, of the coupons of half-yearly dividends upon the obligations of the said debt of 5-20, nothing in the text, either of the obligations or in the different acts which I have read, proves that the redemption of the same debt, either at the expiration of the twenty years or in anticipation, may not be effected in paper money, provided this paper be at that time a legal tender in the United States

It was only because you kindly empowered me, that I took the liberty to request a further explanation upon this point, if it be possible. From what I have the honor of laying before you, such an assurance, if it could be given, would certainly be an additional inducement for investing in American securities.

Accept, sir, the assurance of my most distinguished consideration,

The Director, J. B. BAMBERGER.

M. Bigelow, Envoy Extraordinary and Minister Plenipotentiary of the United States of America at Paris.