Mr. Sanford to Mr. Seward.

No. 402.]

Sir: The bonds of the United States are rapidly increasing in favor here and throughout the continent, and are likely to be eventually absorbed in Europe. They have been placed upon the official stock list at Paris, and bankers who during the war insisted that the debt could never be paid, now advertise cash payments of its coupons.

There have been from an early period of the war large dealings here in our securities, and one of the bankers of this city has lately applied to me to ask this government to permit our bonds to be placed on the official stock list.

This I have declined to do in a letter, copy of which I have the honor to enclose herewith.

I have the honor to be, with great respect, your most obedient servant,

H. S. SANFORD.

Hon. William H. Seward, Secretary of State, &c., &c., &c.

Mr. Sanford to M. Oppenheim.

Sir : I have received and am obliged to you for your letter of 5th instant, suggesting, as a benefit to the Belgian public, my application to this government to place the bonds of the United States upon the official stock-list of the exchange.

The debt created by my government during the late war is a domestic one, was token entirely by our citizens ; it has never sought to place it in foreign markets ; but, on the contrary, has declined numerous offers of loan from abroad before the rebellion was subdued. This policy, in my view, is still the true one, and I am not now disposed to take any step tending to invite speculation or investment in those bonds here.

Respectfully, yours,

H. A. SANFORD.

M. Jacques Errera Oppenheim. Brussels.