Rutherford B. Hayes: “To the Senate of the United States:I transmit herewith, for the information of the Senate, the reply of the Commissioner…”

While, in my opinion, it would be unwise to authorize the Secretary of the Treasury, in his discretion, to offer to the public bonds bearing 3 1/2 per cent interest in aid of refunding, I should not deem it my duty to interpose my…

Believing that a measure for refunding the national debt is not necessarily connected with the national banking law, and that any refunding act would defeat its own object if it imperiled the national banking system or seriously impaired…

Provided, That this withdrawal shall not affect any existing valid adverse rights of any party.

I have the honor to inform the Senate that Hon. John Sherman, Senator elect from the State of Ohio, has resigned the position of Secretary of the Treasury, and that said resignation has been accepted to take effect at the close of the…