Secretary Thomas resigned on the 11th of January, 1861, and John A. Dix became Secretary of the Treasury. In answer to my inquiry Secretary Dix, in an official letter, dated January 18, 1861, stated the terms of the sale of treasury notes and that: "The amount required to meet the outstanding current and accruing dues before the close of the present fiscal year, besides any additional charges on the treasury created by legislation during the present session of Congress, is $44,077,524.63." He recommended a further issue of $25,000,000 of bonds, and suggested that the states which had received deposits under the act for the distribution of surplus revenue in General Jackson's time might be called upon to return such deposits, and added: "If, instead of calling for these deposits, it should be deemed advisable to pledge them for the repayment of any money the government might find it necessary to borrow, a loan contracted on such a basis of security, superadding to the plighted faith of the United States that of the individual states, could hardly fail to be acceptable to capitalists." In this connection I received the following note: "Treasury Department, February 6, 1861. "Hon. John Sherman. "Dear Sir:--I send a preamble and resolution, and a letter to your governor. Will you read and send them at once? You, as a Member of Congress, can say what I cannot with propriety--that no states which guarantee bonds of the United States to the amount of the public moneys in its hands, will be likely to be called on to repay these moneys--at all events during the twenty years the bonds of the United States will run. "I am truly yours, "John A. Dix. "P. S.--I cannot put out my notice for a loan till your state acts, and the time is very short." Subsequently I received the following letter: