payable before the first day of July, 1860.  We have very maturely considered this question and have arrived at the conclusion that you have a right to use such measures as will secure the State against the loss of six months’ interest on these bonds by the indefiniteness of the Act of 1859.  While it cannot be denied that the letter of the laws favor the construction claimed by some of the creditors that interest-bearing bonds were required to be issued to them, inasmuch as the restriction that no interest is to run on said bonds until 1st January, 1860, relates solely to the bonds issued under the Act of 1857.  And the Act of 1859 directing you to issue new bonds does not contain this restriction, but directs you to issue coupon bonds.  Nevertheless the very indefiniteness and generality of the Act of 1859, giving no rate of interest, no time due, no place of payment, no postponement of the time when interest commences, necessarily implies that the Legislature intended to invest you with a discretion to impose such terms and restrictions as would protect the interest of the State; and we think you have a right and that it is your duty to see that the State Bonds are so issued that the State shall not lose six months’ interest.  Two plans present themselves either of which will secure the State. 1st.  If in literal compliance with the law you issue bonds bearing interest from 1st July, 1859, you may deduct from the bonds presented three thousand from every $100,000 of bonds and issue $97,000 of coupon bonds; by this plan $3000 out of $100,000 of principal would be extinguished in consideration of paying $2910 interest on the first of January, 1860—­and the interest on the $3000 would forever cease; this would be no doubt most advantageous to the State.  But if the Auditor will not consent to this, then, 2nd.  Cut off of each bond all the coupons payable before 1st July, 1860.

One of these plans would undoubtedly have been prescribed by the
Legislature if its attention had been directed to this question.

May 28, 1859.

ON LINCOLN’S SCRAP BOOK

To H. C. Whitney.

Springfield, December 25, 1858.

H. C. Whitney, Esq.

My dear sir:—­I have just received yours of the 23rd inquiring whether I received the newspapers you sent me by express.  I did receive them, and am very much obliged.  There is some probability that my scrap-book will be reprinted, and if it shall, I will save you a copy.

Your friend as ever,

A. Lincoln.

1859
First suggestion of A presidential offer. 
To S. Galloway.

Springfield, ill., July 28, 1859.

Hon.  Samuel Galloway.

My dear sir:—­Your very complimentary, not to say flattering, letter of the 23d inst. is received.  Dr. Reynolds had induced me to expect you here; and I was disappointed not a little by your failure to come.  And yet I fear you have formed an estimate of me which can scarcely be sustained on a personal acquaintance.