The Empire County argus., 1854-05-27
THE JANUARY INTEREST.
SACRAMENTO, April "a, 1854.


Efessrs Duncan, Sherman & Co..:
| Gentleman Through the courtesy of his Excel
lency Gov John Bgler and the Hon. Samuel Bell,
Comptroller Of State, have been permitted to ex-
anime yours addressed to them relative to the al
leged failure of Messrs. Palmer, Cock & Co. to meet
the pa yment of the coupons due January last, on
the civil bonds of the State of California.
WHY this information should have been commu-
ncated to these officers, well rs to private bank
ers and withheld from the proper disbursing officer
of the State, / am left to conjecture Messrs Pal
NOR. Cook & Co. having been first advised of this
failure were the first to notify me of it, and to an
ticpate the injury which would necessarily follow
the regretted transaction to the State credit to
bondholders and themselves as business men,
The assailants of the State ard her financial
agents, have attempted to fix the odiurn of want Of
due courtesy upon Gov. Bigler the Honorable Sam
uel Bell, Comptroller OF State, and the Treasurer Of
State for having failed to make due acknowledge.
ments to your house for your commendable zeal of
disnterested interference in behalf of the "honor
and credit of the State" So far as the first two
named officers are concerned and whose supposed
discourtesy is so bitterly complained of it becomes
my duty to say the accusation is unjust, as they
were neither to be censured nor addressed on the
subject until the State Treasurer had failed to do
his duty in the premises.
The first letter you addressed to his Excellency
GOV Biger in regard to the failure was truly COM
mandatory of your actions in the case and but for
declaration it contained wholly irreconciliable to
me. when considered in connection of known facts,
would have afforded me the utmost pleasure to have
promptly communicated the supreme satisfaction
your generous conduct gave to the officers of the
State and people.
In your letter to which above referred you used
the following language ''Who the agent of the
State is we know not, In the face of this decara-
ton it is alleged by Palmer. Cook & Co. that the
house of Duncan, Sherman & Co. had made formal
application to them for the agency of the State,
which was conferred on the American Exchange
Bank moreover, that you enclosed in letter ad
dressed to Palmer Cook & Co q paragraph cut
from New York paper, containing unfriendly an
imadversons upon the assumed bad faith of Messrs.
Palmer, Cook & Co, whom the writer recognised as
the accredited and known agents Of the State of
California. | sincerely hope you will be able to full
ly explain and romove any improper impressions
which may have crown out of those disagreeng
statements, rs a1n anxious to do Justice to those
who have our we'll and unjrs+!y abused State.
1t affords me great pleasure to say and speak
from my own knowlede of facts that the State OF
California, Notwithstanding the great disadvanta-
ges under which she has labored from her early Or
ganizaton, is fully able to keep faith with her cred
tors that she occupies enviable position among
her sis er States in her financial relations, and we
have every guarantee she will continue to do so /
and the holders of her bonds may rest satisfied of
the correctness of this assurance.
believe our State is quite abla to manage her
affairs without the oicous advice of persons pres
ses who are ignorant of her prospects, pecunary
arrangements and unHllited sources, only as they
know them through the dec araons of a subsidized
press and the political enemies TO Democratic rule.
1t i'll behooyes those who arc daily growing rich
through the resources afforded by California, to beg
cause of complaint against her On mere assump-
ton and attempt to disgrace her in the eyes of the
world without one iustifyioG reason.
1t is remarkable fact well known to thousands,
only Offering to pay the interest which had accrued
cipal before maturity the "Wise men of the East"
her insolvency ard want of good faith. from bad
management and with the assurance of Solons, as
sumcd a superiority of knowledge over the legiti
mate guardian of her true business relations. Most
unfortunately for them all of this was remarkably
out If time and uncaed for by any existing fact.
The ill-advised lectures thar have been read to
the public authorities Of California might do very
well among stockholders and bankers, but is in ex-
tremc bad taste when rendered to of the proud
est States of the American Union. whose honor cam
not be tampcred with and the offender escape with
impunity.
HopeinS that ample satisfaction has already been
given you for any sacrifice you may have made in
your generous effort to protect II credit of the
State, have the honor to tender to you the united
thanks of the officers of the State for the services
you hare rendered her, and to assure you your ac-
! tions will be gratefully remembered.
have the honor to be.
Very truly, your obedient servant
$. A. McMEANs,