The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-20
Our PhiladeI hhia Correspondence

PHILADELPHIA, JAN ~, 1907.
Festivities in Phaadelphia--Mr. Peabody and
Pennsylvania Bonds-F6rpfy and his Chances
for Cabinet Place.
The Pbisdelphians are social people, and !
have no doubt but their sociahtes will have some
good results that they at first did not contemplate.
Last evening I had the pleasure Of attending a
reception" given by Mr.. Alhbone, President Of
the Merchants Bank, to Mr.. George Peabody.
There were present many persons from different
parts of the State, and the United States; men il
lustrious in law, finance, literature and political
economy. cannot name half the potabiltties who
were there. Judge Conrad, ex-M Mayor Of Philadel-
pha, the President of the Philadelphia state
ing banks of the State both in and out OF Phitadel
phia; Mr. Drexel, the noted banker, who received
such large shipments of gold from Cali
Henry c. Carey, Esq, the celebrated writer on
political economy; Hon. Marshal p. Wilder of
Massachusetts, President Of the United States Agri-
cultural Society; Thomas H. Peirce, Esq, of the
Boston firm of Peirce & Bacon, owners Of the line
of Boston and Galveston packets; Piny Miles, Esq,
of New York, the postal reformer; S. Austin Alb
bone, Esq, editor Of the (tO hey famed BiOgraphi-
press-the President OF the Girard College, and
hundreds of others, assembled to welcome the An
elo American banker, who at this time has world
wide fame. Mr.PeabOdy received the congratulations
"
evening, while surrounded by twenty or thirty gen.
tlemeD, many of whom were leading statesmen and
fDanciers of Pennsylvania, he told tbem-in sorrow,
not in anger-that be bad deep hope and wish
Of repudiation from her escutcheon, by paying
TO all her bondholders the back interest on the
bonds OF 1876. You are aware that the State
SIX per cent bonds of Pennsylvania, due in
1916, were paid in five per cent bonds which
were to be paid at the pleasure of the State,
and that after adding, not six, but only four and
half per cent 10 the principal for the time they had
run. These bonds, due lat pleasure" the State has
never been pleased to pay since, and the holders
have lost not only the one and half per cent inter-
est for several years but all they deprecated in
ue, in consequence Of the broken faith of the State
Tor many we're obliged to sell, and the squally
credit of the commonwealth frightened many into
selling; and under the combined pressure of Phila-
delphia sbavers, Wall street bears, Sydney Smith
aod the iepudlating State, very pretty penny was
heeced from the Pennsy lvania bOndholders, who
had loaned money to the great Keystone Common
wealth in the days Of her need.
Now Pennsylvania has got President Of the United
forty million dollars worth in a year--about as
much a. California produces OF gold-and what
more graceful, more fitting act could the Keystone
state do, than respond to the great London bank
ers suggestion, and pay of her entire indebtedness
IN full, compound interest at six per cent giving
the sum due to the original bondholders. as well as
the amount owing to the present ones. Mr.. Pea
body held and | believe still holds, four hundred
thousand dollars worth of these bonds, and he said
he wished it distinctly understood that he was not
pleading for his purse, for he pledged his word
that every penny OF back interest that he might re-
ceive should be handed as free gift to some Penn
sylvaDia institution, provided the State paid it.
Here now is chance for Pennsylvania 10 distin
gush itself by doing good action and her present
State officers and Legislature cannot set up the plea
ofpOveriy.
The excitement ameng the politicians respecting
Foiney's defeat Is subsiding. 1t is now supposed
that buchanan will send him on foreign mission.
fatal objection to his going into the cabinet par
tcularly Postmaster General, is the fact that
Pennsylvania has furnished the possessor of that Of
flee for the last four years and neither the State
the nation considered that the Office has been
Quoted during that time with any particular ability
or fairness.