New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-28
Reply 10 Public sersiee' Of the Evening"
Raal.

To The Edit, Of T1sN. y. TSib1Ns.
SIR: The communication in The Nen- York
Eotnsng Post Of June a. stated by the editors Of tina,
paper 10 be from "loyal private banker" rankes
with imPutations Of character poisonous that as
simple loyal private citizen md friend Of justice beg
leave 10 reply. The loyal private banker" says
first that Rs stated that when the $50 five hundred
million oan was nearly fun Jay Cooke Co. suddenly
PIT down their own names r fifteen millions and that
when ell the reports Of agents came In 1t was found
that the loan exceeded by eleven millions. a law
was then passed by Congress legaling the issue &C.
and the $50 stock from par 70 l09 giving poht
OF $500 600 on the Surplus stock.
Ii is very plain that the intmstion intended 70 be
conveyed above by the loyal private banker Is that jay
Cooke a. Co had the bcnoft Of this e9soO0o and that
Congressional legislation intended TO secure IL 10
their advantage Now know notlsng Of Jay Cooke
Cos business transactions, but that they should
hive done what is Imputed 70 them Is simply absurd
and i'm possible II they had desired TO subscribe for
fifteen millions Of Dos 1t was not necessary Tor them 10
wait until the subscription was nearly fun before they
should do H. AS Subscription Agents. they knew bet.
ter than any other parties when the five hundred
millions authorized would probably be absorbedi and
there was no reason why they should wait aud take
doubtful chance when certainty was IN their power
and does any reasonable suppose that they any
other .rm able 10 subscribe and pay for fifteen
millions on their own account
/ But "a Loyal Private Banker endeayors to be par.
tculary upon the Secretary OF the Treasury for
declining accept bids for the SKIES ofssi below lo4
Now know loyal % private banker who r. reputed
~ be the greatest specuato in gold Tor rise In the
street. whose purchases Of cash gold were at one time
between and two milions-placed to bis credit as
special deposit in bank This same loyal pr,rds
banker was also Of the bidders for the sizes Of 81
on which he found II Convenient TO be bear Persons
who desired 10 bid for this loan and who had been adj
vised by other psIieswlo had never found necessary
TO make snch vast professions Of loyaltyo bid At from
10 per cent premium told BY loyal rfrais banker
that they could get 10 ut from par 10 lott and there
in bidding any more. Actuaed by bis great and
patriotic desire TO support the Government at the least
possible risk the smallest possible cost and The greatest
possible profit loyal private banker then bid either
officially or Ia his owa name for several millions at
those generous IL seems that the Secretary
Of the Treasury failed 10 appreciate the policy Of such
ma gniAeent and selfdenyug patriotism, and preferred
to accept bids at from loi 10 no by which loyal Pri
yae banker failed to make profit Of from 3 70 epef
cent. and his patriotism was deeply wounded. Tie
fact that the skies OF al were selling at 100 at
the time proposals were advertised for, and that
the Secretary announced that premium would
be expected, would in itself have prevented the
consideration OF par bids, and those who had bid up
10 near the market price. might well have dcacunced
tie Injustice Of such proceeding And. bcsides II
would have been a virtual acknowledgment that the
United States Bonds football for the street to
be sold at any price "ioyaiPri0ase teHkes night choose
tooer this policy were once inaugurated the highest
bddiDgs for any subsequent issue would necessarily
have begun below the lowest bddings for the last and
gone down in a rapidly descending scale With these
illustrations Of the arg VI loyal private banker
we leave the public to decide upon their further merits
t .s--.a ~. PUBLIC Duly.