The New York herald., 1868-09-12

an impossibility and never intende the Postmaster
General rs required TO endorse $4,000, 900 OF their
bonds ana thus guarantee their payment without
appropriated towards the construction y" Of steam.
The government has become in the est%atiea Of
these gentlemen "the subject for legitimate mum
der''-and with three millions Of bonds endorsed by
the government to be thrown upon the market why
should they not pocket the money and allow the malls
70 be carried at presents 1t Ii easily shown that
the parties to this scheme never contemplated
building ship or transporting single bag Of mall
matter.
The bin provides that the interest on these bonds
shall be paid out OF the p0stages on the mail matter
transported. This is the only provision whatever In
the bill to secure the payment OF either the interest
lied to be Issued. What evidence had Senator Pome-
roy, or any other Congressional friend of the bill
that the posages to be received would be sutcent to
meet the interest ON these bonds, much leas form a
sinking fund.- as 1t is styled in the bill for the pay
ment OF the principally Information could have
been easily obtained at the proper department OF the
government and the fact there learned that the
maximum amount OF postages which the new COM
pany could hope to receive would fail below fifty
thousand dollars per annum, while they were az
tempting TO bind the government for the payment of
three millions, with an annual interest OF one nun
dred and fifty thousand dollars according to the
provisions of the bill. These facts show plainly the
ear-marks OF speculation, fraud and corruption
But Postmaster General Randall has brought the
SPECTATORS to grief Mr.. J. O. Jewett, of New York
craft, is now here urging the department to close
the contract and endorse the bonds OF the company
So confident have these gentlemen been In the sue
cess OF their schemes that they have had their three
millions OF bonds engraved and printed in the finest
style OF the artand they are now actually ready to
receive the final signature of the Postmaster Gene
ral-who respectfully declines attaching his sigma
ture thereto for the reasons, first that there s no
security that the money Will be used for the con
struchon Of mail steamship; second, there is no
individual responsibility among the parties pro-
Tossing to constitute the new company; third that
the whole proposition Is mpracticabie: fourth he
believes 1t an attempted fraud upon the government
and lastly that the law Is not mandatory, but only
''empOwers" him to make the contract.
AS might well be expected, this decision OF Post
master General Randall had produced fearful buz.
zing in the hive OF government punderers and vast
amount OF virtnous Indignation Is expended as the
bright vision OF s3,0O0O00 in "endorsed bonds -
begins to vanish from view. 1t would be exceed
ingly interesting TO learn the names, residences
politics and Official positions Of all the secret
partners in this daring attempt to plumber the
Treasury OF three millions OF dollars at single dash,
and also what proportion OF the amount had been
promised "Schenck's committee as q Radical elec
toneerng fund. There are some further facts con
nected with the transaction which be made pub
lie through the Postmaster General, who has, for the
present. referred the parties to the Attorney General
for an opinion on the proper construction and pracii
cability OF the law.