The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-26
Tho New Loan-They "Waut to Know
You KnOW.o

You Know"
It was announced about week ago that
the Syndicate had paid into the Treasury the
twenty five million dollars subscribed by them
as their initial effort with the new loan. Yet
the Treasury balances of yesterday were about
ninety million dollars coin and few mil
lions in currency, or very nearly the same as
they have been for q couple of weeks past
Where then, is the twenty-five million? Mr.
Boutwell, ought to answer this question, or the
public will begin to think there is great deal
of hocus-pocus about this Syndicate business
II the twenty-five million is on deposit with
the Syndicate, drawing interest, it might as
for all the good that would accrue to the
country from it in either situation. Again, if
the money is subscribed and deposit only
put up until the bonds are delivered, why is
not this money, amounting to several millions,
turned into the Treasury? The public are
also beginning TO ask other questions. Does
Mr.. Boutwell, credit the subscribers with the
bonds from the date Of subscription and allow
them the pending coupons until the bonds
are delivered? If so, we maintain
that Mr.. Boutwell, is committing very grave
injustice by virtually increasing the public
debit for if five-twenty bonds corresponding
to the new issues, dollar for dollar, are not
simultaneously cancelled, the country is pay
ing eleven per cent interest in gold on so much
of the debt as Is undergoing refunding. If
these pending coupons and this excess in the
interest burden fall to the Syndicate as per-
quistes, In addition to the commission allowed
by the law, the result will show that the re-
funding of the one hundred and thirty million
dollars placed in their hands has been accom-
plished at an enormous expense to the govern
ment. Were the letter of the law strictly
carried out in its requirement, 'that nothing In
this act. or in any other law now in force,
shall be construed to authorize any increase
whatever of the bonded debt of the United
States," we opine there would be different
story about the success of the Syndicate In
marketing the new loan.
COLONEL LEW CAMPBELL, member of Con-
gress for the Third district of Ohio, cannot be
classed among Senator Sherman's personal or
political admirers. In fact, the erratic Colonel
bears no love for the Senator as q man, and
considers his politics as aught but orthodox.
Entertaining lively remembrance of the
Senator'S attempt to defeat his election, the
Colonel is anxious to return the obligation by
upsetting the Senator's chances for reelection,
and accordingly invites him to joint discus
sion of the political topics of the day. The
Colonels note to Mr.. Sherman is somewhat
acrimonious, and his offer to compare notes on
the consistency and general propriety of their
political lives shows that he still smarts under
the Senator's castigation. Mr.. Sherman takes
the challenge in a kindly manner, but declines
to meet his adversary on the stump. Mr..
Campbell by no means relshes the Senator's
reply, and plainly intimates that in some of
his speeches he INDUCED In certain extrava-
gances which sembled untrnths-in fact, we're
emphatically false. Both the Senator and the
Colonel are men Of words, and by no means
bloody minded, therefore no fears need be
apprehended for either calling the other to
account.