The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-22
The Sc:, Eoan--5ay Cooke and Reths.
c.liids' Offer to Take Six Hundred
Millions.

Millions.
Jay Cooke publishes the following card in
Tie Philadelphia newspapers
some portions Of the press of this and
ether Giles having expressed doubts as to
The reality OF the recent proposition made to
rac Secretary Of the Treasury by myself i'll
Hchg!i Of JAY Cooke, McCulloch Il Co., and
Rulh,CLilds & Sons, OF London, l deem it
proper to say that such proposition, and
under such authority from London. was
made il entire good faith, aud the parties III
t2rc>tcd are ready to carry out promptly the
negotiations ~ soon as the Secretary of the
Treasury is able 10 comply with its terms
and shall conclude to accept the proposition.
The?acts Nre these About the o2d Of De-
Crmtcr }. Cooke, McCulloch 4 Co, OF Lon
don, after q conference with the Mcs>rs.
hotb-ehi.ds, agreed upon joint proposition
As follows: 10 take SJ0,g0O,0Q0 Of the new
1ivs PC! cent. loan on or before the Isl OF
February next, with the option Of j0,000,-
900 more during this year, and should Con-
svcss acCedc 10 the Secrctary's recommends
ton and make the interest PAYABLE iii Lon
don. then to take all additional S2G0, 900. 900
# the iiycs and 500. coo, 900 Of the tour-and-
G-hGlis Oh or before the close Of 1919. The
negotiation j., with the exception Of one
amendment, to make the interest payable in
louuOn--tO he on the precise terms, as to
Tin" and mode Of payment, commissions, &C.,
IS WAS granted in the $4,000, 600 ncgotia-
ten. The Secretary, also, was required to
notify from time to time payments Of future
sums OF six per cent. bonds precisely as be-
tore.
This proposition was tclegraphed to me,
and | sent special messenger 70 Washington
with it, and il WAS presented 10 Secretary
Boutwell, on the morning Of the sd ,htimo
Mr.. Richardson also telcgraphed TO the secre-
E,ry from London a duplicate Of the PROPOSE
lion on the same day. Ny brother, Governor
Cooke. telcgraphcd TO me from Washington
after his audience with the Secretary, that the
proposition was favorably received and was
being considered. and shortly afterward asked
me, at the request of the Secretary, if the
payment Of interest abroad was sine QU0
non.
rs soon as the letters arrived from London
containing the particulars of the arrange
ments with the Rothschilds and the full text
Of the proposition, | copied the same and for
warded the documents to the Secretary
where they now are on file awaiting his a-
ton. I regret exceedingly that Mr.. Bout
well, when asked by reporters and Others as
:" tho truth of the rumors, did not state what
had occurred But this is not our fault, and
"e pIe not willing to have oar good name
llA consistent course brought into question,
and therefore give all the facts as above.
The proposition WAS made, just rs tele-
~yr2phcd from London, in entire good faith,
aNd will he promptly worked out to sue
"c>>!ul termination rs soon as Mr.. Boutwell,
gives lis and those who urc associated with
III the power 10 act. The whole six hun
d.rd millions, in my opinion, can be funded
j&to four aud half and five per cents.
daring the present year, which, together
with what has already been done, will save
nearly ten millions Of dollars per annum to
the Treasury. JAY COOKE.