The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-19

Syndicate literature Of the day in a card
which we print in another column. The ex-
PLANTATION and exposure made by the HERALD
of the celebrated Syndicate despatch, which
was originally circulated through the Associ-
ated Press as an advertisement by some of Mr.
Cookies ingenious London agents, seem to
have annoyed him. So he makes his own
appeal to the public and asks us to pass judg-
ment.
Let us repeat the history of this transaction
and see If anybody is TO blame in the prem
ises but Mr.. Cooke or his ingenious London
agents. Some days ago 4 cable despatch was
sent here and printed in the newspapers
parading the statement that Mr.. Cooke,
through his London partners and the famous
house of Rothschlds, had made proposition
to take the whole of the six hundred millions
of the new loan The despatch was curously
worded, so as to produce this impression
without exactly saying so. A proposition
has been made, 80 it ran, ''looking to- the
purchase Of the whole loan. Now, the words
''lOoking to" saved the despatch from being
| absolutely false, although they did not prevent
it's being false by inference. Any Wall street
curbstone broker, for instance, might 60 into
the Sub-Treasury and offer to buy thousand
dollar bond at certain rate and then print in
the newspapers that he had made PROPOSE
ton to Mr. Hillhouse Cooking to" the pur-
chase of hundred millions. In fact he would
tell what would be true, but what would be in
reality no less an untruth.
| Tharn 10 fa1c all
as falsehood by expression, as Mr. Cooke may
learn from the fathers and what the HERALD
complained of in this despatch was that it
suggested a falsehood and suppressed an es-
sential part of the truth. The street believed
the uutruth thus conveyed, especially when
few days after il was also telegraphed to New
York that the President and Secretary Bout
we'll were in Philadelphia and Gin consulta-
tiAn" with Mr.. Jay Cooke himself as to the
terms of this new loan. This was another
nisstatement but it came in time, and served
to strengthen the impression made by the
cable despatch. The ingenious advertising
agent In London was answered back by an
o;her advertising agent in Philadelphia, and
the expedent succeeded. Now, go far as we
can learn, there was no Consultation" be-
tween Mr. Cooke and the President and
Secretary Boutwell, In Philadelphia. The
tone Of Mr.. Cookies letter confirms
this. The work planned in London was
done. There was the story in circulation that
Mr.. Cooke and the famous and mighty house
of Rothschld (mark the adroit combination)
were about to take six hundred millions of the
new loan that the offer was 80 important
that the Secretary Of the Treasury and even
the President had hurried to Philadelphia to
''consult" with Mr.. Cooke. and that we were to
have financial triumph of unparalleled splen-
dor. For forty -eght hours the street &C
oepted this and marvelled at it. At last the
HERALD, searching out the truth, as in duty
bound to the public, quietly exploded the
bubble by announcing that no such PROPOSE
ton had been made as telegraphed from Lon
don that the cable despatch was far enough
from the truth as practically to be false, and
that the consultation" in Philadelphia was
an exaggeration of call of courtesy. The
next day the complaisant Washington cor
respondent of the Associated Press, being
also in the advertising frame of mind shown
in London and Philadelphia, denied the
+, HERALD's news and repeated the old story re
garding it again. under the convenient phrase,
BLOCKING to-" The HERALD again affirmed its
news. The Tribune came into line and ad-
mtted its truth. Mr.. Boutwell, himself con-
frmed it; and now comes Mr.. Cooke with a
card confessing that his agents, or people in
spired by his agents, succeeded in making
Wall street believe one thing about the pro-
posed Syndicate until the HERALD showed
that quite another thing was true. AS we
said at the time, it was an advertising expe-
dent" and this Mr. Cooke does not deny.
Nor is it fair for Mr.. Cooke to complain of
Mr.. Boutwell, for not ''statng to the reporters
what had occurred" 1t was not Mr.. Bout
wells business to hunt up reporters and cor
rect Mr. Cookies advertisements. Mr. Bout
well did not send the first despatch from Lon
don, with its suggestion of falsehood Mr..
Boutwell, did not telegraph from Philadelphia
that he was there in Consultation" with Mr..
Cooke; nor did Mr.. Boutwell, contribute to
the deception by any despatch from Washing
ton. Mr.. Boutwell, Is man Of honor, slngu-
larly truthful aud discreet. We regard
Mr.. Jay Cooke rs man of honor
and integrity But he has been badly
served. He should teach his agents that
bonds cannot be made popular by the tricks
of dealer in patent medicines. In financial
matters people do not simply want the truth,
but the most careful, panstakng and elaborate
rendering Of the truth. This was not done.
A 70 40 inn aaain Nd cofn
kept alive. The Associated Press was made
to contribute 10 is existence. The whole
country was placed under one impression