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

| as money market that half century will
not overcome. Every six months we must
send our stream of gold to London. This may
be an advantage to Mr.. Cookies English
house-for we presume that commissions are
commissions to this astute banker, whether he
pockets them in London or New York-but he
can hardly ask the nation to make the addi-
tional sacrifice for the purpose of adding to
his London income. Let us pay our interest
at our own Treasury, and those who have our
bonds will find way to receive it.
Furthermore, there must be no more syndi-
cate schemes like the present. Mr.. Cooke
himself, not being, we presume, an adept at
''cards," shows himself how weak it is. In
the first part of his letter he desires to take
$50, 100000 this year-perhaps, in all,
800, 900, OOO Then, if we change our law to
suit his business interests, he will take
$500, 900, 900 in 1873. This is ineligible.
But at the end he goes on to say, ''the whole
5000, 600, 900, in my opinion, can be funded
into four and half and five per cents during
the present year." Now, if Mr.. Cooke thinks
he can finish this work in 1872, why does he
desire special legislation and the right to wait
until the close of 1882 Is there any more in
terest to be gained from the Treasury-any
hidden scheme for holding and using vast
amount Of capital for q term of mouths with
out security? The whole thing looks ike
what the traders call ''dicker," a'id is I'M
sound. There were classes in the e~lier
times who made money by ''clpping" the
coins of the realm. Mr. Cooke and his friends
seem anxious to make money by financial
process that is little more than Clipping" the
bonds and coupons of the republic
The country has been generous and trustfu
to the Secretary of the Treasury. We
ask him to take lessons from his own
experience. Let him throw aside any timid,
make-shift corner-grocery policy. We desire
his success, and the way to success invites
him. AS Mr.. Cooke says in his second
thought, he can fund this whole loan in 1872.
To do so he must make broad, open and
generous Syndicate He must permit no sus-
picion of jobbery. He must allow no one
house to farm out the government business to
other houses, reserving all the honor of the
undertaking and percentage on every bond
sold. Neither Mr.. Cooke nor the Rothschilds
nor any house in the world has the right to
ask this pre-eminence from the government of
the United States. And when next time Mr..
Jay Cooke or ''my brother, Governor Cooke,
has, to use the Court Journal rhetoric of this
Philadelphia banker, audience with the Sec
rotary, let Mr.. Boutwell, say, 81 shall have
no more jobs, no more bargains made in a
night, no more exclusive privileges, no more
increase of the debt and interest, no more
handling of public money by private houses
without security, no more bending of this
nations credit to serve one house or any Syn
dictate of houses. On the contrary, here is
the law and my construction of the law. throw
this loan open to the world, to American
houses and foreign houses, to Rothschlds
and Barring. expect every banker to sustain
the credit of the government and to share in
any gain therefrom. If you will come with
the rest, welcomed If not, you know your
business. But no more reserves high places
in the synagogue of the Treasury"