The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-02-01
THE SYNDICATE.
Mr.. Cox 0verhauling the Syndicate Secretary
Boutwell, Charged with Openly Defying the
Law-What About the Twenty-Five MIL
lions for Commissions 7-Defnition
Of the Negotiating Bund- Skin-die-
cat, Monster with Head OF
Iron, Eyes Of Nickel. Legs Of
Copper and Heart Stone.

In the House OF REPRESENTATIVES yesterday, the
port OF the Committee on Ways and Means the
Syndicate matters and the relations Of the Secretary
OF the Treasury thereto being under consideration,
Mr. 8. S. Cox, OF New York city, made the following
remarks:-
MI srsAKEH-Th. question of funding or refundIns a
scheme OF finance taxation. 1t 10 connected with
mic problem The nations have the greatest
facilities for obtaining money, while the richest IKE our
die In the confluence OF mankind Condesce is the safe.
PROSPERITY and tny IL the ss.
n 20 de s 0ny
are In literal sense the public iqnask s The foundation
pNG THE ' sTRoSa Box or rnE A SaTo s ''sU'
located By the President IN our tor has s failed
ists the product Of the precious metals OF
' after and '%sp se!S
from isis to 1895 the srO.. yield wa; sssSI;SSoov
nual, To oar o%n land hi. immense Increment n
y. due and ye, we are the .cOrn Of the world Tor
traon s Illustrated well IN Spain our late insurec
certain nicss public virtue and governmsn. than The
S 2. pasa or the h.
pairing the sxu Of the funds Of other nations
the world for credit when he reads the history Of
With an estimated ss wealth Of ansanasa
OF public funds has been marked only
always bunders Three of these First
taxation without reason, the absorption
rbu,on he OF people, only by unjust
but s he s . 81 sr ss
aSE Of the reeDroca confidence between the
refundng foreign market enormous oatsys Of
o ~. that our are
wonderful that even at double the premium inter-
Europe recently authorized bonds
seventh, Of the authorized marsety or that
70 % this he compelled TO shaer the law and allow
Why WAS NOT EUEorEAN "yuspIso'', ADorrrpp
on with
been adopted
sSsH' wAo ssT
dated bond issued a. -four per cent and Inc
Seses. Turn any repO
moves seT as l sa
notes temporary loans. tenfortes. CERTIFICATES of
railroad seven and hreeeniS: 'TH treasury
four s S s S.r sn notes anS later s:s
ncompr.henslo. mudde. only Illustrative of contempt
sao "a. been %,is daed deb. a. les: en.
ss1 a Saa to S ~0;s ans
eaa 70 oes La. Funding oil Of July $50 .
70 s enrich The ,si few
posed and advocated. 1t was no weyer ipnomn,o,slv
crushed by our Conference Committees FIVE The
Treasury Department and the Senatorial nabobs over.
whelmed the House Cur proposition for a simple Funsny
bill OF four per cent thrust was
for II the ambiguous and broken of Jnv IL ts5
BY vote OF l TO o. almost party VOTE csrrtsd n
viii be in eresng TO trace the steps leading result
| -. esnfRAL scnsscEs FUNDING MEASURE.
The hrs bill reported BY General Schenck on June so tso
tGlob 5Os provided for the funding only sI OOu @ o
with god femiannua interest four per cent 10 care
fu were the committee TO guard against the the
debt that 10 one simple section bin thew In
serted the proviso, ever after kept in ali the biis
that nothing IN this act or IN any other law now
| IN force, shall be construed to AUTHORIZE anv
increase whatever OF the funded debt OF the Unad
Sate As the bonds Fable bIrtv wears ana
entirely relieved from taxation, the b hal no ION
IN to agents. vas fair tentative experiment. General
eved the time had come for to cha snge the worlds a.
tenton position and credit us tina The
bonds would be taken. without commissions or bv
ing the interest payable abroad the principal
Ably handled by my colleagues, Wood and Brooks.
posed sinister disturbance OF
tenn. The former showed that equivalent Der
loan. taxation removed. lie coueousy contro
vered the idea OF his colleague NM Wood that Il
foreign loan Both were nscasuraby right. the sequel
shows. motion to make IT foreign loan with interest
payable abroad and In foreign failed. During
This debate the gentleman from Indiana M Coburp thought
advantages "by placing the In
Europe without the Intervention OF
"BANKERe, BRoKERs AND eHAvEne."
Another gentleman from Indiana Mr Homsn) more con-
sistept offered TO amend 40 ~ to prohibit agencies in
the United elsewhere for the exchange OF bon6
General Schenck remarked that such amendment twas
not meaning tpst nothing The kind
tempt Ny colleague (My. Wood ably supported by
The ugjaui EeptsmN6 from PspnsyIyapn tG Bspdspl