The New York herald., 1872-12-25
SINS OF THE SYNDICATE
CONTINUED FROM EIGHTH PAGE.

BoyrwxLL-Hb true that AZ Or nearly an OF snese
subscriptions made through the First NATIONAL bank
e
q ns s
penny By the Transaction IL was simply : medium Of
whether ether r. national AZ: ns banks s.
4: sSu.w.L.-I should rather furnish . statement
az
as to the ~ asS s.'iGsh link furnished
NJ KERE-Ss these suSscriptions were made BY tho
o s sScaS a. S Sass sts
% g sse S x s9 cen a. @
curi IS fast they Y eSass dsss' 10 DO IL w - - w.
NJ Rssn~Prscacsily. then when did Jay Cooke 4 Co.
x hs a in this
country they never paid At oil in coin; they paid in i've
M kEn.-That Is what supposed. Then the same is
true presume of the subscriptions made BY the other
MI BogrwEIL-Yes, sir. There were some who paid in
Ss sns o old ~
M ne yhSs s1 sss S
ey re e d s4nds, % the Who'll.
s'y sss ss wss Ss II H. s y
oalled for did in the fst December.
or some q them ran along unt April = should how
made upon the same terms i would have been made
on the six per cent bonds alter tho expiration of
MI KEsa-tid they not have the Of the coin we'll
Mr. BouTwrIH"So M sir MY instructions to the clerks
that the settlement should Be made the basis Of
ninety days and that interest should be allowed
septem6cr until April and at the time receive in
apasrso9a tho transaction Il was
~ a ali s hs 1S Uppsa
9. @ 50 that they got nothing by ths delay sx
the called bonds the lst o Decsmber but that q
sM not N S asd the n s Ia
the the Old bonds themselves which to transact
business s ss1 Gnsss psi'9d SO cns,r
sy hsa psT % as ~
yesnen In bonds aier the expration Of ninety days
4 \. sss
Or the coin paid in sher n teSd s not M. t.
meney into the Treasury al a' s' ~ Nv pu' 'A'
should put into treasury
n % the shape Of money IN connection with these ansac
= sAT1Ss q .sc9sysszscn n,.
s|S :ssa sss1sss
"a Sss nss esHf
hays y been been paid into ihs treasury,
SSnSs y Snr hands Of amount There was
Mr. psid ssiiaf BY 0a' ad not pas
Sey coin
ssso o to hat + 70 after the
question Of settlement
ss s ~ " 81 -e Ssns @ s ns
e % yHat
run from sepiembcrf ask you to state whether,
mater o. iact In any case you allowed interest to COM
VI. BoyTwElL-I am not aware of any such case when
Ms KEnR.In reference TO national banks other than
o in 's ns
was adjusted on the day the exchange was made There
allowed the value The on the six per cent
matured me bonds we charged them their full
Mr. Ksns-when You sent your agents abroad in Gus
mo- we ,s sent no nonns but tho new
Mr. KERRAs matter OF TACT were they ever permitted
to transfer the custody Of the
before they s % 5S o
Mr. or coin sr 9iheFwse c Ny In
I! was close way Sf doing b business but my instructions
Mr.; BuacHARD-within what time did the Syndicate
thstihsy were TO take sloooooO the hrst month and
he ss
sns , based upon the idea that s6s ;uSscIptoas
amount reported was really greater than the whole
Nm. BySCnARo-They had until April to complete the
NJ. BoyrwsLImrhey had until April to complete thor
spy they sisi AID ssd
M o x s p
MI Bsok~I understand the object Of giving Us the
Is indicate a Ss Snes o tho law
ySn on hs s iSs Ss S @
Mr.. BoyrwxLL-No, sir. do not say that this is my
was made mat ought % lay ths before Se
sss yssxs Ss
sx sds s'' 81 aa:ns ss s~ sSsn 0 ss
would perhaps take some action upon the subject.
to nS % ss s
ho s Sym
n s :s IG:sy g .s e;
H fP%s az 1a ven
how
me
make any reSSmmendation 70 Congress
rs S ssa ssGssssI Sep
sm6er only issued call for $ooOoo0oo Of the nve-
bogTwEIt-The reason was that in the nrst place,
s.sG%s .s%s benz; .;s % RSs Then called
rHx SESrLE.xs COMPOSING rnK SYNDICATE
thing through and did not mean to have the govern
mcnt Dankrupted II they failed. thought It was mat
ter OF prudence not to call Tor 500 GOO OO
MT BEcx.Dd you not have the right the surplus
on their partf
Mr.. BourwKLL-we have never had in the Treasury
since have been at the head it, quite S93O00000 OF
coin belonging to the government at the moment when
tho call exceeded the amount Of coin in the Treas
ury belonging to the government.
Mr.. BBcK-Are mistaken sQhtlv yvhen Won
state that you deducted the interest OF Scpten
BERT DID you not, In fact deduct the interest from
August up to the daywhatcver day that was-that YOU
to your credit ~
Mr.. BourwRLL0f course; said the lst Of September
because that was the day which largest
ton was made There were subscriptions made ON other
sumo was DONE
MT. BscK-The difficulty with me has always been,
whether having 900 subscribed 5O0O0O OF mis-
bonds being turned over failing to call for the
entire amount 70 make up the balance did not put II
of the OF the government complete the exchange
une the n!l amount had been called m and did not put
out OF tne power OF the government 70 make the ex.
change ana stop the interest the $lo0OO0 called
Al the nonds nad been brought In next day.