The Portland daily press., 1873-01-28
Our New York Letter.
NEW YORK, JAN. 20, 1873.
THE NEW SYNDICATE.

The adoption of Mr.. Boutwelfs plan of
placing the new loan by asyndicate, is a COM
plete endorsement of his former action in that
matter. Mr.. Boutwell, has been the object of
sharp criticism from bankers, stock jobbers
and all sorts of people who deal in the funds
in reference TO his management of the fiscal
affairs of the government, but somehow or
other it has always happened that he has been
vindicated by the result of his action. The
country will not fail to remember what guam
titles of ink were wasted by the ''lberaP.
press during the late presidential contest
in denunciation of the favoritsm shown in
the distribution of the five per cent bonds in
London, under the direction of Assistant
Secretary Richardson. But the facts were
against the Bohemians, and their diatribes
produced about the same infnitessimal eff
feet upon the people, that phlllipics of the
leading New York journals did upon the Ala
bama treaty.
We have heard great deal of vague and
indiscriminate censure of what is termed
MIR. BoUTwELL's POLICY,
but the only policy which seems to have char
oNoSAAAOu LIS OlaCldl COuISG HIS Uteu Vi
faithfully collecting the revenue, reducing
expenditures, curtailing the national debt
and substituting loan at five per cent per
annum interest for the previously existing
one of six per cent. If any fnancier can de-
wise better ''policy'' by all means let him
come to the front, but to the average mind
the Secretary's method seems to commend
itself to common sense as altogether the SAT-
est and best that human wisdom is capable of.
THE PARTIES IN THE SYNDICATE.
In the new syndicate, Morton, Bliss & Co.,
and Drexel, Morgan C Co. take aplace. Both
these houses are eminent for wealth, infu-
ence and responsibility. The former firm is
represented in London by Sir John Rose
whose social and political standing in Europe
have enabled him to render effective service
to this country in several instances. He was
one or the most strenuous advocates of the
project of settling our international disputes
by arbitration. Mr.. Levi P. Morton, the
head of the house is YARN supporter of the
administration, gentleman of culture and
refinement, and one of the acknowledged lead
ers in New York society. He lives in regal
style, entertains with elegant hospitality,
keeps summer villa at Newport, and is
liberal and judicious patron of art. His part
der, Mr.. George Bliss, joined the house some
three years ago, after becoming millionaire
in the dry goods business. He brought to it
large experience, an unblemished reputation
and rare business talents. A banking firm so
ualI oroa nizad ood d;rootad IN, Nov, V,rJ- cd
London cannot but prove valuable auxiliary
in negotiating the bonds of the United States. :
Drexel, Morgan & Co. are also strong men
both in capital and reputation. The Drexels
are Philadelphians, and have been gradually
spreading themselves until they established
great branches in New York, London and
Paris: Mr.. Morgan, who has recently be-
come partner of the house is the son of j.
S. Morgan originally the associate and more
recently the successor of Geo. Peabody.
The other sharers in the syndicate, Jay
Cooke & Co. are known all over this country
and in every mart of the world where CAPT.
tai centres, and seeks investment. Jay Cooke
is supposed to have realized several millions
of dollars by his successful disposition of tn
flood of securities let loose upon the market
by Secretary Chase in the prosecution of the
war. But he did his work we'll and probably
no more economical mode of borrowing mon
ey was practicable in that crisis. 1t was per-
fectly natural that complaints should be made
that one man should grow so enormously rich
out ofthe misfortunes of the Republic, but in
the terrible exigency of tn at perilous epoch it
was imperatively necessary that some man of
extraordinary borrowing capacity should
come to the rescue. Jay Cooke saw and
seized his opportunity, rendered his services to
the government at what seemed at the time |
unreasonable commission for so difficult an un- |
dertaking, and was so successful that his |
profits amounted in the aggregate to millions.
Altogether, the syndicate promises well,
and if it succeeds in placing three hundred
million loan at saving of one sixth of the
annual interest now paid, the Secretary of the
Treasury will exchange his cabinet Office for
seat in the Senate with new laurel on his
we'll crowned brow.
THE CAR HOOK MURDERER,
Foster, after passing through the ordeal of
three courts has at last been remanded by the
tribunal of final resort to the penalty of hang
ing. His only hope now lies with Gov. Dix,
and that is an extremely feeble one. Foster
owes the indefatigable exertions which have
been made to save him from the gallows to
the responsibility of his connections. His ia
Their is rich and he has an uncle well known |
merchant of The city who is worth several |
millions of dollars. If money could accom-
plish a Communication of his sentence to inn
for life, 1T would be forthcoming
in large measure. The poor fellow, however,
has got beyond the reach of any such appli-
ances, and this being to all appearances ga
hanging year,, the chances are that the law
will take its course. The day fixed for his
execution comes just week after that OF
Stokes, whose fate, if not averted by judicial
nterposltion, is sealed. Judge Pratt, of
Brooklyn, who came to Fosters rescue in
time 10 save him from the imposition of the
hrst sentence, is still on the horob hr+
whether the animadversions to which his for
mer act made him liable will deter biz, 49,.
further interference, remains to bo 500
Public sentiment for the moment ia So
set In favor OF stern and unrelentinp On,
Iorcement OF the laws against taking life. and
yet when the preparations are made for the
awful tragedy and the curtain is about to
rise, sensation of pity begins to act upon