New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-19
cashier came and told me personally of what had

cashier came and told me personally of what had
happened
"Will the failure effect the operations of the
Syndicate Will you make different arrangements
regarding the sale of the funded bondsp
"The failure can have possible effect on the
Syndicate and therefore shall pay attention to
IL. The Department has simply contract with Ger
tain firms known by the name of Syndicate IL rs
not question of appointment nor design. III ~
subject of contract, and it must be earned ont by
the parties who have made the agreement. The De-
partment has nothing to DO with Jay Cooke d Co.,
but with the Syndicate az a whole"
THE First National Bank Is Government deposl-
tory, il IL not p
IT'S answered the Secretary; but | do not
think there war very much money in IT belonging to
the Government besides, we have bonds that VIII
more than cover any losses, and we shall be iully
protected You can say with perfect truth that the
Government will not loose dollar"
Notwithstanding the Secretarys confidence, II rs
generally believed here and it is even asserted by
Government officers that the Treasury will be a
heavy loser So far as the First National Bank
goes and there rs even reason 10 believe that the
Secretary himself within few days, furnished
about 100000 to the bank IN fractional currency
without collateral which must, of course, be a total
loss g have saved" said the Secretary, " million
dollars of the Navy fund by stopping the payment OF
draft sent by the Navy Department yesterday to
Jay Cooke, McCuloch d Co, London. IL was sent
for the use of the Navy IN foreign waters
The deepest sympathy is felt for Henry d. Cooke,
the head of the business In tins city. There 10 not
peculiar man in the city, and he is respected by
all classes on account of his large charities and
generosity. No appeal by the needy OF frendless
was ever disregarded by him he had no intimation
of the pending calamity 10 his house and was on the
street during the forenoon In his usual buoyant
spirits and spoke confidently of going to Europe Tor
his family III about fortnight. He said he needed
a vacation. and was glad beyond measure to be re-
eved of the business of the office of Governor OF the
District He spent his entire time during the after
noon in his private Office III the rear of hs bank lie
said he was as much surprised as anybody at the
news.
Il knew of course" sand he, that we were
weighed down with the Northern Pacific bonds
and we had felt ANXIOUS about 1t, but
had hoped that it was all arranged.
knew nothing of the condition OF AFFAIRS
We have money, and can pay dollar for dollar here
but don't know the condition Of affairs in Phila-
delphia and New-York closed the doors to-day
merely as precautionary measure. hope the sus-
pension will be but temporary
Are you not embarrassed with District aflairsf
Does not the District Government owe you largely
Have You not dealt heavily in District paper p
NO, Sir" he answered, we have never dealt in
District securities. Ny position Governor and
President Of the Board Of Works made
il indicate for me TO do The Gov
eminent of the District will not lose dollar
and has been in no way responsible tor the suspen
SION The fact is that the Government is somewhat
in our debt. A few days Will determine
our course. | have information as to the
extent of our liabilities in the Philadelphia
house, but all will be known in a
few days. So far as am concerned intend to dis
charge my duty to the public. If the worst comes
will sell the coat off my back and begin life in
a country printing Office