, 1873-11-14


Treasury syndlcatos. Things arc lIlroront now.
Tho ba,k could not deal directly with Tho Gov
ornmont md was 30 informed by lottsr from
tho Aoting-sccrotary, In which, after acknowl-
cdging tho receipt OF tho last aforementioned
1ettor, ho said "In reply, I have to inform yon
that tho negotiation Of tho por cont bonds
Of tho funded loan Of 1881 Inns boon intruatod
to tho Syndicate composed Of Messra. Jay Cooke
h Go. md their assooIatos, to whom you aro re-
apootfully roforrod for instructions In tho prem-
laeH. Tho Troaauror's receipt inclosed In your
letter iB returned horowith." This WAS a most
surprising result. Direct dealing with tho Troas-
ury Department was cut OF, aud tho bank d.
rootod to look to Jay Cooke h Co., and aasooi-
atoa in tho Syndicate, for roliof. Now, Jay Oooko
Il Co. did not pretend to havo q monopoly Of tho
funded loan Of 1881; for, In o lettor written by
thom IN regard to these 1ory bonds in Juno last,
they solicited tho privilege Of exchanging
them tho samo aa they would have
dono for my othor business. and concluded their
lotter thus: TIT YOU nre disposed to mako thiH
exchange, ne shall DO p1eaBed to otfoot It for you
At ""rhot Piieoa' "no ooi'o 1o'1u " noe'
esaaFS Fo'oiu''on LUZ oAeou'ton anu ie'utn "''u
lecoipss u 'no A1oAs"tes " 'no oals'u e''tN'os'
Turned away from tho Treasury Department. 1t
was natural for tho bank to look to tho noxt
1oat'' u nu'oo1i Aoi ~ sn' 4nonA''11o Wv ''n
VI oop'enioof n@o aif'seu a''o 'no 9o''o'o u
CALICO ponoS nao ceaso" TO ofa" ln'ofcss' AL
asens "as aaenoFlzeo 70 oeal WELL 'as eooAo O.
oo' OF huon o1hor paf'le" as nnsht w aote :"
got 1t the treasury department 'hro9en tno
doofe OF the syndicate LILO oay after sho
hutnor4sy roachoo ne" 1oEH, Jay oooRo q w.
susponoeo' ano INC o9noloate' 1or t'aae "AS
1nFo"n INTO con'hsion' nA''e e'''sal oAs' o''A''
tue e1onange was nnal'y eh'esoa through on'
olanon M u sn' oynul'A.o "n'n fo'n"lnou 7o''oD''
"naE prons tno eynoicate tlaae III 'no 'tanS.
acnon peyoho tno COMMISSION u ono"nAn u
l. pol een' nns no' W Ano"n; pu' ooi'a'n " 80
'nas II sno o3on8ueo cou4u naso ooo'' onoosou
WIN 'ae escses"'s u 'no 1io"su's, 'ne Pton''
W ~ sto"1 VI '"A''' 'oeo'nei ".'n sn' ooAA''4a'
s'on' "o"o n"'e ose" ea'ou " 'no ooYoinH'0"''
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